Ocean County Housing Market Trends 1st Quarter, 2024
Housing inventory is starting to increase in some areas from recent lows, but are far below pre-pandemic (2019) levels and are still too low to satisfy demand..
There’s a continuing shortage of homes on the market in Ocean County. (Nationwide, we’re down about 5 million homes). This chronic scarcity of housing raises real estate values and makes homeownership more challenging for a large section of the populace. Although there are several underlying factors for this issue, an important one is the sluggish rate of new (non-senior) development in comparison to the rising demand for homes. A shortage of available homes results from an inability to keep up with the growing population in Ocean County (and nationally). Property prices rise as a result of the intense competition between would-be purchasers brought on by this scarcity.
Market trends for Ocean County: (in comparison to 1st Qtr 2023)
- Home sales down 17.99%, reflecting a lack of housing inventory
- Inventory down 3.73%
- Days on market (sold, but yet to close) is 42 Days
- Sale Price up 11.67% county wide
- 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.
1st Quarter 2024 Ocean County Market Statistics for Selected Townships in Comparison to 2023
Stafford Twp. (Manahawkin)
- Median List Price: Down 7.32% (up over 61% compared to 2019)
- Median Sale Price: Up 0.56% (up over 76% compared to 2019)
- Sold Listings: Down 5.6% (due to lack of inventory)
- What’s Your Stafford Home Worth? Get a FREE, Instant Valuation
Barnegat Twp
- Median List Price: Up 3.29% (up over 62% compared to 2019)
- Median Sale Price: Up 2.41% (up over 73% compared to 2019)
- Sold Listings: Down 1.2% (due to lack of inventory)
- What’s Your Barnegat Home Worth? Get a FREE, Instant Valuation
Waretown (Ocean Twp)
- Median List Price: Up 6.47% (up over 70% compared to 2019)
- Median Sale Price: Up 45.94% (up over 70% compared to 2019)
- Sold Listings: Up 23.1%
- What’s Your Waretown Home Worth? Get a FREE, Instant Valuation
Lacey Twp (Lanoka Harbor and Forked River)
- Median List Price: Up 7.29% (up over 78% compared to 2019)
- Median Sale Price: Up 2.96% (up over 70% compared to 2019)
- Sold Listings: Up 18.6%
- What’s Your Lacey Twp Home Worth? Get a FREE, Instant Valuation
Berkeley Twp (Bayville)
- Median List Price: Up 2.96% (up over 59% compared to 2019)
- Median Sale Price: Up 7.14% (up over 84% compared to 2019)
- Sold Listings: Down 0.9% (due to lack of inventory)
- What’s Your Bayville Home Worth? Get a FREE, Instant Valuation
Toms River Township
- Median List Price: Up 17.24% (up over 59% compared to 2019)
- Median Sale Price: Up 13.10% (up over 79% compared to 2019)
- Sold Listings: Down 1.1% (due to lack of inventory)
- What’s Your Toms River Home Worth? Get a FREE, Instant Valuation
Brick Township
- Median List Price: Up 14.99% (up over 53% compared to 2019)
- Median Sale Price: Up 13.42% (up over 63% since 2019)
- Sold Listings: Down 29.1% (due to lack of inventory)
- What’s Your Brick Twp Home Worth? Get a FREE, Instant Valuation
The housing market is a prime example of how supply and demand affect prices. When the demand for housing is high and the supply of available housing is low, prices tend to increase. This is because buyers are willing to pay more in order to secure a property in a desirable location, and sellers may be able to charge a premium for their property due to the limited supply. In this situation, competition among buyers can drive prices even higher, as they may be willing to make higher offers to outbid each other for the same property.
Bottom Line: We are STILL in a Seller’s Market
Note: A seller's market in housing is a situation in which the demand for homes exceeds the supply, giving home sellers an advantage in negotiations. This can result in bidding wars and higher prices for homes, as buyers compete for limited inventory. In a seller's market, homes may sell quickly and for more than their asking price, leading to a rise in home values. This type of market can be beneficial for sellers who are looking to make a profit on their home sale, but can make it difficult for buyers to find affordable 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.