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Home prices are falling thick and fast. Just curious if it is simply a Supply vs Demand thing or anything beyond that? How are schools faring in both the towns? historically they have been "Good" Schools but have not been hearing much about them in any of the "Rankings" these days...Planning for a bigger home, preferably with good resale value, in near future (moving from Parsippany) and contemplating these towns as well so any info/advise is highly appreciated.
Just a guess, but neither town has good commuting options into NYC and that seems to drive house values in NJ these days. OTOH, Chatham with great commuting options is taking off.
Home prices are falling thick and fast. Just curious if it is simply a Supply vs Demand thing or anything beyond that? How are schools faring in both the towns? historically they have been "Good" Schools but have not been hearing much about them in any of the "Rankings" these days...Planning for a bigger home, preferably with good resale value, in near future (moving from Parsippany) and contemplating these towns as well so any info/advise is highly appreciated.
Would you care to provide some data supporting your claim of "home prices falling thick and fast"?
As for the schools, Mendham is perennially well-regarded and Randolph was recently rated #16 in the state by NJ Monthly.
I reviewed Randolph and Mendham real estate transactions. In the last 90 days, 20 residential properties bought since 2005 resold in arm’s length transactions.
Ten properties traded for a lower price, 8 higher, and 2 unchanged. While the sample set is small, the price performance matches regional trends: the recovery in suburban home prices has stalled at a level below the 2006 peak. For example, the most recent data point of the S&P CoreLogic Case-Shiller New York High Tier Index shows prices are 11% below peak. This index measures prices of higher priced (>$491,000) single-family houses in the New York City commutershed. In contrast, the condo index – covering condos at all price points across the same geography – shows condo prices are 14% higher than the 2006 peak.
Morris County home values are stagnant because households are less eager to live there today. Economic growth continues to shift away from the suburbs toward New York City. After nearly 200 years of uninterrupted population growth, Morris County's population has stopped growing. The question now is does population begin to decline as it already has in Sussex County and Warren County.
Last edited by pretorius; 09-20-2016 at 11:58 AM..
Maybe people are finally realizing that a 2-hour commute along route 80 isn't a good tradeoff for a larger house and yard. I work in Essex county and many of the people I work with live in Morris County. Every day they come in complaining about the commute or some incident along route 80. I know I would never want to deal with that every day.
Would you care to provide some data supporting your claim of "home prices falling thick and fast"?
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I dont have reports or websites to substantiate it. It was my personal observation from last 13 months. I was looking to move into these towns and have been keeping an eye out for the properties. Been working with local realtors and they are unsure of current trends. As someone highlighted here, maybe population finally wants to move closer to City again...
Prices are way down in Mendham Twp compared to 5yrs ago. I hear it's because people want to be on the train line and in walkable towns- esp the "new generation" (Gen-whatever moving out to burbs from NYC and Hoboken).
I would go for it if you like country suburban; good deals to be had.
Prices are way down in Mendham Twp compared to 5yrs ago. I hear it's because people want to be on the train line and in walkable towns- esp the "new generation" (Gen-whatever moving out to burbs from NYC and Hoboken).
Not only is it a preference among 20 and 30 somethings to be near a train line, the other issue is that suburban NJ office parks are bleeding jobs. Jobs are either in NYC, Jersey City or moving down south, particularly in financial services (I work in that industry). Add to that the constant downsizing/consolidation/relocation in the pharma industry and all that is left are eds, meds, service jobs, or jobs that require commuting into urban areas. If one of the train tunnels into NYC collapses before a new one is built then suburban NJ is really in trouble.
Also, with the hours/commuting/travel now required at many jobs, some buyers are less interested in maintaining a large yard. The maintenance has to be outsourced so that is one more expense. The townhouse complex in Parsippany where I just sold my house was mostly empty nesters and young couples without kids when we bought it in 2002. Fast-forward 14 years and it became 80% families with kids of all ages. We sold to a family with two school aged kids. They said they didn't want the maintenance even though a much larger home in Parsippany could be purchased for the same price or less.
Prices are way down in Mendham Twp compared to 5yrs ago. I hear it's because people want to be on the train line and in walkable towns- esp the "new generation" (Gen-whatever moving out to burbs from NYC and Hoboken).
I would go for it if you like country suburban; good deals to be had.
Actually prices are stable. The median home sale price in Mendham Borough-Twp combined was $679,700 5 years ago, it is $689,000 for the past 12 months.
I dont have reports or websites to substantiate it. It was my personal observation from last 13 months. I was looking to move into these towns and have been keeping an eye out for the properties. Been working with local realtors and they are unsure of current trends. As someone highlighted here, maybe population finally wants to move closer to City again...
For Randolph, the median home sale price 5 years ago was $460,000. Today it is $490,000. See the last post for the same numbers for Mendham.
Prices in Morris County are generally stable and have been for quite some time.
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