What to know before moving to Rumson, NJ

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The real estate market in Rumson, NJ

The real estate market in Rumson has seen some fluctuation in the last 5 years, but overall there has been steady overall appreciation. There have been times when the median house price has skyrocketed and other times when it has dipped. This is partially due to the fact that Rumson is not a large borough and there are a number of luxury homes in the area. This means that when a luxury home is sold, it can somewhat skew median price figures, especially if an ultra-luxe property costing over 10M sells.

Another factor we have to consider when looking at the recent fluctuating prices of homes in Rumson is the market frenzy that began early 2021 and reached its peak in mid 2022. During this time it was notable that there was a very marked difference between the median listing prices and median price of houses sold. In August 2022 the median listed price was $1,927,000, but the median price of a house sold was $2,625,000, a difference of over 30%. Clearly it was a great time to be a seller.

However, if we look at the overall trend over the last 3 years, though listing prices have risen and dropped, sold prices have remained on a consistent and steady rise. In mid 2000 the median price of a home sold in Rumson was $1.4M, in April 2021, the figure was a little over $1.7M, and by April 2022 the figure was close to $1.9M. Regardless of median listed prices, the average prices of homes sold have consistently risen.

In the middle of 2022, increasing interest rates were introduced to help cool the real estate industry and this caused many markets across the US to begin a correction process, with houses beginning to sell for more sustainable prices. The median listed price of a home in Rumson at the beginning of 2023 was $1.8M. This is lower than the last months of 2022 but unlike other markets which have been strongly affected by increasing interest rates, the correction in Rumson has been moderate. This makes sense in that a traditionally stable market such as Rumson, is not as vulnerable to external market forces as other areas in the country.

Overall, Rumson has shown itself to be a market that homebuyers and investors should have confidence in. While there are opportunities to flip houses, Rumson is ideal for homebuyers looking to relocate in the area and enjoy fair but consistent home appreciation.

Home styles found in Rumson

There are no cookie-cutter neighborhoods in Rumson, with the borough’s listings comprised of a mix of single-family homes, townhouses, and waterfront properties, all built in a variety of architectural styles that cater to different preferences and lifestyles. These include historic styles such as American Eclectic, Foursquare, American Bungalow, Colonial Revival, and Victorian, as well as more modern styles like Mid-Century Modern, and Contemporary.

When it comes to home features and amenities, Rumson homes typically come with spacious living areas, hardwood floors, gourmet kitchens, and large windows to take advantage of the area’s abundance of natural light. Waterfront properties can come with private docks and boat slips—great for residents who enjoy boating and fishing on the Navesink River. In addition, many of these homes sit on large plots of land, making it easy for homeowners to expand their living spaces or add amenities such as decks and patios.

Development and construction in Rumson

Rumson, NJ is in the middle of several important developments designed to increase accessibility for those living in Rumson, NJ. These include the construction of a new bridge connecting Rumson to the neighboring borough of Sea Bright. The Rumson-Sea Bright Bridge will replace the current bridge, which was originally built in 1950. Once completed, the $130 million project will be wider than the existing structure and have two eastbound lanes, and one westbound lane with shoulders and sidewalks on both sides for pedestrians and bikers.

Rumson’s economy and cost of living

The economy in Rumson, NJ is primarily driven by real estate and finance, followed by other industries such as banking, law, and healthcare. It’s not surprising then to find that many of Rumson’s residents tend to work in high-paying professions, earning a median household income of $222,237—considerably higher than the national average of $64,994.

These high-paying jobs, in turn, help offset the relatively high cost of living in Rumson, NJ, which is known to be one of the most affluent neighborhoods in New Jersey.

The biggest difference in costs between Rumson and the national average is in housing. As we’ve seen, the average median home in Rumson at the start of 2023 was $1.8M, while the national average hovers at around the $400,000 mark. Apart from this, Rumson is actually a very affordable borough with only slightly higher costs for groceries, utilities, and transportation when compared to national averages. In fact, when it comes to health costs, you’re actually better off in Rumson than most other parts of the country.

What makes Rumson, NJ a good place to live?

We’ve looked at the real estate market, development and the economic opportunities in Rumson, NJ but how about what it’s actually like living in the area?

