Shifting Ocean County Housing Market: Opportunity There for Both Sellers and Buyers
Today's real estate market has been gradually returning to pre-pandemic levels in contrast to the scorching housing boom experienced in the last 2 years.
Although there is still a high demand for homes throughout Ocean County real estate markets, low inventory levels and rising interest rates have slowed the rate at which homes are selling. Changes in the market suggests that the rapid acceleration of prices is slowing down.
The days of all homes selling in a single day for much more than the asking price are over, even though the market still favors sellers. However, a recent New York Times article stated that "your home may stay on the market for a few weeks and, if marketed appropriately, sell for around asking price — which will be more than you would have gotten a year ago." The ability to make bids at the asking price without reneging on reasonable requirements like appraisals, inspections, and mortgage conditions has increased for buyers who remain in the market.
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Market trends for Ocean County:
- Sale’s Prices are UP significantly in the last 2 years
- Days on Market are DOWN significantly; homes are selling much faster
- Home Sales are DOWN, reflecting a lack of housing inventory
3rd Quarter 2022 Ocean County Market Statistics for Selected Townships in Comparison to 2021
Stafford Twp. (Manahawkin)
- Median List Price: Up 13.56% and up over 40% in the last 2 years
- Median Sale Price: Up 11.13% and up over 35% in the last 2 years
- Median Days on Market: 13 (# of days on market before property sells)
- Sold Listings: Down 13.1% (due to lack of inventory)
- What’s Your Stafford Home Worth? Get a FREE, Instant Valuation
Barnegat Twp
- Median List Price: Up 16.36% and up over 24% in the last 2 years
- Median Sale Price: Up 24.08% and up over 39% in the last 2 years
- Median Days on Market: 11 (# of days on market before property sells)
- Sold Listings: Down 7.8% (due to lack of inventory)
- What’s Your Barnegat Home Worth? Get a FREE, Instant Valuation
Waretown
- Median List Price: Up 8.61% and up over 40% in the last 2 years
- Median Sale Price: Up 4.23% and up over 22% in the last 2 years
- Median Days on Market: 10 (# of days on market before property sells)
- Sold Listings: Down 32.7% (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 18.64% and up over 55% in the last 2 years
- Median Sale Price: Up 15.71% and up over 54% in the last 2 years
- Median Days on Market: 11 (# of days on market before property sells)
- Sold Listings: Down 16.1% (due to lack of inventory)
- What’s Your Lacey Twp Home Worth? Get a FREE, Instant Valuation
Berkeley Twp (Bayville)
- Median List Price: Up 7.24% and up over 39% in the last 2 years
- Median Sale Price: Up 19.68% and up over 33% in the last 2 years
- Median Days on Market: 13 (# of days on market before property sells)
- Sold Listings: Down 22.7% (due to lack of inventory)
- What’s Your Bayville Home Worth? Get a FREE, Instant Valuation
Toms River Township
- Median List Price: Up 12.76% and up over 33% in the last 2 years
- Median Sale Price: Up 11.69% and up over 28% in the last 2 years
- Median Days on Market: 12 (# of days on market before property sells)
- Sold Listings: Down 14.2% (due to lack of inventory)
- What’s Your Toms River Home Worth? Get a FREE, Instant Valuation
Brick Township
- Median List Price: Up 8.16% and up over 21% in the last 2 years
- Median Sale Price: Up 15.71% and up over 41% in the last 2 years
- Median Days on Market: 12 (# of days on market before property sells)
- Sold Listings: Down 12% (due to lack of inventory)
- What’s Your Brick Twp Home Worth? Get a FREE, Instant Valuation
An important inflation hedge is real estate, which also retains value. “Real estate is an alternative to the stock market,” said Benjamin Miller, chief executive officer of real estate investment platform Fundrise. “People invest in it for the same reason that they invest in cryptocurrencies. They’re worried about the current economic system and they want options.”
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Despite recent market developments, home prices are still rising, which encourages home sellers to put their properties on the market and encourages homebuyers to acquire homes in order to help protect their money from rising inflation. The housing markets in New Jersey are still booming and assisting both buyers and sellers in building the lives they wish to live this year.
Bottom Line: If you’re thinking about selling or buying, NOW may be the time!
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.
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