Long Beach Island Real Estate Average and Median Sales Price November 2022
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LBI Real Estate Average and Median Sales Price November 2022 
LBI Real Estate Average and Median Sales Price November 2022 
LBI Real Estate Average and Median Sales Price November 2022
Long Beach Island Real Estate
The LBI real estate market, and the national real estate market, have been changing over the past year. Prices clearly jumped as a result of the so-called COVID real estate market, but now that mortgage rates are on the rise, many are left to wonder what will happen to prices. There is no, “one size fits all” answer to this question, and most likely, price changes will vary from market to market. Here on Long Beach Island, so far, 2022 has actually shown a significant price appreciation in spite of higher interest rates!
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 Real Estate Average and Median Sales Price November 2022
Below is a chart tracking the average and median sales prices of single-fmaily homes in the LBI real estate market so far in 2022.
| Month | Average Sale Price | Median Sale Price |
| Dec-21 | $1,771,637 | $1,550,000 |
| Jan-22 | $1,777,991 | $1,537,500 |
| Feb-22 | $1,488,448 | $1,320,000 |
| Mar-22 | $1,482,612 | $1,342,000 |
| Apr-22 | $1,777,132 | $1,517,500 |
| May-22 | $1,614,434 | $1,485,000 |
| Jun-22 | $1,916,182 | $1,750,000 |
| Jul-22 | $1,993,768 | $2,074,500 |
| Aug-22 | $1,783,703 | $1,460,000 |
| Sep-22 | $1,829,186 | $1,324,500 |
| Oct-22 | $2,113,152 | $1,750,000 |
| Nov-22 (Year to Date) | $1,915,481 | $1,850,000 |
As you can see, the average price and the median price have both risen since the beginning of the year, even though mortgage interest rates have risen over the same time period. This is certainly not true of all markets, and primary home markets are most likely at a higher risk of a price drop than a second home market like the LBI real estate market tends to be. It is important to note that so far in November, the price fell compared to October, and was slightly lower than June and July (which I think history will record as being the height of the real estate market on Long Beach Island and elsewhere). We must also keep in mind that the sales shown That said, with an average sales price of around $2,000,000, the difference in price is very small. One area of the LBI real estate market that has seen a drop in price is new construction. New homes built on spec have seen prices drop off at a faster rate. This too is to be expected in a speculative real estate market, and even with these price drops, new construction is only slightly (relatively speaking) off of the average sales price number for the year.
Long Beach Island Real Estate Average and Median Sales Price November 2022
The real estate market is difficult to predict at the moment. It is clear that things have changed, but in the LBI real estate things seem to be balancing out. Inventory is still very low, roughly a quarter of a pre-COVID market, and demand is still high. We are seeing roughly the same number of homes coming on the market and selling week by week. Overall, things look to be stable on Long Beach Island, and if there is a property that works for you, it may make sense to enter into a transaction. Like any investment, you have to evaluate each oin a case by case basis. There are opportunities in the LBI real estate market, you just have to find them! For more information about buying, selling or investing in the Long Beach Island 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:
Where LBI Real Estate Market Prices Are Heading
Will the LBI Real Estate Market See Foreclosures
Improve Your LBI Real Estate Mortgage Rate
Planning to Buy in the Long Beach Island New Jersey Real Estate Market
Why Selling a Home in the LBI Real Estate Market Makes Sense Right Now