|
In Monmouth County, the median home price has climbed to $700,000, up from $667,000 at this time last year. Homes are averaging 25 days on market, which is unchanged year over year and shows that well-priced homes are still moving at a steady pace. Year-to-date sales are lower (787 vs. 960 last year), largely due to continued inventory constraints rather than a lack of demand. Prices holding firm despite fewer transactions is a strong signal that buyers are still active.
In Ocean County, the market remains consistent. The median home price is now $459,000, up slightly from $450,000 last year. Homes are taking a bit longer to sell, averaging 36 days on market compared to 29 days last year, which suggests buyers are being more selective. However, total sales are essentially flat (1,075 vs. 1,073), showing that demand is still steady overall.
On the economic side, mortgage rates have ticked up to around 6.4% for a 30-year fixed. Ongoing global tensions, including the conflict involving Iran, have created some inflation concerns and volatility in oil prices, which is contributing to rate pressure. Despite this, buyers and sellers continue to adjust rather than step back, and activity remains consistent across both counties.
Locally, one major story to keep an eye on is the new Netflix production facility coming to Fort Monmouth. Job openings are already starting to roll out, and this project is expected to bring long-term economic growth and additional housing demand to the surrounding areas.
As we move further into the spring market, strategy continues to matter more than ever. Inventory remains limited, and the most desirable homes are still seeing strong interest and, in some cases, multiple offers. For sellers, proper pricing and presentation are key. For buyers, being prepared and ready to act quickly is just as important.
If you’re considering buying or selling this year, respond to this email with the word “MOVING”, and we’ll set up a time to talk about your specific situation.
| 
