Spring has sprung and our real estate market is cooking here in Monmouth County! More than ever the phrase, “real estate is local”, couldn’t be more true. While the national news is reporting a recession in housing, we continue to have a serious shortage of homes for sale and an abundance of qualified buyers. Home prices continue to rise, and in some towns by double digits (Average 1st qtr sales prices up 51% YOY in Rumson 🤯).
There are several local factors I see that are contributing to this surge...
- Millennials, who make up a large portion of the population, are ready and able to buy their first homes in the 'burbs.
- Monmouth county has been “discovered”. We used to be the best kept secret in NJ, but the cat is definitely out of the bag.
- The partial work from home environment, which has persisted since lockdown has allowed those who dislike daily commuting to consider Monmouth County as a viable option.
Our quality of life is truly special here and it feels as if, in some cases, our property values have had an upward reset. Not to say that if we go into a recession that the market won’t dip, but I believe that there will be a floor due to the high demand and lack of suitable homes. I truly believe that owning a home in our neck of the woods is a great investment and buying now is still a good idea as long as you plan to stay for awhile.
Below are the town by town 1st Quarter sales and statistics. If you would like more information I am only a phone call or text away!