Sales Down. Prices Up. What's Next?
As you can see from the data above home prices continue to climb across Ocean and Monmouth counties even as the total number of sales declines. The current interest rate environment is clearly hurting the housing market with purchases down as we see above and refinancing down over 90% year-over-year. Indeed, it's hard to hear, read or see the news without dire
prediction of a housing decline. However, when dealing with our market here at the Jersey Shore, it's important to consider the local realities and how they differ from the national picture.
It's easy to get caught up in headlines regarding the national market, and that market is of course relevant to us, however, Ocean and
Monmouth Counties are extraordinarily unique in that they our relatively small suburban seasonal destinations with long-established year-round communities located between two major cities and the Atlantic Ocean.
Those are all the right ingredients for a residential real estate market that is perhaps a bit more
resilient, a bit more high-value and a bit more exclusive than the national market.
Consider that the national median home price just hit an all-time record high of $428,700. Now take a look at the above data and the median price for a home in Ocean County was $499,000, clearly trending higher than the national market. It's
the same story in Monmouth County but even more so with a median price of $680,000.
Moral of the story? Don't get spooked about real estate market based on what's in the news. Our local area remains very much in demand with solid fundamentals and an extraordinary long-term outlook.
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