Here is your real estate market update for New Jersey's Monmouth and Ocean Counties!
October 6, 2023
By Susan Heckman
Here is your Fall 2023 real estate market update at the Jersey Shore!
Despite a slight dip over the last 6 months of 2023, home prices have seen consistent monthly increases throughout 2023. And while mortgage rates are currently above 7% for most homebuyers, overall there remains a strong demand for housing in Monmouth and Ocean Counties.
Since mortgage rates are not expected to come down anytime soon, buyers have adjusted their expectations as well as the price range they can afford.
Here are some useful stats:
LISTINGS SOLD FROM 1/1/23-9/30/23
Monmouth County ➡️ 5,029
% Change from 1/1/22-9/30/22: -21.8%
Ocean County ➡️ 6,767
% Change from 1/1/22-9/30/22: -19.8%
ACTIVE LISTINGS AS OF 10/6/23:
Monmouth County ➡️ 1,200
Ocean County ➡️ 1,556
As we enter the cooler seasons and get closer to Thanksgiving 🍁 and winter ❄️ holidays, many home sellers and buyers think it’s best to put relocation plans on hold until the new year. However, deciding to move takes planning — and part of that planning, along with pricing and prepping the home, is deciding when is the right time to list.
BOTTOM LINE:
As you can see, there have been about 20% fewer sales at the Jersey Shore, compared to the first 9 months in 2022. If you’re considering a move, take advantage of strong market conditions and low inventory and list your home as soon as possible, rather than wait until next year. We can help you maximize the return on your investment.
Would you like to receive in-depth sales data about a specific town or neighborhood? Let us know and we’ll get that right to you. You may also want to learn what your own home could sell for in today’s market — you will likely be surprised!
Call us at 732-449-4646 for more information and to schedule a consultation with a home pricing analysis. Our full-service professionals are always here to serve you. The Gallery Residential Brokerage
Sources: FlexMLS, Keeping Current Matters, Mortgage News Daily