The houses available for purchase in Ocean County is still low, which affects prices.
Supply and demand are basic economic forces that interact to determine the prices of goods and services in a market. When the supply of a product is high, but the demand is low, the price is likely to drop as suppliers compete with each other to sell their goods. Conversely, when the demand for a product is high, but the supply is low, the price tends to increase as suppliers can charge a premium due to the scarcity of the product. The interaction between supply and demand creates a market equilibrium where the quantity of a product supplied is equal to the quantity demanded, resulting in a stable price. Understanding the relationship between supply and demand is crucial in understanding current housing prices.
Market trends for Ocean County:
- Home Sales down 27.66%, reflecting a lack of housing inventory
- Days on market (sold, but yet to close) is 41 Days
- Sale Price up 3.12% 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 in Barnegat), the median price is generally the better measure to use as opposed to the ‘average.’ – median is a more accurate representation.
1st Quarter 2023 Ocean County Market Statistics for Selected Townships in Comparison to 2022
Stafford Twp. (Manahawkin)
- Median List Price: Up 25.47% (up over 74% since 2019)
- Median Sale Price: Up 7.40% (up over 75% since 2019)
- Sold Listings: Down 20.9% (due to lack of inventory)
- What’s Your Stafford Home Worth? Get a FREE, Instant Valuation
Barnegat Twp
- Median List Price: Up 6.65% (up over 57% since 2019)
- Median Sale Price: Up 10.67% (up over 69% since 2019)
- Sold Listings: Down 19.8% (due to lack of inventory)
- What’s Your Barnegat Home Worth? Get a FREE, Instant Valuation
Waretown
- Median List Price: Up 36.90% (up over 59% since 2019)
- Median Sale Price: Up 14.73% (up over 59% since 2019)
- Sold Listings: Down 0.7% (due to lack of inventory)
- What’s Your Waretown Home Worth? Get a FREE, Instant Valuation
Lacey Twp (Lanoka Harbor and Forked River)
- Median List Price: Up 18.52% (up over 66% since 2019)
- Median Sale Price: Up 1.40% (up over 65% since 2019)
- Sold Listings: Down 30.1% (due to lack of inventory)
- What’s Your Lacey Twp Home Worth? Get a FREE, Instant Valuation
Berkeley Twp (Bayville)
- Median List Price: Up 13.33% (up over 54% since 2019)
- Median Sale Price: Up 8.42% (up over 72% since 2019)
- Sold Listings: Down 25.0% (due to lack of inventory)
- What’s Your Bayville Home Worth? Get a FREE, Instant Valuation
Toms River Township
- Median List Price: Up 4.65% (up over 35% since 2019)
- Median Sale Price: Up 0.60% (up over 58% since 2019)
- Sold Listings: Down 31.6% (due to lack of inventory)
- What’s Your Toms River Home Worth? Get a FREE, Instant Valuation
Brick Township
- Median List Price: Up 0.06% (up over 33% since 2019)
- Median Sale Price: Up 1.88% (up over 44% since 2019)
- Sold Listings: Down 33.5% (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.
Sources:
https://www.narrpr.com/reports