Basking Ridge, a community in Somerset County, New Jersey, has become one of the most sought-after real estate markets in the United States. Located about 37 miles from New York City, the town has gained significant attention from homebuyers, especially since the COVID-19 pandemic, leading to its ranking as the fourth hottest market in the country, according to a recent survey by Realtor.com.
The town’s appeal stems from its spacious properties and lower taxes, making it a popular choice for those looking to move away from the crowded and expensive New York City metropolitan area. The median home price in Basking Ridge is approaching one million dollars, yet it remains relatively affordable when compared to the broader region. Buyers in Basking Ridge pay 33% less per square foot than the New York metro average, a factor that has contributed to the town’s growing popularity.
Homes in Basking Ridge sell quickly, with properties typically staying on the market for just 16 days. The high demand has led to competitive bidding, with some homes receiving multiple offers and selling above the asking price. Real estate agents in the area note that the market’s intensity has made it challenging for buyers, as limited supply continues to drive up prices.
Basking Ridge’s desirability is further bolstered by its reputation for safety and education. The town was recently ranked the second safest in New Jersey by Safewise, and Ridge High School, the local public school, is ranked among the top 25 in the state.
The Realtor.com survey, which also included the New Jersey town of Mount Laurel at number six, highlights the Northeast’s dominance in the current real estate market, with seven of the top ten hottest markets located in this region.
As Basking Ridge continues to attract homebuyers, its status as a prime residential destination shows no signs of fading.
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.