Historic Median Sales Prices in the LBI NJ Real Estate Market
Long Beach Island New Jersey Real Estate
When looking to buy, sell or invest in the LBI real estate market it is very important to understand how prices have been developing over the past several years. On Long Beach Island I like to use data not much older than 2014 as there was a defining change in home prices and styles post Hurricane Sandy. Prior to 2014, the data is a little unreliable compared to today’s market as many factors have changed. Looking at Long Beach Island Real Estate Median Price Trends we see that the market is trading rather high right now and this can be attributed to several factors. For example, there are many more new homes being sold compared to the market several years ago again as a partial result of Hurricane Sandy. The median price of a single family home has in fact been creeping up year over year since 2014!
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Historic Median Sales Prices in the LBI NJ Real Estate Market
The data below shows the median sales price of a single family home month by month since 2014.
| Month | Sale Price, Median 2014 | Sale Price, Median 2015 | Sale Price, Median 2016 | Sale Price, Median 2017 | Sale Price, Median 2018 |
| Jan | $603,375 | $841,250 | $760,500 | $857,500 | $1,155,000 |
| Feb | $967,500 | $792,500 | $818,750 | $999,250 | $850,000 |
| Mar | $732,500 | $720,000 | $850,000 | $792,000 | $829,500 |
| Apr | $717,500 | $790,000 | $825,000 | $873,375 | $894,500 |
| May | $800,000 | $769,288 | $757,500 | $807,000 | $883,000 |
| Jun | $695,000 | $862,500 | $791,000 | $840,000 | $867,500 |
| Jul | $735,000 | $693,500 | $685,750 | $1,157,000 | $950,000 |
| Aug | $894,078 | $805,000 | $925,000 | $800,000 | $785,000 |
| Sep | $750,000 | $932,500 | $827,000 | $820,000 | $920,000 |
| Oct | $835,000 | $885,000 | $825,000 | $890,000 | $949,500 |
| Nov | $787,500 | $662,500 | $870,000 | $940,000 | |
| Dec | $830,000 | $815,000 | $825,000 | $949,000 |
As you can see from the data, the median sale price of a single family home has increased year over year. Looking at the average of the median sales prices for each year, 2017 was a clear winner with an average monthly median sale price of about $893,000. Compared to the prior three years, where the average was around $800,000, it is clear that the Long Beach Island real estate market is trading higher. Looking at year to date sales for 2018 we are already seeing an average median sales price of over $900,000. It will be interesting to see if this adjusts as the year comes to an end.
Buying and Selling in the LBI NJ Real Estate Market
The data above suggests that the market is trading high, which could be a compelling reason for buyers to sit on the sidelines and wait for a downturn in the market. That said, much of the increase seen in the median sales price has to do with new construction sales increasing the overall nature of the LBI real estate market. It goes without saying that a large, new home is going to sell for more money than an smaller, old Cape Cod style home. The saying, a rising tide lifts all ships, can be applied to the LBI market since Hurricane Sandy. It really comes down to finding the right property in the market, one that should retain much of its value even if the market does adjust, and making sure not to overpay in the current market. It will be interesting to see how the next few months progress and what impact, if any, world events will have on the LBI marketplace. For more information about Long Beach Island Real Estate Median Price Trends feel free to contact me anytime.
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
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