Home Values Sink In Montville, In Line With State Trends

MONTVILLE, NJ—In line with state trends, Montville saw an increase in its home values drop over the past four years.

In the past decade, Montville's home values sunk 14.69 percent. The median value of homes is now $545,800, which is still over the state medium of $316,000.

Montville also has a high percentage of homes worth over $1 million: 8.7 percent of homes are values above $1,000,000.

A map, provided by NJ Spotlight, details what towns saw changes in their home values, using U.S. Census data to show the pain most homeowners are feeling as they watched their home values drop as much as 20 percent since their pre-2010 levels, when the Great Recession hit.

On the map, green is good, tan is mediocre and brown is bad. The vast majority of towns are bad — or very bad. Run your cursor over Stafford Township - Manahawkin - in Ocean County, for instance, and you'll see that home values have dropped 19 percent in the past seven years.

The median decline in residential values in New Jersey was close to 11 percent, according to the 2015 American Community Survey data released last week and published on NJ Spotlight.

The reports said the typical home in the state was valued at almost $316,000 when averaged over the 2011-2015 period — 11.5 percent less than the 2006-2010 community survey estimate.

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