Basking Ridge, NJ: One of the Hottest Real Estate Markets in the US

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.