Summary:
Basking Ridge, NJ is ranked among the hottest real estate markets in the US.
The suburb offers a combination of affordability, value, safety, and good schools.
High demand is making it challenging for buyers, with homes selling quickly and above asking price.
Other hot markets include Gahanna, Ohio, Mount Laurel, New Jersey, and Rochester, New York.
Seven of the top ten hottest real estate markets in the country are in the Northeast.
Basking Ridge, NJ: A Hot Real Estate Market
The real estate market is booming in New Jersey, and Basking Ridge, a community just 37 miles from NYC, is attracting a lot of attention from potential buyers. Since the pandemic, many homebuyers have been seeking more space and lower taxes, leading them to Somerset County, where Basking Ridge is located.
This suburb has become so popular that it is now ranked among the hottest real estate markets in the country according to realtor.com.
Why is Basking Ridge So Popular?
- Affordability: While the median home price in Basking Ridge is relatively high, it's considered a bargain compared to the New York City metro area.
- Value: Buyers in Basking Ridge pay 33% less per square foot than the New York metropolitan area average.
- Safety: Safewise ranked Basking Ridge as the second safest town in New Jersey.
- Education: Ridge High School, the public school in the town, was ranked among the top 25 in the state.
The Challenges of a Hot Market
While this popularity is good for sellers, it makes it challenging for buyers.
"The demand and our lack of supply, which is happening everywhere in our area, is driving these prices for people who need homes," said Judy Weiniger, a local realtor.
The high demand means houses sell quickly. Weiniger sold a four-bedroom colonial in just four days, with ten offers above the asking price. Homes in Basking Ridge typically stay on the market for just 16 days.
Other Hot Markets
Basking Ridge is not the only hot real estate market in the country. Other towns on realtor.com's list include:
- Gahanna, Ohio
- Mount Laurel, New Jersey
- Rochester, New York
Seven of the top ten hottest real estate markets are in the Northeast.
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