Rumson, NJ is a safe and welcoming community. Rumson locals are renowned for their friendliness and hospitality, which makes it incredibly easy for new residents to settle in. Rumson has a strong community feel to it with numerous events and festivities held in the borough throughout the year. St. Patrick’s Day is an especially important day with thousands of residents participating in the celebrations. Another event that draws in the crowds is the Annual Tree Lighting, which is perfect for setting the town up for the days leading to Christmas.

Rumson has its share of celebrity residents. This community has enjoyed a fair amount of celebrity residents. Musicians Charlie Puth, Richie Sambora, John Bon Jovi, and Bruce Springsteen are among them, as are notable actresses Cher, Queen Latifah, Heather Locklear, and Siobhan Fallon Hogan. In addition, sports personalities Randy Foye of the Los Angeles Clippers, Bobby Ojeda of the New York Mets, Phil Villapiano of the Oakland Raiders, and Rob Petitti of the New Orleans Saints, as well as sportscaster Melissa Stark, have all lived in Rumson.

Rumson, NJ has a pleasant climate. Given its location in the northeastern part of the state, Rumson experiences a humid subtropical climate that is typical of the Mid-Atlantic region.

The summers in Rumson are warm with temperatures often reaching between the high 80s fahrenheit. The winters are typically mild, with temperatures ranging from around 32 to 50 degrees fahrenheit.

One thing to keep in mind before moving to Rumson is that the area can be affected by Atlantic hurricanes, which can bring heavy rain and strong winds usually between August and October.

Traveling to Rumson, NJ is easy. Rumson is very accessible, with travel to and from the borough possible by car, train, bus, and ferry.

One of the most popular ways to travel to and from Rumson is by ferry. Operated by SeaStreak, ferries depart from two stations, one in Highlands and the other in Atlantic Highlands. Another ferry option will soon open in Belford.

Those who wish to take an inland route can go by New Jersey Transit trains. Travel time via these trains usually lasts about an hour and 20 minutes, with monthly commuter tickets priced at $301.

You can also drive to Rumson through the Garden State Parkway and the New Jersey Turnpike, or via the Holland or Lincoln Tunnels.

Rumson, NJ is home to top-ranking schools. Families should know that Rumson, NJ has an excellent education system thanks to the Rumson School District which manages two schools in the borough. These schools are Deane-Porter Elementary School, which serves students from Pre-K to 3rd Grade, and Forrestdale Elementary School, which serves students from Grades 4 to 8. Both schools offer a well-rounded curriculum and consistently rank among the best in the state.

The borough’s high school-age students attend Rumson-Fair Haven Regional High School, an academic institution that is consistently ranked among the top high schools in New Jersey. Rumson-Fair Haven Regional High School offers a diverse curriculum and a wide range of extracurricular activities and is known for its strong academic programs, including its Advanced Placement courses, and its competitive athletic teams.

Additionally, there are several other colleges and universities located within a short drive of Rumson, including Rutgers University and Princeton University.

Rumson, NJ has a vibrant food scene. One of the best things about living in Rumson, NJ is that it is a great destination if you like to dine out, with the borough offering a wide variety of dining options, from casual eateries to fine dining establishments. Here are some highly recommended spots:

• Barnacle Bill’s – A nautical-themed waterfront tavern, Barnacle Bill’s is one of the leading restaurants in Rumson, NJ. Located on the dock directly overlooking the Navesink River, this casual diner takes pride in its mouth-watering burger selections, some of which are considered among the best in Central New Jersey.  Aside from good food and drink, Barnacle Bill’s also offers top-quality entertainment for guests, with the diner hosting live music shows every Friday and Saturday night.
   
• Salt Creek Grille – Those looking for classic American fare will do well to pay Salt Creek Grille a visit. A casual diner, The menu at Salt Creek Grille features a variety of dishes made with fresh, high-quality ingredients, with their best-sellers being Coffee Crusted New York Steak; Spiced YellowFin Tuna; and Mesquite Grilled Baby Back Ribs.
   
• Undici Restaurant – Named after the Italian word for “eleven” in reference to its eleven dining tables, Undici is the go-to place for diners looking to enjoy the very best of contemporary Italian cuisine. Housed in a faithful recreation of a Tuscan farmhouse, Undici boasts a menu of carefully-crafted Italian favorites, as well as the largest selection of Italian wines in New Jersey.
   
