2022 Market Overview
Affordability became a greater challenge mid-year as higher interest rates were piled on top of already soaring home prices. Nonetheless, due to abysmally low inventory and buyer demand, home values have remained intact in Monmouth and Ocean Counties. Single-family homes in these two counties increased by 12%. The median sales price in 2022 was $560,000 compared to $499,000 a year ago. Inventory for both counties averaged only 2 months throughout the year, far less than a balanced market of 6 months. Even with a substantial rise in inventory, levels are so low that we anticipate home values to increase another 3% this year.
Single Family Homes - Ocean County - Median Sales Price
*Brick Twp (Barrier Island) - Bay View Shores, Curtis Point, Deauville Beach, Mantoloking Shores, S Mantoloking and Normandy Beach
**South Seaside Park is part of Berkeley Township
***Toms River Twp (Barrier Island) - Chadwick Beach, Chadwick Island, Lavallette (not Boro), Monterey Beach, Normandy Shores, Normandy Beach, Ocean Beach, Ocean Beach I, II, & III, Ocean Beach Shores, Rutherford, Seacrest Beach, Silver Beach, Sunset Manor, W. Brighton, Ortley Beach, Pelican Island & Seaside Heights
Single Family Homes - Monmouth County - Median Sales Price
All data compiled from the Monmouth/Ocean multiple listing service.
Boom.Bubble.Bust?? What Buyers & Sellers Need to Know in 2023!
The Paradise Team hosted this January seminar to help clients understand the Real Estate Cycle, and become better equipped to predict the market when deciding to buy, sell or invest. Current market conditions and data-based forecasts were also discussed.