Chatham Township and Chatham Borough are highly desirable areas to live in New Jersey. This is due to the commuting proximity to New York City, highly ranked school systems, strollable downtown, and mix of old homes and new construction in a quiet location.
Location, as it is often said, is the most important factor in real estate. It’s one thing you can’t change. As a real estate appraiser, I not only take into account location but since I inspect properties on an individual basis, I am looking at style, age, condition, quality, house size, lot size and more. Beyond that, I’m looking for comparable sales for the fair market analysis as well as the real estate market in general.
Chatham Township (these statistics are from the Garden State MLS)
The median list price in Chatham Township is fairly consistent throughout the year at just under $1,200,000. The average sale price is $1,098,779. The average list price to sale price ratio is 97.5%. This means when it comes time to buy or sell a home, you can expect to negotiate approximately 2.5% off the list price. The average days on the market is just over one month which shows this market has a lot of demand. Finally, the max sale price in the last year was $3,050,000.
Chatham Borough
Chatham Boro Real estate
The median list price in Chatham Borough was a bit more sporadic ranging from $874,000 down to $637,000 throughout the year. The average sale price is $883,214. The average list price to sale price ratio is 97.1%. This means when it comes time to buy or sell a home, you can expect to negotiate approximately 3% off the list price. The average days on the market is just over one month as well which shows this market has a lot of demand. Finally, the max sale price in the last year was $1,700,000.
When comparing the two areas from a real estate statistics perspective, both are highly desirable areas as homes typically take just over a month to sell. Chatham Township has a higher average sale price and max sale price. The homes and lots on average are larger. Chatham Borough has the downtown area and train station which may be more desirable to some people.
Currently, the inventory in this area is limited and the demand is high, however homes are coming back on the market. This was due to many people taking their homes off the market during this pandemic as well as New York City residents looking to move out to the suburbs. They do share a school system.
The real estate market can be challenging. Hiring a professional to help determine fair market value can help make a difference of thousands of dollars in your pocket. As a Chatham appraiser, I have performed appraisals for buying, selling, tax appeals, divorce, estate planning, and refinancing. Please give American Realty Appraisals a call at 908-233-1337 to obtain the most accurate fair market value so you can make an informed decision.
908-233-1337
908-233-1337