Can you believe it? Millburn/Short Hills housing prices surpass peak values in 2006. It’s true. To understand how incredibly staggering this is look at the prices in the country as a whole. The US overall is still recovering with values still 12.7% BELOW what they were in 2006. New Jersey was hit especially hard in the 2006 market, with price still 22% below what they were in 2006 — which is 50% below the national average.
Here is the Millburn/Short Hills 2014 Values Comparison
Avg. L/P 2006 Avg. S/P 2006 Avg. L/P 2014 Avg. S/P 2014 % Diff.
Millburn $1,322,000 $1,281,000 $1,348,000 $1,324,000 +3.3%
Source: Garden State Multiple Listing Service
So when colleagues, friends and family members give you advise on residential real estate matters – remember location location, location.