Why are Home Prices in Mount Olive Skyrocketing? (Morristown, Budd Lake: how much, house prices)

[zhelder]

OK, it’s been a little quiet here, so I thought I’d liven things up. Anyone else notice how much housing prices have skyrocketed in Mount Olive recently? Realtor.com has the average listing price at $439.9K for the whole town, and a whopping $569K for Flanders. That’s Bergen County territory! The prices are quite a bit more than in Roxbury these days, which I always thought had a bit better reputation than Mount Olive.

So why the skyrocketing prices? Mount Olive is a nice town, but along with the near-mansions there are quite a few ramshackle properties. Schools are good, and seem to be improving recently, but still aren’t quite top-tier. The town has some decent shopping options and restaurants (Istanbul is awesome), but nothing revolutionary and nothing amazing in the pipe. There are no trendy or high-end food supermarkets in the town, just an OK Shop-Rite, Weis, and Wal-Mart (shudder and double-shudder). No Trader Joe’s, Whole Foods, etc. anywhere close or coming anytime soon.

So what’s driving up the prices?

[Slunk]

Fleeing ny'ers, wfh revolution, inflation

[GiantRutgersfan]

I think western Morris county was always somewhat undervalued. Now with so many companies allowing WFH or partial WFH, those areas have good access to suburban Jersey. It’s not a daily chore to get to work now and on the days they do have to go in, traffic is not nearly as bad as it was previously. It’s a pretty great option if you have a secure job and are working in Morristown or Parsippany (which have a lot of jobs).

[DannyHobkins]

People dont have to be tied down to a train. Its more peaceful and bang for your buck out there. Also record inflation is moving up house prices across all homes in the country. The Federal Government realizes 7% inflation but its probably really more like 15-20% over the past 6 months. Will need to ask your boss for a raise.

[kosb]

Mount Olive has McMansions with view and amenities which sells for considerable higher price elsewhere. Also the inventory is newer in comparison to say Roxbury. IMO, the schools are lot better given the influx of recent immigrants to this area to the new construction community from Ryan by Rt 46 as well as the old Woodfield community and other new construction community in Flanders and Budd Lake. There is also an uptick in SE Asia population in this town and given that SE Asian population generally follow each other in choosing home to settle (this forum is a prime example for that, where questions are being asked in the same topic always), there is a slow and steady increase in SE Asian population too in the town. Also What GianRutgersFan said.