Some of the best luxury real estates in the Garden State happens to be in northern New Jersey communities such as Upper Montclair, Montclair, Warren, and Watchung. That’s not a surprise, since they are comfortable, safe suburbs for both highly paid professionals and families, located within easy commuting distance from New York City.
In fact, New Jersey is the nation’s third-richest state with a median household income of $85,751, according to U.S. News & World Report. Additionally, U.S. News’ analysis found that New Jersey’s Somerset, Hunterdon, and Morris counties ranked 15th, 13th, and 12th wealthiest per capita in the U.S., respectively. All three counties of those are in northern New Jersey, and Warren and Watchung are located in Somerset County. Somerset County has a median household income greater than $113,000, according to 2015-2019 Census data.
Upper Montclair is actually a neighborhood within Montclair. Upper Montclair was recently ranked as the wealthiest community in New Jersey, although it has since been eclipsed by Short Hills. Regardless, Upper Montclair still ranks among the wealthiest communities in the United States.
Home Prices in New Jersey
According to Zillow.com, the median price of Montclair homes, including Montclair mansions, is $852,258. That’s an increase of 16% during the last year, but many homes sell for well more than this average. For instance, some Montclair mansions are listed at between $1.4 million and $2.5 million.
The median price of homes for sale in Warren is just behind Montclair at $832,755, an increase of 11.6% during the last 12 months, according to Zillow. Watchung real estate is the most affordable in the three communities, coming in at $765,239. That’s a jump of 12.1% in the last year.
What is Luxury Real Estate?
With $1 million homes becoming more common, the price range for homes that are considered luxury homes, including Montclair mansions, is now between $2 million and $5 million. That being said, a luxury home is one that is valued within the top 10% of properties on the local market. These homes tend to be large, are located in prime neighborhoods, and are built with high-end materials. They also have first-class amenities favored by the high net-worth residents who can afford them.
In an analysis of the highest home prices in each state three years ago, the financial news and opinion site 24/7 Wall St. explained why areas such as Upper Montclair have high median incomes and therefore expensive real estate. "Not only can higher-income individuals afford more expensive real estate, but high real estate costs also drive up median incomes as they attract higher-income residents and are often prohibitively expensive for most Americans," the website wrote.
It went on to say that the wealthiest towns are located near large cities and are "well within" commuting distance of a major urban center. "Major urban areas are more likely to offer a wide range of high-paying jobs as well as a high concentration of cultural amenities like museums, theaters, concert venues, and professional sports teams," the authors wrote.
That helps explain why Upper Montclair, in particular, and Warren and Watchung have their share of luxury homes. They are close to New York City, yet they each have their own identities, as well as high quality of living. Let’s take a look at these three communities.
Montclair/Upper Montclair
A big factor that helps boost home values in Montclair and Upper Montclair, and what makes them perfect suburbs, is the easy commute via train into Manhattan. It’s only about 20 miles from Montclair to Midtown.
While Montclair has a population of about 38,000, owners of Montclair real estate experience almost a small-town feel as they enjoy many local shops and restaurants. However, there’s also a cosmopolitan air because it is so close to the Big Apple. Montclair is well-known for its walkable downtown, but there is also a great arts scene, and the schools are excellent.
Some of the nicer houses for sale in Montclair have big, well-maintained yards and swimming pools for those hot summer months. As well as single-family homes, the inventory of available real estate includes townhouses and condos. In fact, one of the most popular home styles is the Tudor.
Warren
Warren Township is about 30 miles southwest of Montclair and about 40 miles from Manhattan, making it just less than an hour commute by car. It is a bedroom community with a population of around 16,000. People who own Warren real estate like the rural feel to their community. There are plenty of open spaces, including Glenhurst Meadows Nature Trail and the Wagner Farm Arboretum Foundation, but there is also a lot of forest land. Houses tend to be on large lots, and some of the most spectacular mansions in town are on the market for $1.5 million to $4 million.
Watchung
Watchung is also considered a bedroom community, located just a few miles east of Warren with about a 50-minute drive into Manhattan. It also has train access to New York City, making it desirable for professionals who work in the city, but then enjoy coming home to Watchung real estate on quiet, leafy streets.
Work with a Local Agent
If any of these communities intrigue you, the first step is to hire a talented Montclair real estate agent who will match your budget and home wish list with some great properties. Look for an agent who has several years of experience helping clients find their dream homes in peaceful settings not far from the Big Apple. For the best experience shopping for Montclair mansions, let the members of The McGurl Team impress you with their knowledge and professionalism.
