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Like Summer Temps, Home Prices Keep Rising

Here is your June 2023 real estate market update at the Jersey Shore!

July 11, 2023

By Susan Heckman

Overall, the trend of low inventory and fewer home sales continues to push home prices upward, in all price points. In addition, financing rates are holding steady at around 7% (for 30-year fixed-rate mortgages) and aren't expected to change significantly. Like the heat wave temperatures we are currently experiencing, home prices continue to climb and real estate perseveres as the best investment you can make.

Since mortgage rates are not expected to come down significantly anytime soon, we are seeing more and more buyers adjust their expectations as well as the price range they can afford. And they are motivated to buy! Tight inventory means that a well-priced home will still see multiple offers with great terms. NEW LISTINGS Monmouth County: 6/23 ➡️ 895 6/22 ➡️ 1189 % CHANGE ➡️ -24.7 Ocean County: 6/23 ➡️ 1140 6/22 ➡️ 1465 % CHANGE ➡️ -22.2 BOTTOM LINE: If you are considering a move, take advantage of strong market conditions and the summer season and list your home as soon as possible. We can help you maximize the return on your investment. If you would like 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

Source: FlexMLS

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