Long Beach Island Real Estate Market Oceanblock Sales
Ocean Block Home Sales in the Long Beach Island New Jersey Real Estate Market
LBI NJ Real Estate
The real estate market on Long Beach Island has shown strong activity over the past several years. Location continues to be one of the primary determinants of value in the LBI real estate market, and ocean block homes are always in high demand. The close proximity to the ocean and the potential for water views continues to draw strong attention. Ocean block home sales in the Long Beach Island New Jersey real estate market clearly reflect these trends.
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Ocean Block Home Sales in the Long Beach Island New Jersey Real Estate Market
Sales of single-family homes on the ocean block areas of Long Beach Island over the past six months are broken down as follows:
- There were 42 closed transactions on the ocean block areas in the LBI real estate market.
- The average price of a single-family home on the ocean block was $1,239,119.
- The average price per square foot on the ocean block was $535.59.
There were a variety of homes sold on the ocean block areas in the Long Beach Island New Jersey real estate market. Some homes were small tear downs, selling for less than $500,000, while the higher end of the market showed impressive new construction with all the amenities one could expect in a high-end home on Long Beach Island. In general, ocean block homes in the LBI real estate market can be broken into three categories: teardowns, homes in need of renovation, and turn key new construction. Currently, new construction tends to be the most favored of all aspects of the ocean block real estate market on LBI. From an investor’s point of view, teardowns are equally in high demand. Investors are looking to purchase, build new, and flip a home in the LBI real estate market. As we can see from the above statistics, ocean block home sales in the Long Beach Island New Jersey real estate market have been positive.
Buying an Oceanblock Home in the LBI New Jersey Real Estate Market
Generally speaking, the ocean block real estate market on Long Beach Island is competitive. Looking back only a few years to 2013, the average price of a single-family home on the ocean block was only $877,500. This represents a considerable increase in the value of LBI real estate, largely attributed to the nature of homes sold as new construction. These new construction homes dominate the current buyer trends. Overall, the Long Beach Island real estate market has been showing strong and steady growth with the ocean block component of the Long Beach Island real estate market being no exception. For more information about ocean block home sales in the Long Beach Island New Jersey real estate market please do not hesitate to contact me and I’ll be happy to answer any questions you have!
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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