Can a $19.6 Million Deficit Cool Montclair’s Real Estate? So Far, No.

It’s no secret that Montclair’s public school system attracts potential homeowners and families looking to raise children. With its unique magnet system and high ratings, the district is a key reason contributing to Montclair’s desirability. 

But with news of the district’s $19.6 million dollar deficit looming, some residents have raised concerns about what this could mean for the town’s property values. So far, news of the deficit has not affected the high demand to live in the area, according to multiple realtors.

Demand Still High

Matt Gevirtz, a realtor with GT Luxury Group, which specializes in real estate in Northern New Jersey, said the real estate market in Montclair is as hot as ever.

“The inventory is still tight, prices are still high, homes are selling for above the asking price, and the demand is high,” Gevirtz said.

Gevirtz recently accepted an offer for $150,000 over the asking price for 14 Upper Mountain Avenue in Montclair, which was initially listed at $849,900. In November of this year alone, nine homes have already been sold in Montclair, according to realtor.com. In October, over 30 homes were sold.

The median listing home price in Montclair was $1.2 million in September 2025, according to realtor.com. Homes in Montclair sold at 16% above asking price on average in the same month. Montclair is also considered a “seller’s market,” meaning there are more people looking to buy than there are homes to sell.

Watching the deficit

If Montclair residents vote to raise taxes on Dec. 9, Gevirtz doesn’t believe that will dissuade people from buying homes in Montclair.

“People complain about the taxes in Montclair a lot. But that doesn’t hold people back from buying here,” Gevirtz said.

Christian Dubuque-Strenz, a realtor with Sotheby’s International Realty, said that the topic of the school deficit is definitely on buyers, sellers, and realtors minds.

“Anybody who is living in or looking to move to Montclair is talking about it. It’s not insignificant,” Dubuque-Strenz said.

Despite this, there hasn’t been a change in demand for real estate in Montclair, Dubuque-Strenz said.

Just because there has been no tangible change in the real estate market yet, doesn’t mean things cannot change in the future, Dubuque-Strenz said.

“I think we’re going to have to get through this and see what the outcome of the vote is in December, and I think that it might change buyers’ perceptions at that point,” Dubuque-Strenz said.

Appeal of Magnet System

If Montclair finds itself in a situation where it is no longer able to fund its magnet system, this could potentially make Montclair less desirable to live in, Dubuque-Strenz said.

“My fear is, if it’s a no vote, and a state monitor comes in who doesn’t value the magnet system, we run the risk of going back to a school system less integrated racially and socioeconomically,” she added.

Many buyers, especially those from progressive backgrounds, are attracted to Montclair due to its magnet system, Dubuque-Strenz said.

Additionally, if jobs in the school system continue to be cut, this could affect the district’s reputation, Gevirtz said.

“It’s a snowball effect. If things like this continue to happen, jobs keep getting cut, the reputation of the schools will get worse, which will then affect the real estate market,” he added.

David Genova, founder of Greenwood Development, a real estate development firm in Montclair, said the potential tax increases on the December ballot would also raise rents in Montclair, making the town less affordable.

“I’m worried about what this does for equity in the township of Montclair, and I’m worried about what this does for affordability in the township of Montclair, but I support our teachers, and I support our students, and I’m not smart enough to know what’s right for them,” Genova said.

email reporter Asad Jung: [email protected]

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