How is the local real estate market? Monmouth County, NJ
How is our local real estate market here in Monmouth County doing?
It’s been a very strange year here in Monmouth County NJ real estate, but homes that are priced correctly, need minimal or a little amount of work, are still getting top dollar and selling quickly. With that being said, the higher priced homes, I’d say anywhere from $700,000 and above are taking longer to sell. The sweet spot really in our Monmouth County house market, are homes priced $450,000 to $600,000. Those homes are selling very quickly and many times, with multiple offers due to the lack of inventory in that price range. I just looked at some statistics today and let me share with you last year versus this year.
In Monmouth County last year, the total homes sold were 7,527 compared to this year, 7,058. Now I’m going to give you a few examples by city. In Freehold, last year, 411 homes were sold and this year 421 homes sold. So definitely we’ve sold more homes in Freehold this year. However, the average price in Freehold has dropped slightly. Last year the average sale price was $410,000. This year it is $402,000. In Manalapan last year, 455 homes were sold near to date and this year, 453 homes were sold. The average sale price last year was $449,000 and it increased slightly to $450,000. In Marlboro township last year, 207 homes were sold and this year it has dropped to 193 homes. The average price last year, $588,000 and that also dropped this year to $560,000 for the average sale price.
To summarize, looking at those statistics, the market was slightly better last year, but we are not far behind this year. It will be interesting to see what 2020 brings.