Key Takeaways
- Montclair’s housing market remains strong despite the school district’s budget deficit and December 9 special election.
- Low inventory, high demand, and the town’s proximity to New York City continue to drive property values.
- School quality matters, but Montclair’s lifestyle, diversity, and culture are equally powerful draws.
- Real estate experts say few buyers are deterred, and sellers remain confident.
- Clarity after the vote will help restore certainty, something markets thrive on. This will also help restore confidence in district finances.
As Montclair approaches its pivotal December 9 special election on school funding, residents are understandably anxious about what the district’s multimillion-dollar deficit could mean for home values. To gain perspective, The Montclair Pod spoke with longtime resident and real estate attorney Jen Metzger, who has lived in Montclair for 18 years and works with buyers, sellers, and agents across northern New Jersey.
Metzger says while the town’s fiscal uncertainty has created short-term stress, Montclair’s real estate fundamentals, including limited housing supply, strong demand from New York commuters, and a vibrant cultural and community life, continue to sustain the market. “Our schools are an important factor,” she notes, “but they’re not the only thing that makes people want to live here.”
The Montclair Pod: We wanted to talk to you because, as an attorney, you work with so many real estate agents, buyers, and sellers. Before we get into how Montclair’s school budget issues might affect home values, tell us about your background and how you got into real estate law.
Metzger: Absolutely. I started my practice as a corporate attorney for 25 years in the city, my last role as general counsel for an international insurance company. But I’ve always been obsessed with real estate, and I wanted to be closer to home while my kids were still in school. So now I’m a local real estate attorney focusing on residential transactions in northern New Jersey.
That shift, and my 18 years as a Montclair resident, gives me a dual perspective. I understand the large-scale market dynamics, but I’m also deeply invested in what’s happening here on the ground.
As a parent in the public school system, I know the budget deficit has rocked our community. It’s stressful and understandably creating uncertainty around the upcoming December 9 election, and that uncertainty has ripple effects on the real estate market.
I’ll stress that nothing I say here is a commentary on the importance of the vote or our schools. We all want the same thing: a top-notch, diverse education for our kids. My focus is purely on the economic factors that drive real estate values.
The Montclair Pod: So when you look at those factors, what stands out most right now?
Metzger: It’s important to zoom out. The budget crisis is real, but it’s not the main driver of Montclair’s housing market.
Montclair’s real estate is powered by three pillars: limited supply, location, and lifestyle. We have a chronic inventory shortage because people love it here and don’t move often. Empty nesters stay put. There’s steady demand from New York City buyers because of our proximity to jobs and direct train access.
And then there’s the quality of life: our town centers, arts and culture, diverse community, and events like the Film Festival, Jazz Festival, and Pride. All of that creates an intrinsic value that goes far beyond schools.
School quality matters, but fiscal crises don’t typically drive real estate markets. Economic shocks do, things like recessions or pandemics.
The Montclair Pod: We looked at some data that showed school quality, not necessarily school finances, tends to have the bigger impact on home values. But could this fiscal crisis indirectly lead to a decline in quality, say if teacher retention drops or programs get cut?
Metzger: Anything is possible. But I don’t anticipate a major decline in the near term.
New Jersey just ranked number one in the country for education. And interestingly, Montclair doesn’t even rank highest within Essex County. Towns like Verona, Caldwell, and Nutley do, yet our home prices are still much higher.
That tells me that while strong schools are part of the appeal, they’re not the whole story. People move here because they love this community.
I did look at examples like South Orange-Maplewood, which went through upheaval around integration. There was some short-term impact there, but that was tied to structural changes in education, not just fiscal management.
Our challenge is financial, not philosophical. It’s big and scary, but once the vote happens in December, there will at least be certainty. And markets, especially real estate markets, like certainty.
Look at Nutley. They had a state monitor, and home prices kept rising. That’s important context.
The Montclair Pod: So for now, you’re saying the real estate market remains resilient?
Metzger: Exactly. I think we’re still in the early stages of this, and everyone’s nervous, which makes sense. But from a market perspective, Montclair’s fundamentals remain strong.
The Montclair Pod: What are you hearing from buyers and sellers?
Metzger: Sellers aren’t motivated by the school situation at all. Buyers are asking questions, but they’re not overly concerned. I’ve only heard of maybe one or two buyers, out of all the agents I know, who decided to look elsewhere.
There’s definitely more anxiety within the realtor and resident community than among incoming buyers. From the outside, Montclair still looks like a highly desirable, stable market.
The Montclair Pod: And right now, how is the market performing?
Metzger: Still strong. Inventory remains very tight, which keeps demand high and prices elevated. The school situation hasn’t slowed that down.
The Montclair Pod: Final thoughts. What’s your outlook for Montclair real estate post December 9?
Metzger: Regardless of how the vote goes, I believe Montclair will weather this. Even in worst-case scenarios, there are models we can follow that uphold our town’s values.
After living here 18 years, I have full faith in this community. I believe both the market and our sense of identity will hold strong.
