2024 Year End Recap ~ Ocean and Monmouth Counties
The Median Sales Price for single-family homes in Ocean County rose 7.6% from $525,000 in 2023 to $565,000 in 2024. Monmouth County climbed 11% year-over-year from $675,000 to $749,000. This is a meaningful jump and more than what we anticipated, especially with interest rates largely staying the same. Home sales continued at a similar pace with combined closed sales for Monmouth and Ocean Counties at 9,664 in 2024 compared to 9,611 in 2023.
Inventory was relatively unchanged, averaging 2.4 months of inventory for both counties in 2023 and 2.5 months of inventory in 2024. A balanced market is defined as 5-6 months of available inventory. Over 6 months is a buyer’s market and 3 months or less is a seller’s market. The last 5 years have clearly been a seller’s market with inventory levels averaging under 2 months in 2021 and increasing just over 2 months in 2022.
What can we expect in 2025?
Nothing changes until inventory levels rise. We are unlikely to see a significant shift in demand and supply constraints will continue to drive accelerated home values in Monmouth and Ocean Counties. The lack of buildable land compared to other areas of the country makes inventory growth more challenging. Our year-over-year prediction for single-family homes in Monmouth and Ocean Counties is a 6.5% increase to Median Sales Price.
Watch the below video for a deeper dive into the stats with Jamie Paradise and Cortland Coleman:
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.