LBI Real Estate Market Home Price and Mortgage Forecast

What’s Ahead for Long Beach Island New Jersey Real Estate Market Mortgages and Prices

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

LBI Real Estate Market Home Price and Mortgage Forecast

Long Beach Island Real Estate

As we move towards the end of 2022, we can look back and see what a wild ride it has been in the LBI real estate market and elsewhere! The year started with COVID fueled demand and price appreciation, but as inflation issues became apparent and mortgage rates rose in the LBI real estate market and elsewhere, things started to cool off. While few forecast a major drop in prices, the market has definitely started to balance out, leaving many buyers and sellers to wonder what the future holds for Long Beach Island real estate market home prices and mortgage rates.

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 Real Estate Market Home Price and Mortgage Forecast

It is very likely that mortgage rates will keep rising for the foreseeable future. Even though the most recent inflation data came back better than expected, there seems to be no end in sight for higher rates. While things have cooled off some in the actual pricing of mortgages in the LBI real estate market, that could change at any moment and varies from buyer to buyer. Even with some price improvement, mortgage rates on Long Beach Island are easily twice what they were (or more) compared to a few months ago.

Prices in the LBI real estate market and elsewhere will likely respond, at least to some degree, to these higher rates. The amount of price adjustment we see will vary greatly from market to market around the counter (and even locally on Long Beach Island). It is my opinion that primary markets will see a more significant reaction to price than a second home market like the one found on Long Beach Island. Inventory is still very low, demand is still very high, and the LBI real estate market has never been that swayed by interest rate movements in either direction. Therefore, I expect we will see some price drops from homes that were pushing the market to begin with, but overall I expect we will see a balanced market with little change in sales price.

What’s Ahead for Long Beach Island New Jersey Real Estate Market Mortgages and Prices

There is no doubt that the LBI real estate market has changed over the last several months, and we are in uncharted waters. The number of new listings that enter the market each week and the number of pending sales on Long Beach Island have remained more or less balanced. That demonstrates how stable the LBI real estate market is. Supply and demand will come into play, and that is the number to pay attention to when assessing the overall health of the LBI real estate market. So long as we maintain this level of balance between buyers and sellers, there is no reason to believe that home prices on Long Beach Island will fall in any meaningful way. 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

www.BuyLBI.com

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