• The French Market – A brilliant addition to Rumson’s vibrant food scene, The French Market is a charming cafe that specializes in classic favorites such as crepes, sandwiches, omelets, and quiches. A favorite among locals and visitors, The French Cafe also sells classic French baked goods and pastries, all made in-house daily by their chef.
   
• Atlantic Bagel Co – For a quick and filling bite on the go, try visiting Atlantic Bagel Co. Established in 2002, Atlantic Bagel Co. serves a wide selection of some of the best bagels this side of New Jersey.
   
• Brennan’s – is the place to go for fine foods. This deli not only has a gourmet takeaway, it also offers catering services.
   
• Val’s Tavern – This dining spot has served the community for over 80 years. With great food, on tap beers, and recently renovated areas that include a banquet room and bar area, Val’s Tavern is set to continue being a landmark for many more years.
   
• Victory Park Tavern – This upmarket dining spot serves seasonal American cuisine, has elegant indoor or outdoor seating, and a separate bar area. It’s very much a place where you can enjoy a fine meal or relax over a few drinks.
   
• Surf BBQ – Honest good food, that delights every time, is what you get at Surf BBQ. There’s a strong emphasis on fun and it’s a great place to meet with friends and enjoy a classic burger or steak with a few cold drinks.
   

Rumson, NJ offers easy access to shopping spots.

Most residents in Rumson head to The Grove at Shrewsbury to shop. With its plaza style layout and range of boutique and brand shops, The Grove has a little of everything for a day out shopping. There’s also a great tapas bar and the obligatory coffee house, as well as a delightful bakery if you want lunch before you continue shopping.

Another option is to head down to nearby Red Bank, or just 23 miles away there’s New York City, with all the shopping options it offers.

Rumson, NJ offers great outdoor adventures. Living in Rumson, NJ means having a wide variety of choices when it comes to recreational activities. Here are some of the most popular recreational activities in Rumson:

• Boating and fishing – Around 29% of Rumson’s total area is water, making it the perfect neighborhood for those who enjoy activities such as boating and fishing. You can rent a boat or bring your own and spend the day on the water, fishing for bass, striped bass, and bluefish.
   
• Beach Going – A quintessential resort town, Rumson has a number of beaches that are perfect for swimming, sunbathing, and relaxing. Some of the best beaches in this borough—and the area surrounding it include:
  • Monmouth Beach
  • Sea Bright Beach
  • Sandy Hook Beach
  • Long Branch Beach
  • Deal Beach
  • Asbury Park Beach
     
• Hiking and biking – With its lush surroundings and the sheer number of parks and nature sanctuaries in it, Rumson lends itself well to activities such as hiking, trekking, and biking. Some of the most popular parks in the area include Hartshorne Woods Park, Huber Woods, Thompson Park, Holmdel Park, and Monmouth Battlefield State Park.
   
• Parks and Sports – Rumson also has a number of parks, which are not only used for relaxation, but also for sporting activities. Victory Park is one of the most popular, with 2 tennis courts as well as a lit basketball court. Rogers Park, a small neighborhood park, also has a couple of tennis courts and a basketball court. Meadow Ridge has the advantage of covering much more ground and accommodates 3 fields which are predominantly used for soccer, lacrosse, and baseball.
   
• Golfing – Whatever your skill level, there’ll be a golf course for you in or near Rumson. Some of the most popular golf courses include:
  • Rumson Country Club-a private golf club that has been part of the community for over 100 years.
  • Navesink Country Club-another private golf club with a rich history, in nearby Middletown.
  • Old Orchard Country Club- a public course with excellent amenities only 8 miles away (a 15 minute drive).

Invest in a Rumson, NJ home today with Mario Venancio

When it comes to real estate in Rumson, NJ, work with Mario Venancio. A REALTOR® under Berkshire Hathaway HomeServices with over 30 years of experience, Mario has a proven track record and is the top Realtor in New Jersey, with over $1.8 billion in lifetime sales.

Mario’s success in the industry is due to his dedication, integrity, and commitment to providing exceptional service to his clients. In addition, Mario possesses exceptional communication abilities, making him a highly skilled negotiator.

Ready to invest in your very own Rumson, NJ home? Call Mario Venancio at either 732.530.2800 or 732.881.4306, or send him a message here to schedule a consultation.