Are you considering living in the Freehold, Manalapan, or Marlboro area and are curious about what you can get for your money? In this episode of Monmouth Redefined, I’m going to tell you what $700,000 will buy you in each of these towns. We’ll explore home options and amenities in each area so you can choose the one that’s right for you.
All of these three towns are connected, intertwined in the shape of a triangle. This means that living in one town is not much different from the other; when buyers are considering moving to our area, they tend to look in all three towns. My team and I work with many people who move here, and what they can get for their money is one of the top questions we get asked. Let’s explore these prices starting with our first area: Freehold Township.
Out of all three towns, Freehold Township tends to be the one where you can get the most for your money. Like all towns in Monmouth County since the onset of the pandemic, home prices in Freehold Township have risen by 16% this past year. The reason Freehold Township tends to be slightly more reasonably priced than Manalapan and Marlboro is that it’s located further south.
So what will $700,000 get you in Freehold Township? The perfect example is a house I recently sold. This four-bedroom, two-and-a-half-bath colonial featured a partial basement and a two-car garage. The buyers secured this property for a little over $700,000. Even though the home was built in the late 1980s, it was meticulously maintained and had been updated throughout. Updates included many of the big-ticket items like the A/C, the furnace, and the roof. They had all been replaced.
In addition to these updated features, one of the reasons that this home got such a great price was because of its beautiful backyard and inground pool. Any home in our area with an inground pool is going to definitely drive the price up. Of course, this wasn’t always the case. However, with the onset of COVID, buyers’ desires for pools and outdoor spaces have increased the prices of homes that can offer this.
The next town we’ll look at is Manalapan. When I moved to Manalapan a little over 10 years ago, home prices were definitely lower in Manalapan than they were in Marlboro. However, over the past few years, this has changed. Now, home prices in Manalapan are as high—if not higher—than in Marlboro.
This year, home prices in Manalapan rose 18%. When you think about it, it’s crazy that the home you buy today for $700,000 would have only cost you $575,000 a year ago. There is a subsection within Manalapan called Englishtown and, although it shares the same zip code and school system, you will find that you can get more for your money there than you can in Manalapan.
Unfortunately, $700,000 In Manalapan doesn’t go very far today. While you can find a colonial-style home in Manalapan, it’s very unlikely you’re going to find a colonial with a pool and a basement for $700,000 or less at this price. You can probably get a four-bedroom, two-and-a-half-bath home that’s around 2,500 square feet or less, which may contain some updates. However, if you’re looking for a home of 3,000 square feet or more, it’s likely going to need to be updated throughout if you want to stay in the $700,000 price range.
Many New Yorkers have moved to Manalapan over the past few years; this is what has driven up buyer demand in our area. It’s not impossible to find a nice home for $700,000 in Manalapan; you may just need to be willing to give up a few extras or be willing to do some work to the home over time.
Our last stop is going to be Marlboro. Like Manalapan, many of the residents of Marlboro once lived in the New York area, Staten Island, Brooklyn, Queens, and even New York City. Marlboro tends to be known as more of an exclusive area and home prices do reflect that. This year alone, home prices rose almost 20% in Marlboro—the largest increase out of the three towns.
So what can you get for $700,000 in Marlboro? Like Manalapan, it’s highly unlikely you’re going to score a home with both a pool and a basement for $700,000. However, you can find a colonial or split-level style home at about 2,500 square feet for the price. While it may have a partial basement or a full basement that’s unfinished, your lot size is likely going to be smaller and it’s likely that the home is going to need some updating throughout.
Which Area Will You Choose?
Throughout the past several years, Freehold Township, Manalapan, and Marlboro have become very desirable towns to live in. This is largely due to their proximity to New York City, Philadelphia, and the beaches as well as the fact that the schools are highly rated. So if you decide to consider any of these three towns, I am certain you will love it here.
I hope this video gave you a good sense of the cost of housing here and what you can get for your money. If you have any further questions about Freehold, Manalapan, or Marlboro and the surrounding towns—or if you live in the area and are curious how much your home is worth—please don’t hesitate to reach out to me and I’d be happy to help.
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