High Value Housing
Milburn, NJ real estate represents significant value for the people lucky enough to live there. This leafy enclave of quiet, tree lined streets has some of the highest value property in the region. The estimated worth of the median home in Milburn has been $1,067,500 over the last 12 months. The median amount of mortgage debt held by homeowners in Milburn is $254,846. The difference represents the equity home owners here have built up by buying a home in Milburn.
The area’s close proximity toNew York City helps fuel demand for housing in this town. People enjoy the relaxed life the peaceful neighborhoods bring. The local schools are excellent in quality, crime rates are low, and heavy traffic is absent from the local roads. Residents are able to enjoy the best of both worlds by being able to easily commute into New York Cityf or work, shopping, or entertainment, yet still live in a bucolic setting filled with gracious homes and well tended lawns.
Milburn, NJ real estate has held up better for these reasons than most other sections of the state and the country as well. So far this year, sale prices for homes in Milburn have been showing marked gains. This leads analysts to believe that the region will continue to see good growth for the rest of the year. The median price for homes currently for sale in Milburn comes in at just under $1.6 million. This works out to almost four hundred dollars a square foot, one of the highest figures found in the state.
Quality Boosts Prices
One of the reasons for the high cost per square foot lies in the quality of construction to be found in Milburn. The area has developed slowly over the years, and home builders have always paid attention to details. The homes in Milburn tend to be well kept. They seldom show their age even though many of them date back to the first half of the last century.
Price gains of late have been minimal. Current price listings show a scant fraction of a per cent increase over the amounts found in the prior month. Even this small amount represents an improvement over previous years when prices were declining. The national downturn in housing hit Milburn as well, but not to the degree found in most other places.
Milburn, NJ real estate is currently in a cautiously optimist mode. There has been a 10% drop in the number of listings this month compared to last. The median number of days a home remains on the market though is 68 days. This is well below the time frame nationwide. It shows that homes sell quickly here. Because of this, the number of listings stays lower than might be expected from the level of market activity.