3rd Quarter housing inventory in Ocean County increased slightly from 2023, which has slowed (but not stopped) the acceleration of prices.
For sellers, home prices are still breaking records, but declining demand may be limiting price growth. Concurrently, buyers are increasing their purchasing power and bargaining strength.
For buyers, following the Federal Reserve's interest rate fall in September, and possible more Fed cuts later this year may the ideal moment to capitalize on the better market circumstances and avoid a possible demand spike that would drive up property prices further.
Market trends for Ocean County: (in comparison to September 2023)
Home sales down 7.01%
Inventory up 4.74%
Sale Price up 1.89% county wide
Median Sale Price $575,000
Days on market (sold, but yet to close) is 34 Days
What’s Your Ocean County Home Worth?
Note on the following statistics - When there is a possibility of extreme values (i.e., a waterfront home vs. a small house), the median price is generally the better measure to use as opposed to the ‘average.’ – median is a more accurate representation.
3rd Quarter 2024 (YTD) Ocean County Market Statistics for Selected Townships in Comparison to 2023
Stafford Twp. (Manahawkin)
Median List Price: Up 4.55% (up over 72% compared to 2019)
Median Sale Price: Down 1.0% (up over 74% compared to 2019)
Sold Listings: Down 2.3% (due to lack of inventory and down over 36% compared to 2019)
What’s Your Stafford Home Worth? Get a FREE, Instant Valuation
Barnegat Twp
Median List Price: Up 5.15% (up over 60% compared to 2019)
Median Sale Price: Up 5.53% (up over 77% compared to 2019)
Sold Listings: Up 7.4% (down over 27% compared to 2019)
What’s Your Barnegat Home Worth? Get a FREE, Instant Valuation
Waretown (Ocean Twp)
Median List Price: Up 16.11% (up over 67% compared to 2019)
Median Sale Price: Up 16.11% (up over 77% compared to 2019)
Sold Listings: Up 27.1% (Down over 12% compared to 2019)
What’s Your Waretown Home Worth? Get a FREE, Instant Valuation
Lacey Twp (Lanoka Harbor and Forked River)
Median List Price: Up 8.26% (up over 85% compared to 2019)
Median Sale Price: Up 3.55% (up over 83% compared to 2019)
Sold Listings: Up 2.9% (down over 44% compared to 2019)
What’s Your Lacey Twp Home Worth? Get a FREE, Instant Valuation
Berkeley Twp (Bayville)
Median List Price: Up 1.57% (up over 59% compared to 2019)
Median Sale Price: Up 7.08% (up over 74% compared to 2019)
Sold Listings: Down 0.6% (due to lack of inventory, down over 23% compared to 2019)
What’s Your Bayville Home Worth? Get a FREE, Instant Valuation
Toms River Township
Median List Price: Up 13.81% (up over 64% compared to 2019)
Median Sale Price: Up 13.64% (up over 73% compared to 2019)
Sold Listings: Up 3.6% (down over 28% compared to 2019)
What’s Your Toms River Home Worth? Get a FREE, Instant Valuation
Brick Township
Median List Price: Up 13.17% (up over 61% compared to 2019)
Median Sale Price: Up 9.64% (up over 68% since 2019)
Sold Listings: Up 1.7% (over 29% compared to 2019)
What’s Your Brick Twp Home Worth? Get a FREE, Instant Valuation
The competition for homes is far less frantic right now than it was in the past 4 years. But that could change by mid-2025, as 30-year mortgage rates will be the lowest in almost three years if they return to the mid-5% area. This does not equate to a ‘buyer’s market.’ As a matter of fact, it could be the exact opposite.
A significant drop in mortgage rates over a brief period of time could stimulate (or release) pent-up demand and rekindle competition for real estate.
Search for Homes in Ocean County
Bottom Line: We are STILL in a Seller’s Market
Note: When there is more demand than supply for properties, it's known as a seller's market and gives home sellers an advantage in negotiations. This can lead to bidding wars and increased home prices as bidders fight for the few available properties. Homes may sell rapidly and for more than their asking price in a seller's market, increasing the value of the property. While owners hoping to turn a profit on their property sale may benefit from this kind of market, purchasers may find it challenging to locate reasonably priced homes.
Karl Hess provides expert real estate services to residential buyers and sellers in Ocean County. Contact us today for more information on Ocean County Real Estate and for professional assistance navigating this complex home market.