Long Beach Island NJ Real Estate Market Update and 08008 Home Sales
Long Beach Island Real Estate
2023 has been a challenging year for buyers in the Long Beach Island real estate market. Inventory is at a near all time low, and mortgage rates are high. Despite this, prices in the LBI real estate market grew in 2023, worsening the situation. Looking forward to 2024, mortgage prices are predicted to drop, which is welcomed news, but inventory will most likely remain low, and prices will likely increase.
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 Outlook December 2023
Despite current mortgage rates in the LBI real estate market remaining above 7% or dropping into the high 6% range, there is good news for prospective homebuyers. Mortgage rates in the LBI real estate market have been falling. While market trends on Long Beach Island are not that sensitive to mortgage rates, lower rates are welcome news! The Federal Reserve’s latest interest rate projections show three predicted rate cuts in 2024 of about 0.25% each. Therefore, we can expect mortgage rates to continue to trend downwards, providing a tailwind for sales activity in the 08008 zip code and the LBI real estate market as a whole. This is excellent news for home buyers on Long Beach Island who have been facing low inventory coupled with high prices and high-interest rates. What remains to be seen is how lower prices will impact demand. There is a genuine possibility that buyers who have been waiting for a rate adjustment will jump into the market in 2024, placing additional strain on the already low LBI real estate market inventory levels. If that happens, it is not a far-fetched conclusion that we will see more bidding wars and higher prices. While nobody can predict the future, the best advice right now might be to buy before things get more competitive and refinance when it makes sense to do so.
Long Beach Island NJ Real Estate Market Update and 08008 Home Sales
The year-end data for the LBI real estate market indicates that the housing market can still be a great investment opportunity for prospective buyers looking for a stable and profitable investment. Even with the challenges the local and national real estate markets face, prices have risen on Long Beach Island, and summer rentals are in high demand. So, if you’re in the market for a new home, now is a great time to take advantage of the market as it stands (if the right house comes on the market) and take advantage of lower rates in the future.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