2023 Market Overview
Low inventory continues to be the driving force in another year-over-year trend of increasing home values. In 2023, the median sales price for single-family homes in New Jersey was up another 6.2%, Ocean County increased 7.1%, and Monmouth County rose 5.5%.
Inventory levels for single-family homes in Monmouth and Ocean County are now a third of what levels were in 2019. This has compounded supply restraints buyers have dealt with over the last 4 years. There are simply not enough homes for sale. For inventory levels to improve significantly, there would need to be a surge of homeowners listing their existing properties or a substantial number of new construction homes hitting the market. This seems highly unlikely since homeowners that are locked in with low mortgage rates are reluctant to sell and new construction is scarce.
We expect much of the same moving forward in 2024. Our prediction is that home values will climb 3-5% this year. Another slight rate drop may motivate some hesitant sellers, but it will also bring more buyers back into the mix, prolonging upward pressure on home values.
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.