When people start considering which NJ neighborhoods to live in, they often consider things like how highly ranked the area schools are, how easy it is to access public transportation, and how long it will take to commute to New York City. Of course, another major factor in home-buying decisions is the cost of purchasing a house in a particular area.
The reality is that the quality of a district’s schools is driving more and more families to move into different neighborhoods in New Jersey, with many of these families looking to live in the NJ suburbs. The problem is that those looking to sell homes know this, especially as the demand for homes in these areas has begun to outstrip supply. As a result, the prices of homes located in the highest-performing school districts in New Jersey are rising.
Even relatively small houses in the state’s highest-ranked school districts are going for extreme prices, especially when compared to larger homes in other towns. Shannon Aronson, a real estate agent with Keller Williams Realty, noted that homebuyers are actually placing a priority on living in well-performing school districts and minimizing the importance of larger yards and related features of other homes. Lori Ann Stohn, another NJ real estate broker, noted that the quality of the local schools plays a “very big role” with her clients. Stohn said that this is even true for homebuyers without children because they are still “looking at school district for resale purposes.”
The statistics seem to confirm the importance of top-quality schools for prospective homebuyers in the Garden State. According to US Census data, the values of homes in the top 10 school districts in New Jersey are between $500,000 and $1 million. This dwarfs the median home value in NJ, which is less than $320,000.
For more information, read the NJ.com article, “What It Costs to Buy a Home in N.J.’s 10 Best School Districts.”
If you are thinking about buying a home, or selling a home, in New Jersey, you should speak to a qualified real estate lawyer. Joel R. Spivack, Esq., is an experienced real estate attorney who can assist you throughout the home buying or home selling process. Contact Mr. Spivack today to schedule a free initial consultation.