Coldwell Banker Real Estate LLC has released its 2015 Home Listing Report (HLR), which ranks the affordability of 188 real estate markets in New Jersey. The Coldwell Banker HLR named Chatham Township the most expensive market in New Jersey, with an average listing price of $882,260, while Willingboro ranked as the most affordable market in the state, with an average listing price of $134,853.
The annual report is the most extensive home price comparison tool currently available in the United States, ranking the average listing price of four-bedroom, two-bathroom homes in more than 2,700 markets. While other affordability reports provide average or median prices for all homes in a given area, the Coldwell Banker HLR analyzes more than 81,000 four-bedroom, two-bathroom home listings to better address how much a home in one market would cost if the same home were located somewhere else in the country.
“The Coldwell Banker Home Listing Report illustrates the wide variety of housing options available in New Jersey. Whether you want to live on the outskirts of Manhattan, in the scenic Appalachian and Highlands regions, or along the beautiful New Jersey shoreline, this state offers just about any lifestyle you desire. The HLR is an excellent resource for potential home buyers who want to compare home prices in New Jersey and across the United States,” said Hal Maxwell, president of Coldwell Banker Residential Brokerage in New Jersey and Rockland County, N.Y.
The Top 10 Most Expensive Real Estate Markets in N.J. by Average Listing Price
1. Chatham Township, $882,260
2. Madison Borough, $847,494
3. Bernards Township, $816,920
4. Westfield Town/Westfield, $788,976
5. New Providence Borough, $727,242
6. Glen Rock, $725,162
7. Holmdel, $712,088
8. Princeton Junction/West Windsor, $711,442
9. Englewood/Englewood Cliffs, $705,375
10. Ridgewood, $682,495
The Top 10 Most Affordable Real Estate Markets in N.J.
1. Willingboro, $134,853
2. East Orange, $150,107
3. Newark, $159,448
4. Bridgeton, $162,310
5. Roselle, $182,229
6. Atco, $182,369
7. Woodbury/Woodbury Heights, $185,120
8. Paterson, $190,622
9. Clayton, $200,100
10. Millville, $200,865
According to the HLR, half of the top 100 most expensive markets in the United States are in California; Newport Beach topped the list with an average listing price of $2,291,764 for a four-bedroom, two-bathroom home. In contrast, Cleveland ranked as the most affordable market in the Unites States for the third consecutive year, with an average listing price of $74,502 for a four-bedroom, two-bathroom home. There is a difference of $2.2 million between the nation’s most affordable and most expensive average listing price, according to the HLR.
Full data for the United States, including affordability rankings of local markets in New Jersey, is available on the Coldwell Banker Home Listing Report website at hlr.coldwellbanker.com.
About the 2015 U.S. Home Listing Report (Methodology):
The Coldwell Banker U.S. Home Listing Report analyzes the average listing price of four-bedroom, two-bathroom real estate properties on coldwellbanker.com between December 2014 and June 2015 for 81,417 listings in 2,722 markets. The Coldwell Banker franchised affiliates, as well as other franchise brands associated with Realogy Holdings Corp, contribute to listings on coldwellbanker.com. Markets without at least 10 four-bedroom, twobathroom listings on coldwellbanker.com between December 2014 and June 2015 were excluded from the ranking.
About Coldwell Banker Residential Brokerage in New Jersey and Rockland County, N.Y.:
Coldwell Banker Residential Brokerage in New Jersey and Rockland County, N.Y., a leading residential real estate brokerage company, operates approximately 50 offices with more than 3,100 affiliated sales associates serving all communities from Rockland County, N.Y. to Monmouth County. Coldwell Banker Residential Brokerage in New Jersey and Rockland County, N.Y. is part of NRT LLC, the nation’s largest residential real estate brokerage company. Visit https://www.ColdwellBankerHomes.com/tri -states for more information.