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Market Conditions Report

Welcome > Local Info > About Madison ...

The Rose City

Madison

This quaint college town with a population of 16,000 is just 30 miles west of midtown Manhattan.  Known for having a great public school system and a charming downtown, Madison is a draw for professionals commuting into New York City or to one of the many nearby prestigious multi-national corporations including Nabisco and AT&T.  Downtown Madison offers many restaurants, cafes, shops and a movie theater.

Madison is also home to two universities; Drew University and Farleigh Dickinson University, providing numerous cultural and athletic events to enjoy.  Drew's campus is home to the professional New Jersey Shakespeare Festival, the United States Field Hockey Center, and the Charles A. Dana Research Institute for Scientists Emeriti (RISE).Fairleigh Dickinson is New Jersey’s largest private university.  The University offers over 100 undergraduate and graduate degree programs, including doctoral programs in clinical psychology and in school psychology, and an AACSB-accredited business school.

By car, Madison is easily accessible from major interstate highways Routes 287, 78, 95 and the Garden State Parkway.  Madison offers train service via the MidTown Direct and Hoboken lines into Manhattan.  Madison is also just a short drive to Morristown and only 20 minutes from the headquarters of the U.S. Equestrian Team and the U.S. Golf Association.

MADISON REAL ESTATE MARKET

Single family home prices typically start in the $500,000s.
Single family home prices range up to about $2,500,000.
Condos start in the $340,000s.

The average price for a home in Madison in 2005 was $806,911.In 2006, prices dropped 3%, the average price for a home was $780,081.However, total dollar volume was up 12% from the previous year and the total number of homes sold in the first half of 2006 was 88 compared to the first half of 2005 where only 75 homes were sold.Average days on market is also slightly higher in 2006 than previous years.

In 2007 the average sale price in Madison rose 2% over the same time period of 2006 and total dollar volume remained unchanged.In the first four months of 2007, 86 properties sold, the average sale price was $796,047 and total dollar volume was $68,460,096.

Looking at sales in Madison and Harding it appears that markets further along the train line are not faring as well as communities closer to NYC.

For comprehensive statistical reports please visit our Area Market Statistics including statistics per school districts.

*Based on data from the Garden State Multiple Listing Service, comparing the first half of each year (January-June, the most active part of the year for real estate transactions).2007 statistics compared sales from January-April of each year.

HISTORY

The earliest settlers of European descent arrived about 1715 and established "Bottle Hill" at the crossroads of Ridgedale Avenue and Kings Road. The Luke Miller house at 105 Ridgedale Avenue is thought to be the oldest remaining home in the Borough, built around 1730. Morris County, created in 1739, was divided into three townships. The area in Madison north of Kings Road was in Hanover Township and the area to the south was part of Morris Township. A meeting house for the Presbyterian Church of South Hanover, as Madison was then called, was started in 1747 where the Presbyterian Cemetery still exists between Kings Road and Madison Avenue. Later, in 1806, Chatham Township was formed, comprising the present Madison, Chatham Borough, Chatham Township, and Florham Park, and thus the political division of the village was ended. In 1834, the name of the village was changed to Madison, and in 1889, with a population of 3,250 persons, it seceded from Chatham Township and became a borough in order to develop a local water supply system.

Madison's growth accelerated after the Civil War. The railroad provided good transportation for its farm produce. Later it made possible the establishment of a flourishing rose growing industry, still commemorated in Madison's nickname, The Rose City. The Morris and Essex Lines became one of America's first commuter railroads, attracting well-to-do families and contributing to the development of "Millionaire's Row," which stretched from downtown Madison to Morristown.

The rose industry and the large estates in the area attracted working class people of all kinds. As a result, Madison very early developed a varied population, both in terms of socio-economic status and ethnic background. The original settlers were of British stock; French settlers came after the Revolution; African Americans have been members of the community from early in the 19th century; Irish came in mid century and then Germans and Italians around the turn of the century. To this day there is a substantial community of Italian descent in Madison.

MADISON PUBLIC SCHOOLS

The Madison Public Schools serve students in Kindergarten through twelfth grade. Schools in the district consist of three elementary schools — Central Avenue School (K-6), Kings Road School (K-6) and Torey J. Sabatini School (PreK-6) — and Madison Junior School (7 and 8). Madison is served by Madison High School, which also serves the residents of neighboring Harding Township. Pittsburgh Steelers quarterback Neil O'Donnell and actress Janeane Garofalo are notable Madison High alumni.

