Chester, NJ real estate: the numbers, explained.

Home values in Chester

The NJ Division of Taxation’s 2026 Average Residential Statistics show an average residential sale price of $1,066,667 across 3 sales used in that report. That is a small sample, so treat it as a rough marker.

The Census Bureau’s survey puts the median value of owner-occupied homes, as estimated by owners, at $659,800 (2020–2024 average), compared with a Morris County town median of $592,600.

Chester property taxes

Chester’s 2025 general tax rate was 2.328 per $100 of assessed value, and its effective tax rate was 2.221%, higher than the Morris County town median of 2.004% and higher than the statewide municipal median of 2.141%. That ranks it #27 lowest of 39 Morris County municipalities by effective rate. The average residential tax bill was $15,425 on an average assessment of $662,572 across 467 residential properties.

Applied to the average sale price of $1,066,667, the effective rate implies roughly $23,691 a year ($1,974 a month) in property tax. The Division publishes the effective rate for comparing towns, not for computing a specific bill, so use it as a ballpark.

What it costs to own vs. rent

For a $1,066,667 home with 20% down ($213,333) and a 30-year fixed loan at 7.18%, Freddie Mac’s national average for the week of November 5, 2026, principal and interest come to about $5,781 a month. With estimated property tax that’s about $7,755, before insurance, any HOA fee and utilities. For comparison, the Census median gross rent in Chester is $1,344.

Run my numbers for ChesterRent vs buy here

Who lives in Chester

About 1,512 people live in Chester. 79.1% of occupied homes are owner-occupied (county town median 81.9%). 75.8% of housing units are single-family detached houses. The median resident age is 42.9, and 65.3% of adults 25 and older hold a bachelor’s degree or higher. Median household income is $171,500, higher than the county town median of $154,923.

The median home in Chester was built in 1971. Much of the housing predates 1978, so buyers should plan for older-home checks: lead-based paint disclosure, an oil-tank sweep if the house ever had oil heat, knob-and-tube or older electrical, galvanized plumbing, and a sewer-line scope. See the NJ inspection checklist.

Commuting from Chester

Workers in Chester average 32.1 minutes each way (those who don’t work from home), longer than the Morris County town median of 29.6 minutes. 2.3% commute by public transportation, so most commuters drive and 21.6% work from home.

Schools

I don’t republish unofficial school scores. For Chester, start with the New Jersey Department of Education’s School Performance Reports, then confirm the exact school assignment for any address with the district, since some NJ towns send students to regional or neighboring high schools. See how to research NJ schools.

Downtown, food and things to do

The best way to judge Chester’s restaurants, parks and weekend life is in person. Visit on a weeknight and a Saturday morning, check the town recreation calendar and walk the blocks you’d live on. My town scouting checklist shows what to look for.

My take for buyers, sellers and renters

• Buyers: taxes run above the county median, so budget on the tax bill, not just the price. Ask for the current bill on every listing.
• Sellers: with fewer public market indexes for Chester, a comparable-sales analysis matters more. Get a free home value.
• Low turnover: about 3 residential sales were in the state’s 2026 report, so good listings can be scarce. Set alerts and be ready to act.

Nearby towns at a similar price