Last week I was interviewed by the Star-Ledger for an article about how much house a buyer can get for $400,000. As you might expect, the answer depends on where the buyer is looking. Home prices can vary widely from one town to the next, and sometimes from one neighborhood to another within the same town. In Montclair, for instance, $400,000 is considered the entry point for a single-family home in most neighborhoods. You can get a very nice condominium, but a house at that price will be under 1500 square feet and may need some work. Montclair real estate is more expensive than that of surrounding communities for reasons such as its direct train service to New York, proximity to Montclair State University, and numerous restaurants and cultural offerings.
If this is discouraging to potential buyers, the good news is that their dollars will go further in towns right next to Montclair. As I said in the article, $400,000 will buy a very nice house in Bloomfield, Cedar Groveor West Orange. If this is your budget, please don't hesitate to get in touch with me. I'd love to show you some options in these towns as well as in Montclair.