Madison School District Report from the State of New Jersey

Madison borough, New Jersey Statistics and Demographics (US Census 2000)

 

 

Number

Percent

Madison Population:

16530

100.00%

 

 

 

Sex and Age

 

 

Male

7832

47.38%

Female

8698

52.62%

 

 

 

Under 5 years

981

5.93%

5 to 9 years

1035

6.26%

10 to 14 years

940

5.69%

15 to 19 years

1641

9.93%

20 to 24 years

1709

10.34%

25 to 34 years

2155

13.04%

35 to 44 years

2529

15.3%

45 to 54 years

1995

12.07%

55 to 59 years

779

4.71%

60 to 64 years

609

3.68%

65 to 74 years

1095

6.62%

75 to 84 years

761

4.6%

85 years and over

301

1.82%

 

 

 

Median age (years)

34.3

 

 

 

 

18 years and over

13126

79.41%

Male

6095

36.87%

Female

7031

42.53%

21 years and over

11333

68.56%

62 years and over

2523

15.26%

65 years and over

2157

13.05%

Male

878

5.31%

Female

1279

7.74%

 

 

 

Race

 

 

One race

16261

98.37%

White

14826

89.69%

Black or African American

496

3%

American Indian and Alaska Native

21

0.13%

Asian

624

3.77%

Asian indian

130

0.79%

Chinese

204

1.23%

Filipino

45

0.27%

Japanese

56

0.34%

Korean

136

0.82%

Vietnamese

8

0.05%

Other Asian

45

0.27%

Native Hawaiian and Other Pacific Islander

38

0.23%

Native Hawaiian

1

0.01%

Guamanian or Chamorro

0

0%

Samoan

1

0.01%

Other Pacific Islander

36

0.22%

Some other race

256

1.55%

Two or more races

269

1.63%

 

 

 

Hispanic or Latino and race

 

 

Total Population

16530

100.00%

Hispanic or Latino(of any race)

987

5.97%

Mexican

43

0.26%

Puerto Rican

70

0.42%

Cuban

30

0.18%

Other Hispanic or Latino

844

5.11%

Not Hispanic or Latino

15543

94.03%

White alone

14172

85.74%

 

 

 

Relationship

 

 

Total Population

16530

100.00%

In households

13944

84.36%

Householder

5520

33.39%

Spouse

3182

19.25%

Child

4071

24.63%

Own child under 18 years

3237

19.58%

Other relatives

514

3.11%

Under 18 years

129

0.78%

Nonrelatives

657

3.97%

Unmarried partner

162

0.98%

In group quarters

2586

15.64%

Institutionalized population

84

0.51%

Non-Institutionalized population

2502

15.14%

 

 

 

Households by Type

 

 

Total Households

5520

100.0 %

Family households (families)

3785

68.57%

With own children under 18 years

1727

31.29%

Married-couple family

3182

57.64%

With own children under 18 years

1475

26.72%

Female householder, no husband present

452

8.19%

With own children under 18 years

201

3.64%

Non Family households

1735

31.43%

Householder living alone

1415

25.63%

Householder 65 years and over

551

9.98%

 

 

 

Households with individuals under 18 years

1807

32.74%

Households with individuals 65 years and over

1501

27.19%

 

 

 

Average Household size

2.53

 

Average family size

3.05

 

 

 

 

Housing Occupancy

 

 

Total housing units

5641

100.00%

Occupied housing units

5520

97.85%

Vacant housing units

121

2.15%

For seasonal, recreational, or occasional use

18

0.32%

Homeowner vacancy rate (percent)

0.9

 

Rental vacancy rate (percent)

1.8

 

 

 

 

Housing Tenure

 

 

Occupied housing units

5520

100.00%

Owner-occupied housing units.

3698

66.99%

Renter-occupied housing units.

1822

33.01%

 

 

 

Average household size of owner-occupied units

2.74

 

Average household size of renter-occupied units

2.09

 

 

Madison NJ Crime Statistics (2002 - New Crime Data)

Crime Type

 

2002 Total

Per 100,000 People

National per 100,000 People

Overall Madison Crime Index

190

1125.86

4118.8

Madison Murders

0

0

5.6

Madison Forcible Rapes

0

0

33.0

Madison Robberies

3

17.78

145.9

Madison Aggravated Assaults

6

35.55

310.1

Madison Burglaries

16

94.81

746.2

Madison Larceny/Thefts

158

936.24

2445.8

Madison Motor Vehicle Thefts

7

41.48

432.1

Madison Arsons

 

0

0

N/A

 

Interfaith Council of Madison and Florham Park

The InterfaithCouncil of Madison and Florham Park is a cooperative organization that brings together leaders and lay representatives from the area religious organizations. In addition, there are affiliated service organizations included in membership.

The members of Interfaith Council meet periodically to discuss current issues which effect the local congregations. This group looks to provide ecumenical leadership to the community and work to establish a sound basis for community based ministries across the organizational boundaries.

