New Providence, NJ real estate market update 12/2007

Real Estate Agent with Kristin Balsley

Wondering what is happening in the real estate market in New Providence NJ?  Although, New Providence NJ has seen a correction in it's real estate market, the market here is still strong. 

Currently there are 51 active properties on the market in New Providence, NJ.  These properties range from 2 bedroom town homes to 5 bedroom colonial homes ranging in price from $319,000 to $1,100,000.  During the past six months in New Providence, the homes that have sold have gotten on average 98% of their list price with the average days on market being 61 while the average sale price was $586,662.  This average days on market is a much  shorter time frame than many other towns in the state.

New Providence, NJ is a primarily residential community located in the northwestern part of Union county.  New Providence is  28 miles West of Manhatthan and 15 miles west of Newark International airport.  Towns that border New Providence are Chatham Township, Long Hill Township, (both located in Morris County), Summit and Berkeley Heights (also located in Union County).  It is known for its easy commute to NYC and excellent school system.  There are two train stations located in New Providence.  Both offer NJ Transit mid-town direct service to NYC's Penn Station and Hoboken terminal.  Lakeland Bus Lines offers weekday rush hour service from stops along Springfield Ave. to New York City's Port Authority Bus Terminal.  The town is also conveniently located to 1-78, The Garden State Parkway and the NJ Turnpike.

As of the 2000 census, New Providence was home to 12,000 residents living in 4,404 households.  The town covers approximately 3.6 square miles and offers many parks and recreational facilities.  Nearly 9% of the towns land area is permanently protected publicly owned parkland. 

New Providence does have a small "downtown" area along Springfield Ave. and South Street as well as The Village Shopping Center.  The Mall at Short Hills is also close by as well as the Summit downtown area.

For more information about New Providence or New Providence real estate, please feel free to contact me. If you would like to search for listings in the New Providence area real estate market, you can do so here.



*Market statistic source is Garden State Multiple Listing Service.  All information is deemed reliable but not guaranteed.


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