LBI Real Estate Market Prices March 2023

LBI Real Estate Market Prices March 2023

Long Beach Island Real Estate Market Prices March 2023

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

Long Beach Island Real Estate

As we move into the spring real estate market on Long Beach Island, home buyers, and home sellers are keeping a close eye on the recent changes in home prices. With misleading headlines and confusing data, navigating this aspect of the real estate industry can be challenging. It is important to remember that all markets are local. Some real estate markets will see price declines, some will stay stable and others will increase. Once again, the LBI real estate market has shown its resilience with home prices rising over the past year and currently sitting at near highs.

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 Prices March 2023

While local price trends still vary by market, national data shows that month-over-month home price changes have been mild since any depreciation peaked around August. In other words, today’s home prices aren’t in a freefall. This certainly looks to be the case on Long Beach Island, with the average and median price of a single-family home having increased over the past 12 months. Below is a chart tracking both the average and median sales price of a single-family home in the LBI real estate market over the last year:

MonthAverage Sale PriceMedian Sale Price
Apr-22$1,775,750$1,517,500
May-22$1,614,434$1,485,000
Jun-22$1,913,610$1,750,000
Jul-22$1,993,768$2,074,500
Aug-22$1,783,703$1,460,000
Sep-22$1,828,352$1,349,000
Oct-22$2,118,086$1,750,000
Nov-22$1,913,515$1,850,000
Dec-22$1,785,161$1,662,500
Jan-23$1,943,261$1,695,000
Feb-23$1,788,640$1,425,000
Mar-23$2,040,000$1,875,000

If you own your house, you may be concerned about price declines in the LBI real estate market. However, it is important to remember how much home values have grown over the last few years and how the LBI real estate market tends to be very stable. Much of this stability stems from the low inventory levels and the lack of homes for sale on Long Beach Island. Demand is still high, and as new listings come on the market, they are purchased quickly, thus keeping the market in balance.

Long Beach Island Real Estate Market Prices March 2023

To understand what’s going on with home prices in the LBI real estate market and how they could impact your home buying and home selling goals, the best thing to do is research the market. Don’t let misleading headlines or confusing data cloud your judgment when making decisions regarding one of life’s biggest investments. It’s also important to note that every local market is different. That’s why it’s crucial to lean on an expert for the latest information on home prices in your area if you plan to move this spring. 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

More LBI Real Estate Information:

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Long Beach Island Real Estate Investment Opportunities

Renting Your Long Beach Island NJ Property

Two Factors Facing the LBI Real Estate Market

Understanding Common LBI Real Estate Terms

LBI Real Estate Earnest Money Deposit

LBI Real Estate Market Homeowner Equity