Single Family Homes in the LBI NJ Real Estate Market Under $500,000
The LBI real estate market is certainly not inexpensive, with the average price of a single-family home trading around $1 million. With such an intimidating price point, it is not surprising that many buyers feel they are priced out of the market. The good news is there are a number of excellent opportunities for Long Beach Island real estate single-family homes under $500,000 with affordable ownership costs. While it is true that many of these homes in this price point are teardowns and sold for land value only, there are some outstanding end-user homes too.
Long Beach Island Real Estate Single-Family Homes Under $500,000
Sales of single-family homes under $500,000 over the past six months in the LBI real estate market are broken down as follows:
- There were a total of 36 closed single-family homes.
- The average price of a home at this price point was $414,000.
- The average price per square foot was approximately $368.
As I mentioned above, many of the homes at this price point, especially those under $450,000, were sold for land value. That said, there were several homes which were elevated above base flood elevation and were move in ready homes. When searching for homes in this price point, elevation is one of the most important things to understand. Homes that are below base flood elevation will carry a higher cost of flood insurance. A home with a high cost of flood insurance, or other unexpected ownership costs, can greatly impact one’s budget and should be taken into consideration.
Buying a home in the LBI real estate market is a major investment. It is important to understand all aspects of owning a home on Long Beach Island before endeavoring in such a purchase. Keeping that in mind, homes priced $500,000 or less can offer excellent opportunities for those looking to purchase an affordable vacation home. Please do not hesitate to contact me with any questions about purchasing a house in the LBI real estate market.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | email@example.com
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