H
anover Township in Morris County, New Jersey, has become a real estate hotspot despite the state's overall shift towards a more balanced market. The area, which includes Cedar Knolls and Whippany, is experiencing low inventory and increasing buyer demand due to its relative affordability, low taxes, highly-rated school system, and strong sense of community. Real estate agents attribute this surge in popularity to buyers seeking value for their homes and lower tax bills.

    While the median listing price in Hanover Township was $725,000 in May, it's still a more affordable option compared to nearby towns like Summit, Madison, and Chatham, which have median listing prices over $1 million. The area's low property taxes, averaging $8,667 in 2024, also contribute to its appeal.

    The township's highly-rated school system, convenient location near amenities, and easy commuting options further attract buyers. However, the lack of single-family housing inventory has driven up home prices, with many properties selling for more than their original asking price. For example, a listing at 9 Gristmill Road sold for $1.15 million in early June, exceeding its original asking price by over $250,000.

    Real estate agents expect demand to continue driving up prices, citing the low inventory and high buyer interest. "I don't see there being a shift away from this," said Stefanie Marcantonio, agent and director of business development for The Saritte Harel Team at Keller Williams Realty. "Hanover Township is a great place to live. It's one of our best kept secrets, and I don't think it's a secret anymore."