The Interfaith Council sponsors several annual events such as the Martin Luther King, Jr., Celebration, Pulpit Exchange and Thanksgiving Community Service.

Participating institutions include:

·Bethel AME Church, 53 Central Avenue, Madison, Rev. Teresa Lynn Rushdan, M.Div.

·Congregation Beth Torah, 165 Ridgedale Avenue, Florham Park,

·Calvary Prebyterian Church, 144 Ridgedale Avenue, Florham Park, Rev.George Vorsheim

·First Baptist Church, 36 Cook Avenue, Madison, Int. Pastor Charles Smith

·Good Shepherd Lutheran Church, 160 Ridgedale Avenue, Florham Park, Rev.

·Grace Episcopal Church, 4 Madison Avenue, Madison, Rev. Lauren Ackland

·Madison Baptist Church, 203 Green Avenue, Madison, Rev. Mark Millman, Associate Pastor
Madison Presbyterian Church, 19 Green Avenue, Madison, Rev. Virginia Lee Wood

·Saint Vincent Martyr Church, 26 Green Village Road, Madison, Rev. Christopher DiLella

·Holy Family Church, Lloyd Avenue, Florham Park, Rev.

·United Methodist Church in Madison, 24 Madison Avenue, Madison, Rev. Robb Shoaf

·Grace Counseling Center, 6 Madison Avenue, Madison,

·Madison Area YMCA, 2 Ralph Stoddard Drive, Madison, Barry Kroll, Director .

Statement of Purpose

The organizations have worked together to promote the open sharing of information. The institutions have agreed to a common set of information and have agreed to present information in a clear and open format which will show continuing respect for individuals as well as all other religious organizations represented at this site.

AREA LINKS

Madison Official Site

Madison Community Website

Madison Eagle Newspaper

Madison Public Schools

Madison Library

Madison YMCA

Drew University

Fairleigh Dickinson University

New Jersey Shakespeare Festival

Charles A. Dana Research Institute for Scientists Emeriti

U.S. Equestrian Team

U.S. Golf Association

Washington's Revolutionary War headquarters

Morristown National Historic Park at Jockey Hollow

 

PRIVATE SCHOOLS

Delbarton School

Kent Place School

The Oak Knoll School

Pingry School


AREA EMPLOYERS

AT&T, Wyeth, Atlantic Mutual, Lucent Technologies, Nabisco, Novartis, Prudential, Schering-Plough, Telcordia Technologies, Drew University, Saint Barnabas Healthcare System


RECOMMENDED AREA RESTAURANTS

Reviews are available through Zagat or for free at http://chefmoz.org/United_States/NJ/

Chatham
New Main Taste
Restaurant Seranade
Scalini Fedeli
Tico’s En Mexico
Garden Rice

Madison
Il Mondo Vecchio
L'Allegria
Shanghai Jazz
Begum Palace

Summit
Adagio
J.B. Winberie Restaurant
Monster Sushi
The Huntley Tavern

Millburn-Short Hills
Lilac
Basilico
Khun Thai
Martini’s

GOLF COURSES AND CLUBS

Essex County
Noteworthy: Rock Spring Country Club, East Orange Golf Course (Short Hills)

Morris County
Noteworthy: Madison Golf Club, Spring Brook Country Club

Somerset County
Noteworthy: Foxhollow Golf Club, Somerset Hills Golf Club

Union County
Noteworthy: Baltusrol Golf Club, Canoe Brook Country Club

SHOPPING


Mall at Short Hills


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Real Estate Tips
Accepting An Offer >Responding to Low Offers

The beginning of negotiations is usually the end of many months of hard work for the buyer or seller. The work ahead requires skill in order to maintain a strong position.

Sellers can lose their advantage if they do not counter an offer that a buyer has made. Even if the opening offer is beneath what the seller feels is reasonable, it is advisable for the seller to respond with a slight reduction from the asking price. The most important component in negotiating is good communication.

The best way to handle a low offer is to counter it with definite terms that are favorable to the seller. A counter offer has two advantages: 1) it keeps the buyer interested, and 2) it moves the negotiation forward and gives the buyer the opportunity to submit another offer that the seller is more likely to prefer.

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Real Estate Trivia
Q 
What does "contingency" mean in real estate?

A 
A contingency is a specified event that must take place before a home purchase contract is binding; for example, a sale can be said to be "contingent upon the sale of the buyer's current residence."
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Jill Smith, REALTOR®, real estate agent and broker for Chatham, Harding and Madison New Jersey home listings, property and land for sale - NUMBER1EXPERT(tm)

Jill Smith
Keller Williams Realty

488 Springfield Avenue
Summit, NJ 07901
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