Let’s compare how the real estate market in Monmouth and Ocean counties performed in February 2022 compared to last year.
The bigger jump in pricing was in Ocean County single family homes and Monmouth County condos. Nationwide, inventory is down 42%, while state wide, it’s down 34%. Although, we do see some return to normalcy after dealing with COVID the last two years, the ability to work from home has changed the real estate landscape. The hope that new construction development would help with the housing shortage is still being effected by increase cost and shortage of materials. If interest rates continue to rise, it could thwart some buyers but the overall low inventory levels continue to make this market a strong one for sellers.
For a more in depth look at towns in Monmouth County, check out these reports:
If you have any questions about home sales in your market, contact me anytime!
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