Ocean County Housing Prices Skyrocket!
The demand for homes in Ocean County has outpaced supply which has sent prices skyrocketing for homes across the county.
According to the Associated Press, “there are far more buyers than homes in Monmouth and Ocean counties. Homes are selling above asking price and “once a home comes on the market everyone is jumping on it,” said Wendy Smith, president of Monmouth Ocean Regional Realtors.”
Search for Homes in Ocean County
Extremely low mortgage rates are helping the market, as are more expansive work-from-home policies ushered in with the pandemic requiring more space in one’s home. Remote work is a new normal for many businesses, and it's lasting longer than most expected. Many in the workforce today are discovering they don't need to live close to the office anymore and they can get more for their money by moving a little further outside of the city limits. David Mele, President at Homes.com, says:
“The surge in the work-from-home population has rewritten the playbook for many home-buying and rental decisions, from when and where to relocate, to what people are looking for in their next residence.”
As you look at the statistics for your city or town below, you’ll notice a few things:
1. Sale’s Prices are UP – a lot for one year
2. Days on Market are DOWN – homes are selling much faster
3. Active and New Listings are DOWN (for the most part) – reflecting a lack of inventory
4. If you’re thinking about selling, NOW may be the time!
Ocean County Market Summary Report for Selected Townships
Stafford Twp. (Manahawkin)
· Median List Price: Up 9.40%
· Median Sale Price: Up 12.28%
· Median Days on Market: 24 (# of days on market before property sells)
· Sold Listings: Up 8.6%
· Pending Sold Listings for the Month: Down 14.3%
· Active Listings for the Month: Down 64.9%
· New Listings for the Month: Down 11.8%
· What’s Your Stafford Home Worth?
Barnegat Twp
· Median List Price: Up 7.18%
· Median Sale Price: Up 11.54%
· Median Days on Market: 23 (# of days on market before property sells)
· Sold Listings: Up 6.9%
· Pending Sold Listings for the Month: Up 29.3%
· Active Listings for the Month: Down 59.3%
· New Listings for the Month: Up 17.6%
· What’s Your Barnegat/Waretown Home Worth?
Lacey Twp (Lanoka Harbor and Forked River)
· Median List Price: Up 12.14%
· Median Sale Price: Up 14.72%
· Median Days on Market: 20 (# of days on market before property sells)
· Sold Listings: Down 4.8%
· Pending Sold Listings for the Month: Up 83.3%
· Active Listings for the Month: Down 43.8%
· New Listings for the Month: Up 40.0%
· What’s Your Lacey Twp Home Worth?
Berkeley Twp (Bayville)
· Median List Price: Up 9.10%
· Median Sale Price: Up 15.29%
· Median Days on Market: 25 (# of days on market before property sells)
· Sold Listings: Up 3.5%
· Pending Sold Listings for the Month: Up 55.0%
· Active Listings for the Month: Down 68.8%
· New Listings for the Month: Down 16.7%
· What’s Your Bayville Home Worth?
Toms River Township
· Median List Price: Up 8.52%
· Median Sale Price: Up 14.19%
· Median Days on Market: 27 (# of days on market before property sells)
· Sold Listings: Up 19.4
· Pending Sold Listings for the Month: Up 27.3%
· Active Listings for the Month: Down 56.6%
· New Listings for the Month: Down 8.9%
· What’s Your Toms River Home Worth?
Brick Township
· Median List Price: Up 10.03%
· Median Sale Price: Up 14.78%
· Median Days on Market: 23 (# of days on market before property sells)
· Sold Listings: Up 18.3%
· Pending Sold Listings for the Month: Up 31.2%
· Active Listings for the Month: Down 47.7%
· New Listings for the Month: Down 7.9%
· What’s Your Brick Twp Home Worth?
With mortgage rates at all-time lows and offices shut down across the country and with the possibility of permanent work-from-home jobs for many people, having a larger home with more outdoor space or a second home outside of urban areas is the aspiration for many Americans. This is a true seller’s market. A "seller's market" in real estate describes a shortage of properties in the face of healthy demand.
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.
Sources:
1. What We Actually Know About How Americans Are Moving During Covid - https://www.bloomberg.com/news/articles/2020-09-16/the-truth-about-american-migration-during-covid
2. Second Homes Are Driving the U.S.’s Covid-19 Housing Boom - https://www.mansionglobal.com/articles/second-homes-are-driving-the-u-s-s-covid-19-housing-boom-221356
3. Monmouth/Ocean MLS - https://www.monmouthoceanrealtors.com/
4. Associated Press - https://apnews.com/