2021 4th Quarter Market Update

Happy New Year!

To recap, 2021 was another record year for Monmouth County residential real estate with the median sale price up 14% overall.  The increasing need for senior housing drove the average prices in adult communities up a whopping 23%!  Condominiums were up 12% and single family homes up 14%.

Due to the continued high demand and 12% fewer properties on the market last year we remained firmly in a seller's market.  Amazingly properties sold, on average, at full asking price, which was up from 97% of asking price in 2020.

Below is a town-by-town breakdown of 2021 single family home sale prices.

Monmouth Beach  +42%   Sea Bright  +36%    Atlantic Highlands  +23%     Oceanport  +23%     Colts Neck  +18%   Fair Haven  +14%    Rumson  +12%    Little Silver  +9%    Holmdel  +9%     Middletown  +8%      Shrewsbury   +4%     Long Branch  +3%   Red Bank   +2%      Highlands  +0%

What do we have in store for 2022?  Goldman Sachs is forecasting U.S. home prices will increase another 16% this year and that the housing market frenzy has a lot more room to run.  They believe of all the shortages afflicting the U.S. economy, the housing shortage might las the longest.  We're in the middle of the five-year period during which the largest chunk of millennials, those born between 1989 and 1993, are hitting their thirties - the age when first time home buying really kicks into gear.  The housing market - which is also benefiting from low mortgage rates - simply doesn't have enough homes available to meet that demand.  These high stakes can leave little room for error, making it even more mission-critical to work with an experienced agent who can advise you in your decision making and guide you through the process towards a successful closing.

In closing, the last two years have turned our world upside down and challenged all of us.  I's like to wish you and your family a far better 2022, full of much health and happiness!

I'm always here to help or to answer any of your questions, so don't be afraid to reach out!

Kelly

WORK WITH Kelly Zaccaro

Kelly Zaccaro is a well respected, top producing agent for the last 23 years in Monmouth County, NJ. She was the #1 Agent for Heritage House Sotheby's International Realty in both 2019 and 2020, with over $53M in sales in 2020.

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