Home prices
The median home price in Madison is $724,700. Compared to its nearby areas this is about $52,440 (7%) higher.Compared to the United States as a whole it is about $507,200 (233%) higher, and is about $118,700 (19%) higher in comparison to the city of New York.
Rents
The median monthly rent in Madison is $1,807. Compared to the surrounding areas it is approximately $119 (6%) lower.It is about $745 (70%) higher compared to the nation as a whole, and in comparison to the city of New York is roughly $364 (25%) higher.
Nearby places
Florham Park
Florham Park is Madison's neighbor to the northeast. Its real estate prices are a bit less expensive. The price of the median home in Florham Park is $645,800, which works out to $78,900 (12%) lower than Madison. The rent there is a bit more expensive. The median monthly rent in Florham Park is $2,441, which works out to $634 (25%) higher than Madison.
Chatham
Chatham is Madison's neighbor to the southeast. Real estate prices there are similar. The value of the median home in Chatham is $746,300, which works out to $21,600 (2%) higher than Madison. Its rents are pretty similar. The median rent in Chatham is $1,845 a month, which works out to $38 (2%) higher than Madison.
Morristown
Morristown is approximately 3 miles northwest from Madison. Real estate prices there are significantly less expensive. The median home value in Morristown is $472,000, which comes out to $252,700 (53%) lower than Madison. The rent there is similar. In Morristown the median monthly rent is $1,729, which comes out to $78 (4%) lower than Madison.
Summit
Summit is approximately 3 miles southeast of Madison. Housing prices there are a bit more expensive. The median home in Summit costs $890,100, which works out to $165,400 (18%) higher than Madison. The rent there is fairly similar. Summit's median rent is $1,880 per month, which is $73 (3%) higher than Madison.
New Providence
New Providence is approximately 4 miles south from Madison. Real estate prices there are a bit less expensive. The median home in New Providence costs $607,100, which comes out to $117,600 (19%) lower than Madison. Its rents are fairly similar. New Providence's median monthly rent is $1,733, which comes out to $74 (4%) lower than Madison.
