The median home sales price in New Jersey was $591,489 as of August, according to the latest data available from New Jersey Realtors.
But for homes in New Jersey’s 10 most expensive towns, that number is even higher, ranging from $3.3 million to $1.5 million, according to Property Shark’s annual report.
Property Shark, a real estate data provider, also released a list of the 100 most expensive zip codes in the country. Six New Jersey towns were recorded as being represented.
Most of the state’s 10 most expensive ZIP codes are featured on the annual list.
There are three towns on the 2023 list that didn’t make the top 10 this year – Sea Girt, Allenhurst and Cape May Point.
Barnegat Light joins the top 10 list for the first time this year. The median sales price for the 1.2-square-mile town on the northern tip of Long Beach Island was $1.9 million.
“It’s as close to Nantucket as you can get, except for Schlepp,” says Joy Ruedke of Joy Ruedke Real Estate on Long Beach Island. He is a resident of Barnegat Light. “It has a very charming fishing village feel.”
Luedtke described the town as unpretentious and friendly.
“You might be sitting at a bar and there might be a billionaire hedge fund manager on your right and a local fisherman on your left,” Luedtke says. “No one cares. It’s a very casual, relaxed atmosphere.”
With a median sales price of $1.9 million, you’re likely getting a 20- to 25-year-old home that needs updating, she said.
For $2 million to $3 million, you can get something out of the box. About $3.8 million to $4.2 million can get you a new construction, and $7 million or more can get you a big new seven-bedroom home on the beach, she said.
Ruedke said people who buy homes at Barnegat Light typically come from Philadelphia’s Main Line neighborhoods, Cherry Hill, Moorestown and Haddonfield. She also has more buyers from Washington, DC.
Alpine once again topped the list of most expensive ZIP codes in the state.
“It’s idyllic. It’s a beautiful place,” said Dennis McCormack of Prominent Properties Sotheby’s International Realty in Alpine. “There are trees. The topography is beautiful. It’s a very charismatic, upscale suburb. The aesthetics are what really draws people in.”
Most of the buyers there are New Yorkers, he said.
“Taxes are low and the schools are the best in Bergen County, 13 miles north of New York City.”
The highest-priced home sold in the state so far this year was a 20,000-square-foot property on four acres in Alpine. The deal closed in July for $16.7 million.
Here are the 10 most expensive ZIP codes in New Jersey and the median sales price of homes there.
Alpine – $3.317 million Deal – $2.95 million Avalon – $2.75 million Mantolo King – $2.365 million Stone Harbor – $2.2 million Short Hills – $1.955 million Barnegat Light – $1.9 million Long Beach Island – $1.869 million Dorramson – $1,753,000 Englewood Cliffs – $1,548,000
Are you an agent, buyer, or seller operating in this changing market? Do you have any tips for the New Jersey real estate market? An unusual listing? Please let me know.
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Contact Allison Pries at apries@njadvancemedia.com.
