Madison NJ Real Estate Update 11/2007

By
Real Estate Agent with Kristin Balsley

Are you looking for a suburban community in NJ with easy access to NYC with charm and culture?  Madison, NJ may be the right community for you.

Madison, is a small town located in the southeastern part of Morris County, approximately 15 miles west of Midtown Manhattan covering 4 square miles.  As of the 2000 census, the population was 16,450.

Madison, NJ enjoys a thriving downtown area that features a variety of quality restaurants, small shops, a move theatre, train station and much more.

Madison is also home to Drew University, Farleigh Dickenson University and the College of St. Elizabeth is next door in Morristown.  Also contributing to the culture of Madison, NJ, is the Shakespeare Theater of NJ, the Playwright's Theater of NJ, the Museum of Early Trades and Crafts and the Adult School.

Madison, NJ is conveniently located to Routes 24, 78 and 287.  Madison's train station offers mid-town direct trains to Penn Station, NY as well as service to Hoboken for those wanting to take the PATH to downtown Manhattan.

Wondering what the climate of the Madison NJ real estate market is like today?  Madison NJ is considered a very desirable community for many reasons and the property values reflect this popularity.  Currently, there are 62 properties on the active market.  While the majority of residences in Madison are comprised of single family homes, Madison does offer Townhouse and Multi family homes as well. 

The active properties range from 1 bedroom condos to stately 6 bedroom single family homes ranging in price form $345,000 to $2,849,000.  During the past 6 months, the average sale price in Madison NJ was $813,265 with the days a home stays on market before selling averaging 59.  Although Madison, NJ, has seen changes in its real estate market during the past 18 months, the market remains strong with the average sale price to list price still averaging 98% during the past 6 months.

Madison NJ enjoys a top rated school system comprised of 3 elementary schools and 1 middle and junior high school.

If you would like more information about community or real estate information in Madison, NJ, please feel free to contact me.

 

Data source: gsmls

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