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 $1,097,535 across 84 sales used in that report.

The Census Bureau’s survey puts the median value of owner-occupied homes, as estimated by owners, at $790,900 (2020–2024 average), compared with a Morris County town median of $592,600.

Chester property taxes

Chester’s 2025 general tax rate was 2.587 per $100 of assessed value, and its effective tax rate was 2.053%, about the same as the Morris County town median of 2.004% and lower than the statewide municipal median of 2.141%. That ranks it #21 lowest of 39 Morris County municipalities by effective rate. The average residential tax bill was $17,101 on an average assessment of $661,049 across 2,540 residential properties.

Applied to the average sale price of $1,097,535, the effective rate implies roughly $22,532 a year ($1,878 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 $1,097,535 home with 20% down ($219,507) 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 $5,948 a month. With estimated property tax that’s about $7,826, before insurance, any HOA fee and utilities. For comparison, the Census median gross rent in Chester is $2,787.

Run my numbers for ChesterRent vs buy here

Who lives in Chester

About 7,748 people live in Chester. 96.4% of occupied homes are owner-occupied (county town median 81.9%), so the market is mostly owner-occupied single homes. 94% of housing units are single-family detached houses. The median resident age is 46.8, and 70.1% of adults 25 and older hold a bachelor’s degree or higher. Median household income is $241,856, higher than the county town median of $154,923.

The median home in Chester was built in 1981. Newer housing stock usually means fewer legacy issues like buried oil tanks or lead paint, but still inspect roofs, HVAC age and drainage, and check any HOA’s finances.

Commuting from Chester

Workers in Chester average 30.5 minutes each way (those who don’t work from home), longer than the Morris County town median of 29.6 minutes. 0% commute by public transportation, so most commuters drive and 27.5% 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.

Nearby towns at a similar price