Housing inventory in Ocean County increased slightly from 2023, which has slowed (but not stopped) the acceleration of prices.
Fundamentally, supply and demand determine the housing market. Prices rise when there are more people seeking homes than there are available housing units. As millennials, the largest generation in American history, approached prime age for first-time house buying and the Great Recession brought about a decade of underbuilding, this equilibrium reached a tipping point. The end effect has been declining affordability (increasing prices).
Market trends for Ocean County: (in comparison to June 2023)
- Home sales down 29.06%, reflecting a lack of housing inventory
- Inventory up 8.42%
- Sale Price up 18.52% county wide
- Median Sale Price $610,000
- Days on market (sold, but yet to close) is 32 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.
2nd Quarter 2024 (YTD) Ocean County Market Statistics for Selected Townships in Comparison to 2023
Stafford Twp. (Manahawkin)
- Median List Price: Up 2.24% (up over 66% compared to 2019)
- Median Sale Price: Up 0.52% (up over 73% compared to 2019)
- Sold Listings: Down 9.8% (due to lack of inventory and down over 73% compared to 2019)
- What’s Your Stafford Home Worth? Get a FREE, Instant Valuation
Barnegat Twp
- Median List Price: Up 1.97% (up over 57% compared to 2019)
- Median Sale Price: Up 2.26% (up over 73% compared to 2019)
- Sold Listings: Down 0.5% (due to lack of inventory and down over 28% compared to 2019)
- What’s Your Barnegat Home Worth? Get a FREE, Instant Valuation
Waretown (Ocean Twp)
- Median List Price: Up 24.02% (up over 81% compared to 2019)
- Median Sale Price: Up 36.36% (up over 91% compared to 2019)
- Sold Listings: Up 41.2% (0% change 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 6.81% (up over 87% compared to 2019)
- Median Sale Price: Up 2.96% (up over 85% compared to 2019)
- Sold Listings: Down 1.6% (due to lack of inventory and down over 38% compared to 2019)
- What’s Your Lacey Twp Home Worth? Get a FREE, Instant Valuation
Berkeley Twp (Bayville)
- Median List Price: Up 1.42% (up over 63% compared to 2019)
- Median Sale Price: Up 7.94% (up over 73% compared to 2019)
- Sold Listings: Down 1.5% (due to lack of inventory, down over 21% compared to 2019)
- What’s Your Bayville Home Worth? Get a FREE, Instant Valuation
Toms River Township
- Median List Price: Up 14.82% (up over 62% compared to 2019)
- Median Sale Price: Up 12.08% (up over 70% compared to 2019)
- Sold Listings: Up 2.5% (down over 29% compared to 2019)
- What’s Your Toms River Home Worth? Get a FREE, Instant Valuation
Brick Township
- Median List Price: Up 3.41% (up over 59% compared to 2019)
- Median Sale Price: Up 1.21% (up over 71% since 2019)
- Sold Listings: Down 2.2% (due to lack of inventory, down over 31% compared to 2019)
- What’s Your Brick Twp Home Worth? Get a FREE, Instant Valuation
The basic truth is that too many people are unable to become homeowners because there are not enough homes for sale. Renters are also affected by the affordability crisis; over half of rental households are cost-burdened. The long-term solution to increasing housing affordability is to address the shortage of available housing. We are in a deep hole, and maintaining the status quo alone won't be enough to get us out. Property prices rise as a result of the intense competition between would-be purchasers brought on by this scarcity.
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.