The Waterfront Housing Market in Ocean County is Booming!
The demand for waterfront homes on the “mainland” of Ocean County has outpaced supply which has sent prices skyrocketing for homes on Barnegat Bay, the Toms River, the Forked River and lagoon homes across the county.
There’s speculation that people are migrating during the coronavirus crisis in different ways than pre-pandemic. Are they leaving cities? Moving to the suburbs... maybe to places like Ocean County, NJ?
Search for Homes in Ocean County
So far, there is little support for the dramatic claims that people are fleeing cities writ large. In fact, available data indicates that overall, fewer people moved at all since the beginning of stay-at-home orders.
But there are exceptions.
One of those exceptions is the New York City urban area. In NYC, a recent study by Miller Samuel Real Estate Appraisers & Consultants found that home sales in Manhattan dropped by 56% compared to last year, while they increased by 44% in suburban counties located around the city. But many experts and real estate agents have observed that this is largely the result of people (mostly wealthier people) who were already planning to move to the suburbs simply accelerating those plans.
So, what’s really driving the waterfront housing market in Ocean County? More than likely it’s the demand for vacation properties - which is growing twice as fast as demand for primary homes. More affluent people are looking for more space to ride out the pandemic… or possible future epidemics. As a result, there’s been increase of almost 25% in waterfront home sales in Ocean County from 2019 to 2020. A similar increase is expected for spring and summer of 2021.
Statistics for Mainland Waterfront Homes in Ocean County (not including Barrier Islands) Over the Last 6 Months
Brick Township
· Median List Price - $600,000
· Median Sold Price - $595,000
· Median Days on Market – 37
· High Sold Price – $3,250,000
· Low Sold Price - $235,000
· What’s Your Brick Twp Home Worth?
Toms River Township
· Median List Price - $625,000
· Median Sold Price – $622,500
· Median Days on Market – 30
· High Sold Price - $2,250,000
· Low Sold Price - $180,000
· What’s Your Toms River Home Worth?
Berkeley Twp (Bayville)
· Median List Price - $465,000
· Median Sold Price - $455,000
· Median Days on Market – 24
· High Sold Price – $1,075,000
· Low Sold Price - $159,000
· What’s Your Bayville Home Worth?
Lacey Twp (Lanoka Harbor and Forked River)
· Median List Price – $472,000
· Median Sold Price - $462,500
· Median Days on Market – 17
· High Sold Price - $1,125,000
· Low Sold Price - $239,000
· What’s Your Lacey Twp Home Worth?
Barnegat/Waretown (Ocean)
· Median List Price – $380,000
· Median Sold Price – $382,000
· Median Days on Market – 33
· High Sold Price - $1,200,000
· Low Sold Price - $110,000
· What’s Your Barnegat/Waretown Home Worth?
Manahawkin (Beach Haven West)
· Median List Price – $490,000
· Median Sold Price - $493,000
· Median Days on Market – 24
· High Sold Price – $1,499,000
· Low Sold Price - $199,000
· What’s Your Manahawkin Home Worth?
“With mortgage rates at all-time lows and offices shut down across the country, the dream of having a second home outside of the city is becoming a reality for many wealthy Americans," said Redfin lead economist Taylor Marr. This is a true seller’s market. A "seller's market" in real estate describes a shortage of properties in the face of healthy demand. The seller of a house on the waterfront with a limited inventory would have firm control over setting the house price. The house could, and probably will, invite multiple bids and it would not be unusual for bids to exceed the seller's asking price.
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.
As always, thank you for your time and feel free to get in touch if you have any questions. Karl Hess, Your Realtor on The Jersey Shore in Ocean County
Sources:
1. What We Actually Know About How Americans Are Moving During Covid - https://www.bloomberg.com/news/articles/2020-09-16/the-truth-about-american-migration-during-covid
2. Second Homes Are Driving the U.S.’s Covid-19 Housing Boom - https://www.mansionglobal.com/articles/second-homes-are-driving-the-u-s-s-covid-19-housing-boom-221356
3. Monmouth/Ocean MLS - https://www.monmouthoceanrealtors.com/