LBI Real Estate Market Sales-The Past 10 Years 2013-2024
- High Tides Digital Marketing
- Oct 22, 2024
- 3 min read
Long Beach Island NJ Real Estate Market Sales-The Past 10 Years 2013-2024
The LBI real estate market has witnessed a number of changes over the past decade. LBI Real Estate Market Sales-The Past 10 Years 2013-2024 shows us just how much! Prices have risen, inventory has fallen and demand remains very high. For those looking to buy or sell in the Long Beach Island real estate market, understanding the current market trends is a key first step to making this investment.
LBI Real Estate Market Sales-The Past 10 Years 2013-2024
Below is a breakdown of the average sales price of a single-family home on LBI over the last 10 years:
2013-$903,366 (318 Closed Sales)
2014-$975,051(380 Closed Sales)
2015-$1,027,057 (429 Closed Sales)
2016-$990,155 (475 Closed Sales)
2017-$1,106,290 (541 Closed Sales)
2018-$1,116,102 (491 Closed Sales)
2019-$1,156,962 (496 Closed Sales)
2020- $1,322,376 (722 Closed Sales)
2021-$1,438,414 (651 Closed Sales)
2022-$1,926,465 (352 Closed Sales)
2023-$2,075,672 (321 Closed Sales)
There are a couple of points to consider. Obviously, Hurricane Sandy and COVID-19 both impacted the market during this timeframe. COVID saw a big jump in prices here and everywhere else. The number of homes sold has dropped from the COVID highs in 2021 and 2022, but this is to be expected as there are fewer homes for sale in the LBI real estate market. The lower number of home sales is due to less inventory and not a lack of interest. We see a near-perfect balance of new listings and pending sales each week, so demand remains strong. The average price of a single-family home has risen over the last 10 years and will likely continue to rise for several reasons. First, the inventory is still very low. Prior to COVID there were around 550-600 homes for sale at any point. Today there are about 135. This is a fraction of the pre-COVID inventory, and with almost an even number of new listings and pending sales each week, there is no clear path to inventory growth. Second, while the LBI market has never been that sensitive to interest rates, lower rates do help. Rates have fallen and will likely drop again, inspiring more confidence. Lastly, the LBI rental market is very reliable, which creates a very stable market. Even in 2008-2009, when the country was plagued with short sales and foreclosures, there were only 3 or 4 in the entirety of the LBI market, largely thanks to rentals. The income that the LBI rental market provides helps to keep the sale market healthy and accessible to many buyers.
Long Beach Island Real Estate Market Sales-The Past 10 Years 2013-2024
While nobody can predict the future, the data points to the LBI real estate market keeping these same patterns intact. So far in 2024, about 290 single-family homes have been sold, with an average price of about $2,200,000. This shows almost the same rate of appreciation each year from 2022 to 2023 and from 2023 to 2024. It is also likely that 2024 will end up with about the same number of closed sales as 2022 and 2023 when one considers that we still have about 2 months left in the year, furthering the conclusion that the LBI real estate market is stable and continues to appreciate. 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
