08/27/2024
Nutley 💙
Nutley Housing Market Still Booming
Despite concerns about the economy, the Nutley housing market continues to grow stronger and stronger. Last February, Realtor.com ranked Nutley 34th in the top 100 hottest real estate markets in the nation and just last week, the same site listed Nutley as the top home buying town in Essex County.
Home sales throughout the Township have continued to rise post-pandemic in record-setting numbers. Earlier this month, a property on High Street was sold for $1.3 million. What is it about Nutley that attracts buyers?
“As I have said many times before, Nutley is a destination in life, it is not a stop along the way,” Mayor John V. Kelly III says. “Nutley is a vibrant community. Neighbors are more than neighbors, they are friends. We are a healthy walkable community with world class parks. Our public safety is second to none. And, our services are exceptional. This is the perfect community to raise a family. Nutley's red hot real estate market should not surprise anyone.”
“Since 2020, sales in Nutley have grown substantially,” explain local realtors Mary and Michael Ryder of the Rubino Ryder Team at KW NJ Metro Group. “The average price back then was $394,000. Now, it’s $665,000. And we are seeing homes selling from 6%-18% over asking price.” In the last few months alone, the Rubino Ryder team has sold houses from $34,000 to $144,000 over asking price. “The demand far outweighs the supply,” Mary notes. “Once we list a home, nothing stays on the market more than a week or two.”
“The Nutley market is very, very strong,” adds Mike Moscara of Moscara Realty. “The inventory is very low because the homes are selling so quickly, much faster than when the market exploded in 2021.”
As a lifelong resident of Nutley, Moscara understands the appeal of the Township. “We have people coming from all over looking to move to Nutley. It has a strong community and a small town, country feel that’s hard to find anywhere else so close to New York.”
“There are so many great things about Nutley that it almost sells itself,” Mary Ryder affirms. “From our unique park system to the size of the town to the grammar schools that are all within walking distance, and of course the people who are so welcoming.” Ryder also finds that almost 24% of her sales are to former Nutley residents who have returned to the town they grew up in. “We see quite a few people that left after high school or college, started their careers and a family and now want to come back to the place they love.”
Realtor Jim McGuire of Agency on the Avenue is another real estate professional who is seeing the Township home values continue to rise. “When we take potential buyers around, they are extremely impressed with the parks, the safety, the feel and the people of Nutley,” he notes. “It is a very desirable town to live in with all these features plus the access to Route 3.”
“It has always been the Board of Commissioners’ goal to ensure that Nutley remains a wonderful place to live, work and raise a family,” says Commissioner Thomas J. Evans, Director of Revenue and Finance. “Over the last two decades we have strived to keep our Township as affordable as possible and to be honest that’s been a challenge during the last few years. But thankfully it hasn’t affected our home values or the people’s desire to move here.”
One topic that all the realtors we spoke with say is NOT a concern is Nutley property taxes. “The tax issue really never comes up,” Mary Ryder says. “Most people know that if you want to live in North Jersey, you have to expect taxes to be higher.” McGuire agrees. “Taxes are never a dealbreaker for us in Nutley. An educated buyer knows that if they move further west, they may save $3,000 in taxes but they will end up spending that in gas or tolls or wear and tear on their car. Sure, you can spend less on taxes if you choose to live in a less desirable town. But that’s not the case here.” Adds Moscara, “Taxes have not been a deterrent.”
None of the realtors we spoke to saw the market leveling off any time soon. “Nutley is simply a very attractive town to live in,” McGuire says. “In fact, we find a lot of people who live here are always looking to upgrade and stay in town. I think that says a lot about why our values keep growing. For generations, it’s been - and continues to be - a great place to live and raise a family.”
