Long Beach Island NJ Real Estate New Construction Sales Update 2023
LBI New Construction Update September 2023 
LBI New Construction Update September 2023 
LBI New Construction Update September 2023
Long Beach Island Real Estate
The LBI real estate market has seen a lot of activity over the past several years. To say the market has changed is an understatement, but now that things have settled down to the “new normal”, all buyers, sellers, and investors in the Long Beach Island real estate market have to understand what this new market is. One of the best ways to understand any real estate market is to explore new construction homes and how they fit into the broader picture. All things being equal, new construction homes will be the most expensive facet of the LBI real estate market in their respective locations. Therefore, understanding buyer behavior in this subset of the market can help to shed light on the market as a whole.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
LBI New Construction Update September 2023
Below is a chart tracking the number of new construction listings for sale in the LBI real estate market and the average price. This chart runs month by month from January 2023 to the end of August 2023:
| Month | Active Listings, Number of | List Price, Average |
| Jan | 72 | $3,167,210 |
| Feb | 78 | $3,444,917 |
| Mar | 71 | $4,766,000 |
| Apr | 71 | $3,460,615 |
| May | 66 | $2,593,667 |
| Jun | 55 | $3,210,833 |
| Jul | 53 | $3,337,800 |
| Aug | 43 | $3,445,444 |
Some interesting patterns emerge when looking at the data. The number of new homes for sale on LBI has dropped significantly. This is not a major surprise, as inventory in general has fallen. There are simply fewer homes for sale in all areas of the market, and therefore it stands to reason that there are fewer new homes for sale. The average price has more or less remained unchanged over the past year. While there was a slight increase from January to August, a few high (or low) priced homes could easily skew the market. Overall, the market for a new home on LBI has remained unchanged in price, but the number of listings has fallen.
Long Beach Island NJ Real Estate New Construction Sales Update 2023
The above data tells us some interesting things. For starters, overall, the market on Long Beach Island has seen a price increase. That increase has not fully shown itself in the new construction market. Therefore, one can assume that lower-priced homes are seeing a larger increase in price, which makes sense since there are fewer and fewer of them every day! The fact that new homes on LBI have not dropped in price in the face of higher interest rates shows us that buyer confidence is still very strong in the LBI real estate market. The major issue for new home sales, like all home sales in the LBI real estate market, is a simple lack of inventory! For more information about Long Beach Island or about the LBI real estate market please do not hesitate to contact me.
By : Nathan Colmer | LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
More LBI Real Estate Information:
LBI Real Estate Home Buyer Terms
Facts About Closing Costs in the LBI NJ Real Estate Market
The Importance of a Pre-Approval Letter in the LBI Real Estate Market.