Mendham, NJ real estate: the numbers, explained.

Home values in Mendham

The NJ Division of Taxation’s 2026 Average Residential Statistics show an average residential sale price of $1,024,415 across 59 sales used in that report.

The Census Bureau’s survey puts the median value of owner-occupied homes, as estimated by owners, at $819,800 (2020–2024 average), compared with a Morris County town median of $592,600.

Mendham property taxes

Mendham’s 2025 general tax rate was 2.526 per $100 of assessed value, and its effective tax rate was 1.989%, 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 #19 lowest of 39 Morris County municipalities by effective rate. The average residential tax bill was $16,957 on an average assessment of $671,288 across 1,619 residential properties.

Applied to the average sale price of $1,024,415, the effective rate implies roughly $20,376 a year ($1,698 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 $1,024,415 home with 20% down ($204,883) 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 $5,552 a month. With estimated property tax that’s about $7,250, before insurance, any HOA fee and utilities. For comparison, the Census median gross rent in Mendham is $3,501.

Run my numbers for MendhamRent vs buy here

Who lives in Mendham

About 4,973 people live in Mendham. 85.9% of occupied homes are owner-occupied (county town median 81.9%), so the market is mostly owner-occupied single homes. 79.8% of housing units are single-family detached houses. The median resident age is 46.5, and 80.7% of adults 25 and older hold a bachelor’s degree or higher. Median household income is $211,944, higher than the county town median of $154,923.

The median home in Mendham was built in 1972. 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 Mendham

Workers in Mendham average 34.5 minutes each way (those who don’t work from home), longer than the Morris County town median of 29.6 minutes. 3.9% commute by public transportation, so most commuters drive and 33.4% work from home.

Schools

I don’t republish unofficial school scores. For Mendham, 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 Mendham’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: a below-county-median effective tax rate stretches your budget further here than in many Morris towns. Compare with the town comparison tool.
• Sellers: with fewer public market indexes for Mendham, a comparable-sales analysis matters more. Get a free home value.

Nearby towns at a similar price