LBI NJ Real Estate Market Bayfront Home Sales November 2022

Long Beach Island Real Estate Bayfront Home Sales November 2022

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

LBI NJ Real Estate Market Bayfront Home Sales November 2022

Long Beach Island Real Estate

The bayfront home sale market on Long Beach Island offers a wide range of opportunities, but there can be drastic differences in the value of a bayfront home. Much like the oceanfront area of Long Beach Island, you need CAFRA approval to develop most sites, and the size and scope of that development can have a significant impact on the value of a home. Likewise, the ability to build a dock, and how large of a dock may be built, can swing the value of a bayfront home on Long Beach Island by several hundred thousand dollars! With so many factors to consider, determining an average value for a bayfront home in the LBI real estate market is rather difficult. That said, it is helpful to see how the bayfront market has been trending over the past several years.

By : 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

LBI NJ Real Estate Market Bayfront Home Sales November 2022

Below is a list of all sold single-family bayfront homes in the LBI real estate market over the past five years. Note this is only for single-family homes and excludes condos (of which there are several complexes, but that is a post for another day!).

2017	41	$1,779,073
2018	25	$1,561,328
2019	35	$1,759,204
2020	58	$1,668,534
2021	38	$2,109,237
2022	35	$1,670,757

Over the past five years, the average price of a bayfront home on LBI has remained rather stable. This is in stark contrast to the rest of the LBI real estate market, which has seen significant growth over the same time period. As I mentioned above, there are many factors that go into the evaluation of a bayfront home, but even with these factors, the lack of appreciation is interesting to see. As a comparison, we see a major difference if you take the average price of ALL single-family home sales in the Long Beach Island real estate market. In 2017, the average price of a single-family home was about $1,050,000, whereas in 2022, the average price was about $1,770,000. Clearly, the LBI real estate market has risen, but the average bayfront home sale on Long Beach Island failed to keep pace. That being said, the bayfront market is not a bad investment. We have seen more tear downs trade lately, which does drag down the average sales price. We can attempt to level the playing field by looking only at new construction (which eliminates older homes and homes that may have significant detractions). When doing so, we see an average price in 2017 of about $1,800,000 and in 2022 an average price of about $3,500,000! This is far more in line with the general appreciation of the LBI real estate market over the past five years.

Long Beach Island Real Estate Bayfront Home Sales November 2022

While the bayfront home market is popular for those who have a need, many buyers will opt to purchase a home closer to the beach for about the same amount of money. Generally speaking, bayfront homes trade at a similar rate as an oceanblock home will, so many buyers will opt for the proximity to the beach. Even with this in mind, the bayfront home sale market on Long Beach Island is very strong and in high demand for those who want or need a waterfront home. Please do not hesitate to contact me for more information about buying, selling or investing in the Long Beach Island real estate market.

By : Nathan Colmer | LBI Real Estate Agent | 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