Chester NJ Real Estate – Forest Hill Market Report

As you can see from the spreadsheet and graphs below, 26 homes have Sold in Forest Hill over the past 7 years at a somewhat inconsistent pace with only 2 sales in 2011 and 2008. The busiest year with 7 sales was 2006, followed by 2010, 2009 and 2005 with 4 sales in each of those years. There is only one home currently For Sale with zero homes Pending.

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Chester NJ Real Estate - Forest Hill Market Report

Detail of All Homes Sold in Forest Hill from 2005 through 2011

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Chester NJ Real Estate - Forest Hill Market Report

Homes Sold in Forest Hill from 2005 through 2011

Chester NJ Real Estate - Forest Hill Market Report

Average Sale Price of Homes Sold in Forest Hill from 2005 through 2011

The Average Sale Price of homes Sold has been in a declining mode for the majority of the past seven years from a high in 2005 of $1,194K to a low of $844K in 2011. There is only one home currently For Sale with zero Pending at this time. Prices over the past several years for homes in Forest Hill range from the low $700’s up to  $1.1M, with some of the larger homes selling for more.

 

For additional details & information on this neighborhood, follow the link below:

Homes in Forest Hill in Chester NJ

 

What Does the Market Hold for 2012?

While it is impossible to make any long term predictions regarding the residential real estate market, especially at the national level, more experts and real estate prognosticators appear to agree (more so than in any of the previous 5 to 7 years) that 2012 may be the year the market finally hits the bottom in terms of pricing. In addition, there is a pent up amount of demand in terms of both buyers and sellers who have been sitting on the sidelines for a long time now with their plans on hold (in some cases up to  several years) who now feel they need to make a decision and get on with their lives.

Many of us would like to have the ability to time the market perfectly in order to avoid selling at the bottom or in the case of buyers to do exactly the opposite. Unfortunately, the rate at which information is gathered, (especially for real estate) does not lend itself to such timely decision making scenarios. It may take anywhere up to 6 to 12 months before we will know for sure when the market finally begins to reverse itself and by that time the opportunity to time the market will be lost.

 

Why Chester NJ is a Great Place to Live

Chester offers a very high quality of life to its residents beginning with an outstanding public school system with a stellar reputation, a new state of the art public library and plenty of choices available nearby in the private school sector, as well. In addition to the Chester Borough historic shopping district, there is a newer contemporary shopping center (Streets of Chester) which is home to some of the nation’s most well known retail designer clothing stores. Open space and public parks and recreation are all in abundance with a wide choice of uses for outdoor enthusiasts and people of all fitness levels.

Other developments /neighborhoods in Chester with similarly priced homes include Colby Farm, Chestnut Run, Pleasant Hill Estates, Hartley Meadows, Chesterfield Farm, Highland Farms, Briarcliff, Colts Run and Timber Ridge, among others.

 

For more information on Chester (Chester Borough & Chester Township) including the schools,  follow this link:

All you need to know about Chester NJ

 

For more information on Forest Hill in Chester NJ, call me direct at (908) 267-2465, or email me at Bob@BobZorechakRealtor.com and I will be happy to discuss your specific requirements and find the right home for you.

 

How to find Listings on your own:

For listings or information on Chester NJ or any of the surrounding towns in Morris County, Somerset County or parts of  Hunterdon County simply use the search tools located on the right side of this page. All listings are updated throughout the day so be sure to come back often for the most current information.  If you are unable to find what you are looking for using the search functions on this website, or you are looking for a home that is unique with specific features, feel free to contact me direct and let me know exactly what they are. My colleagues and I preview all kinds of properties each week and will be sure to identify just what you are looking for. In addition, my office often features “exclusive” listings that are not released to the public that might be of interest to you as well. I will be glad to answer all of your questions and arrange to show you the homes of your choice at a time convenient to your schedule.

I also serve the surrounding towns in Morris County including Morristown, Morris Township, Madison, the Chathams, the Mendhams, the Chesters and Long Valley (Washington Township), the Somerset County towns of Basking Ridge, Bedminster, Bernardsville, Far Hills and Peapack Gladstone along with the Hunterdon County towns of Lebanon and Tewksbury Townships.

 

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