Nutley Housing Market Is Booming – Despite Rising Property Taxes

NUTLEY, NJ — Taxes may be on the rise, but so are home values. And growing tax bills aren’t slowing down a skyrocketing demand for the limited homes on the market in Nutley, several local realtors say.

Property taxes in Essex County are consistently among the highest in the nation, and Nutley residents haven’t been spared from the rising tides. The average Nutley homeowner paid $12,650 in property taxes on a home valued at $491,074 last year. See Related: Property Taxes In Belleville-Nutley (See Latest 5-Year Breakdown)

It hasn’t slowed the housing boom down in Nutley, however.

Home sales throughout the township have continued to rise in record-setting numbers in the wake of the coronavirus pandemic. Earlier this month, a property on High Street was sold for a whopping $1.3 million, township officials announced on Tuesday.

Last February, Realtor.com ranked Nutley 34th in the top 100 hottest real estate markets in the nation, town officials pointed out. Last week, the same site listed Nutley as the top home buying town in Essex County.

“It has always been the Board of Commissioners’ goal to ensure that Nutley remains a wonderful place to live, work and raise a family,” said town commissioner Thomas Evans, who serves as 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,” Evans said. “But thankfully it hasn’t affected our home values or the people’s desire to move here.”

REALTORS: ‘NOTHING STAYS ON THE MARKET’

Several local real estate professionals backed up Evans’ analysis in the town’s news release.

“The Nutley market is very, very strong,” Mike Moscara of Moscara Realty said. “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 said he understands the appeal of the township.

“We have people coming from all over looking to move to Nutley,” Moscara said. “It has a strong community and a ‘small-town, country feel’ that’s hard to find anywhere else so close to New York.”

According to realtors Mary and Michael Ryder of the Rubino Ryder Team at KW NJ Metro Group, sales in Nutley have grown “substantially” since 2020.

“The average price back then was $394,000 – now, it’s $665,000,” they continued. “And we are seeing homes selling from 6 percent to 18 percent 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, they reported.

“The demand far outweighs the supply,” Mary Ryder said. “Once we list a home, nothing stays on the market more than a week or two.”

Ryder also said that almost 24 percent 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,” Ryder said.

What isn’t a concern? Taxes, she added.

“The tax issue really never comes up,” Ryder said. “Most people know that if you want to live in North Jersey, you have to expect taxes to be higher.”

Jim McGuire of Agency on the Avenue said the local parks, safety and the “feel and the people of Nutley” – not to mention its access to Route 3 – are all factors that impress potential buyers.

“Taxes are never a dealbreaker for us in Nutley,” McGuire attested. “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.”

“Nutley is simply a very attractive town to live in,” McGuire added. “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.”

Matthew De Fede at Realty Executives Elite Homes, who sold the $1.3 million property on High Street, said that given the ongoing limited inventory over the past couple of years – and a consistently strong demand – home prices in the area are expected to continue rising.

“They will likely stabilize once we reach a three-month absorption rate,” De Fede said. “Additionally, taxes are expected to increase gradually.”

Mayor John Kelly III repeated his tagline that Nutley isn’t a stop along the pathway of life – it’s a destination.

“Nutley is a vibrant community,” Kelly said. “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,” Kelly added.

• See Related: How To Apply For ANCHOR Tax Benefit In Belleville-Nutley
• See Related: 1,300 Nutley Homeowners Are Using NJ ‘Senior Freeze’ Program
• See Related: Nutley Residents May Get ‘Sticker Shock’ Over Property Revaluations

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