Price Per Square Foot For Single Family Homes In The LBI NJ Real Estate Market

The Average Price Per Square Foot For Single Family Homes on Long Beach Island New Jersey

Price Per Square Foot For Single Family Homes In The LBI NJ Real Estate Market
Price Per Square Foot For Single Family Homes In The LBI NJ Real Estate Market

The LBI NJ Real Estate Market

Home sales have been on the rise in the LBI real estate market. As more buyers enter the Long Beach Island real estate market, it is helpful to have an understanding of the current market trends and how they relate to a home for sale on LBI. One of the best ways to examine market trends is to look at the Price Per Square Foot For Single Family Homes In The LBI NJ Real Estate Market.  Looking at the average price per square foot of homes can help show where the most market activity is and what buyers are willing to pay for a home on Long Beach Island. Click here to search all homes for sale in the Long Beach Island NJ real estate market

Average Price Per Square Foot For Single Family Homes In The LBI NJ Real Estate Market

To better understand the Price Per Square Foot For Single Family Homes In The LBI NJ Real Estate Market, I have broken the market into 4 areas grouped by the size of the home that has sold. Below is the sales data for single family homes only that have sold between September 1st 2013 and December 31st 2013 in the Long Beach Island real estate market.

  • For LBI homes under 1,000 sq. feet there were 11 sales with an average price per sq. foot of $567
  • For LBI homes between 1,000 and 2,000 sq. feet there were 63 sales with an average price per sq. foot of $432
  • For LBI homes between 2,000 and 3,000 sq. feet there were 34 sales with an average price per sq. foot of $461
  • For LBI homes over 3,000 sq. feet there were 14 sales with an average price per sq. foot of $609

From looking at the sales data above, a few things jump out. The most active area of the LBI real estate market is the “middle” price range meaning homes priced around $700,000-$1,100,000. In fact the average sales price of the 97 homes that sold between 1,000 and 3,000 sq. feet was $803,000. This is fairly consistent on LBI as there are many options available in this price range and the homes generally offer a good location and a good quality house. The higher end of the LBI real estate market, with homes over 3,000 sq feet, shows the highest price per sq. foot which is to be expected. What may seem surprising is that smallest homes that have sold in the LBI real estate market have a very high average price per sq. foot at $567! This is mainly due to the fact that the true value of homes in the LBI real estate market is in the land. Many of these smaller homes are on large lots in good locations and since the land will retain much of its value, they end up selling for a higher price per sq. foot. Studying the Price Per Square Foot For Single Family Homes In The LBI NJ Real Estate Market is a good way to estimate the value of a home for sale but it is important to remember that factors such as location, lot size and condition will influence the value of a home in the LBI real estate market.

Buying and Selling a Home in the LBI NJ Real Estate Market

If you are considering buying or selling a home in the LBI NJ real estate market it is important to understand the current trends prevailing in the LBI real estate market and what determines the sale price of a property. Unlike many primary real estate market, there are several influencing factors that have a major impact on the price per sq. foot of a home on Long Beach Island. For example, oceanside and oceanblock homes tend to have more value than a house on the bayside. A more recent factor is the influence of flood insurance on the value of a home on Long Beach Island. For more information on the Price Per Square Foot For Single Family Homes In The LBI NJ Real Estate Market or to discuss the other factors that impact a home’s value in the LBI real estate market please do not hesitate to contact me, Nathan Colmer, and I will be happy to answer any questions you have!

 

Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

Related Articles:

One thought on “Price Per Square Foot For Single Family Homes In The LBI NJ Real Estate Market

Comments are closed.