Millburn-Short Hills 2008 Year End Statistics Review

The real state market in communities along the Morris and Essex train line exploded beginning around 2001. In 2001, the average priced home in Millburn-Short Hills was $738,052 and by 2004 it was $1,065,220, a growth of 31%. In 2005 prices went up an additional 19%, the average home selling for $1,314,908. In 2006, home prices in Millburn-Short Hills rose just 2% but still up 21% from 2004.

In 2007 the average sale price fell 9% over the same time period of 2006 and total dollar volume is at its highest ever, 10% over last year. In 2007, 157 properties sold, the average sale price was $1,231,395 and total dollar volume was $191,229,152.

Fewer properties sold in 2008 than in 2007, dropping from 157 to 121 and lowering the Total Dollar Volume 28% from the previous year. The 2008 Average Sales Price, however, remained unchanged from 2007.

Please e-mail me at JillSmith@comcast.net for a comprehensive statistical report for Short Hills and the surrounding towns which includes data from 2000-2007.

For comprehensive statistical reports please visit our Area Market Statistics webpage including statistics per school districts.

*Based on data from the Garden State Multiple Listing Service, comparing the first half of each year (January-June, the most active part of the year for real estate transactions).