Morris County homes among highest-priced in N.J., report says

Three things Morris County residents can still count on — death, taxes and expensive real estate.

Despite the economic downturn battering home prices from coast to coast, several Morris County municipalities continue to produce the highest average home-listing prices in New Jersey, according to the latest Coldwell Banker Residential Brokerage Home Listing Report.

The top four of the five markets, according to the 2014 report, in descending order, are Chatham Township ($892,489), Bernards ($832,878), Madison ($777,490) and Mountain Lakes ($724,490). All but Bernards — just beyond the southern border — are in Morris County. Princeton Junction in West Windsor Township, Mercer County ranked at fifth ($722,911) in the report.

Chatham Township also showed up on the national list at No. 22. The two most expensive markets in the United States are in California — Los Altos ($1,963,100) and Newport Beach ($1,904,083), respectively.

SEE ALSO: >> Latest Morris County Home Sales http://dailyre.co/1rJUZNr

Other Morris markets that made the New Jersey Top 25 are Long Hill (No. 14, $636, 497), Chester Township (No. 17 at $633,090), Kinnelon (No. 20 at $607,627), Denville (No. 21 at $604,279) and Randolph (No. 23 at $592,547).

The report compiles the average listing price of 51,000 four-bedroom, two-bathroom homes in all 50 states, covering nearly 2,000 towns and cities. According to the report, the average listing price of a four-bedroom, two-bathroom home in New Jersey is $440,350.

East Orange is the most affordable market in the state, with an average listing price of $120,000, according to the report. The most affordable market in the country on the list is Cleveland, Ohio, with an average listing price of $64,993.

"Both the most expensive and most affordable markets in this year's Home Listing Report have become real estate hot spots," said Budge Huskey, president and CEO of Coldwell Banker Real Estate LLC. "Los Altos is in the heart of Silicon Valley, where seven of the top most expensive markets are located. And Cleveland has been making headlines for its surge in home sales."

Staff Writer William Westhoven: 973-428-6627; westhoven@dailyrecord.com.