Where Can They Afford to Live?

Real estate agents are asked to give advice about lots of topics. The most common request we get is the generic “How’s the market?” question, but close behind is some variety of the question, “Where’s the best place to live?”. Of course, people mean many different things when they say the “best” place, so you have to ask a few questions to clarify what they’re looking for. Do they want a location with the lowest taxes? The greatest number of amenities? The best school system? Closest to public transportation? Located within walking distance of stores and restaurants? In a condominium, where they won’t have to worry about outside maintenance, snow removal, trash, etc.?

Often when someone asks, “Where’s the best place to live?” they’re relocating from another part of the state or from out of the state; sometimes they’re asking for a parent or a child who’d like to live nearby but whose budget is very tight. If a person is looking for a home solely based on a specific price range, I ask them for their preferences (number of bedrooms/bathrooms, style of house, “must haves” and “would likes”, etc.)  and then arrange to show them homes in a variety of nearby towns.

However, often people ask me for a general idea of what homes are selling for in Fair Haven, or Rumson, or Little Silver because they’d like to know whether it’s realistic to find a decent home in their price range in a specific town. Yes, we know that there’s always a chance that for some strange reason there’ll be a wonderful home in a terrific neighborhood listed at a very low price, but it isn’t very likely. I thought you’d find it interesting to see how home prices in our town compare to some of the surrounding towns, so I’ve prepared a table for you. It lists the number of homes that sold in each town in the first 6 months of 2012, showing you the average selling price and the median selling price.

The average price is just the total of the individual selling prices divided by the number of homes sold; the median price is the price at which 50% of the homes sold for more money and 50% of the homes sold for less money (it’s not as likely to be affected by one or two “outliers”). I’ve also listed condominiums separately from single-family homes so you have an idea about the relative initial costs of each. You probably won’t be surprised that Rumson has the highest average and median selling prices, but you may not have realized how the other neighboring towns compare to each other:

YTD  Selling $ as of June 30, 2012

Average

Median

No. Sold

Fair Haven

$680,825

$620,000

39

Little Silver

$577,651

$450,000

33

Little Silver Condo

$527,544

$635,000

9

Oceanport

$436,571

$382,500

28

Oceanport Condo

$350,500

$262,500

5

Rumson

$1,251,940

$1,200,000

52

Rumson Condo

$340,000

$340,000

1

Shrewsbury

$488,715

$351,000

25

I also have information about Red Bank, Monmouth Beach and Sea Bright, so if you’d like I’d be happy to send that to you as well. Just send me an email at ldunikoski@dianeturton.com and ask for it. Hope you and your family have a GREAT Labor Day weekend!

Len

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This entry was posted in Fair Haven Real Estate, Little Silver Homes Sold, Rumson Real Estate, Rumson Realtor, Shrewsbury Homes Sold. Bookmark the permalink.

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