Real Estate prices in Ocean County continue to surge to new highs as the demand for homes has outpaced supply which has sent prices soaring 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
“We’ve got a boost in demand that’s due to low mortgage rates and changing buyer requirements and we’ve got a low supply, so between more demand and less supply, prices are up and they’re up at the fastest pace since the 1970s.” - Frank Nothaft, CoreLogic Chief Economist
As you look at the statistics for your city or town below, you’ll notice a few things:
- Sale’s Prices are UP – a lot for one year
- Days on Market are DOWN – homes are selling much faster
- Home Sales are DOWN – reflecting a lack of housing inventory
- If you’re thinking about selling, NOW may be the time!
Ocean County Market Summary Report for Selected Townships in comparison to 2020
Stafford Twp. (Manahawkin)
- Median List Price: Up 14.99% and up over 23% in the last 2 years
- Median Sale Price: Up 25.00% and up over 37% in the last 2 years
- Median Days on Market: 14 (# of days on market before property sells)
- Sold Listings: Down 10.2% (due to lack of inventory)
- What’s Your Stafford Home Worth?
Barnegat Twp
- Median List Price: Up 14.99% and up over 21% in the last 2 years
- Median Sale Price: Up 25% and up over 36% in the last 2 years
- Median Days on Market: 14 (# of days on market before property sells)
- Sold Listings: Down 6.9% (due to lack of inventory)
- What’s Your Barnegat/Waretown Home Worth?
Waretown
- Median List Price: Up 6.76% and up over 25% in the last 2 years
- Median Sale Price: Up 16.39% and up over 35% in the last 2 years
- Median Days on Market: 13 (# of days on market before property sells)
- Sold Listings: Down 19.7% (due to lack of inventory)
- What’s Your Waretown Home Worth?
Lacey Twp (Lanoka Harbor and Forked River)
- Median List Price: Up 14.65% and up over 26% over the last 2 years
- Median Sale Price: Up 20.69% and up over 35% in the last 2 years
- Median Days on Market: 16 (# of days on market before property sells)
- Sold Listings: Down 3.0% (due to lack of inventory)
- What’s Your Lacey Twp Home Worth?
Berkeley Twp (Bayville)
- Median List Price: Up 20.01% and up over 29% in the last 2 years
- Median Sale Price: Up 21.27% and up over 36% in the last 2 years
- Median Days on Market: 25 (# of days on market before property sells)
- Sold Listings: Up 3.5%
- What’s Your Bayville Home Worth?
Toms River Township
- Median List Price: Up 11.22% and up over 19% in the last 2 years
- Median Sale Price: Up 18.48% and up over 32% in the last 2 years
- Median Days on Market: 15 (# of days on market before property sells)
- Sold Listings: Down 9.5% (due to lack of inventory)
- What’s Your Toms River Home Worth?
Brick Township
- Median List Price: Up 13.95% and up over 23% in the last 2 years
- Median Sale Price: Up 14.55% and up over 28% in the last 2 years
- Median Days on Market: 23 (# of days on market before property sells)
- Sold Listings: Down 6.3% (due to lack of inventory)
- What’s Your Brick Twp Home Worth?
Robust demand is a primary reason the current housing market and is unlikely to collapse. The number of people who can reasonably afford a home, and are now looking to buy one, is rising even while inventory remains stagnant. The pandemic contributed to this in three ways: the number of new homes coming onto the market slowed as existing homeowners decided not to sell; emergency federal protection allowed people who had lost income to pause mortgage payments for a time, and supply chain and labor shortages left builders scrambling to get new houses up fast enough to meet demand.
Bottom Line: If you’re thinking about selling, NOW may be the time!
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:
- 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
- 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
- Monmouth/Ocean MLS - https://www.monmouthoceanrealtors.com/
- Associated Press - https://apnews.com/
- Quartz — Global business news and insights https://www.qz.com