LBI Real Estate New Construction Update May 2024
- High Tides Digital Marketing
- May 10, 2024
- 3 min read
Long Beach Island Real Estate New Construction Update May 2024
The LBI real estate market has had an active year so far in 2024. Year to date, there have been 124 closed sales with an average price of just under $2,000,000. That number represents all aspects of the Long Beach Island real estate market, and a closer look at the LBI real estate new construction market shows some comparable trends. There have been 20 closed new construction home sales on Long Beach Island this year, and at the time of this writing, 13 new construction sales are pending. The LBI real estate market is still experiencing low inventory and high demand, especially in the new home category!
LBI Real Estate New Construction Update May 2024
Below is a chart showing all closed new construction homes in the LBI real estate market year to date in 2024.
MLS # | Address | City | Area | Zip Code | Current Price |
NJOC2021434 | 218 N 19th Street | Surf City | LBI | Zip Code 08008 | $1,950,000 |
NJOC2022900 | 14 E 81st St | Harvey Cedars | LBI | Zip Code 08008 | $2,050,000 |
NJOC2020352 | 256 N 13th St | Surf City | LBI | Zip Code 08008 | $2,275,000 |
NJOC2016500 | 111 E 29th St | Ship Bottom | LBI | Zip Code 08008 | $2,350,000 |
NJOC2013362 | 2 E 14th St | Long Beach Township | LBI | Zip Code 08008 | $2,400,000 |
NJOC2020114 | 111 N Central Ave | Surf City | LBI | Zip Code 08008 | $2,445,000 |
NJOC2019302 | 1606 Bayview Ave | Barnegat Light | LBI | Zip Code 08008 | $2,450,000 |
NJOC2019304 | 1608 Bayview Ave | Barnegat Light | LBI | Zip Code 08008 | $2,499,000 |
NJOC2020404 | 2214 Beach Ave | Long Beach Township | LBI | Zip Code 08008 | $2,549,000 |
NJOC2015312 | 230 Fairview Ave | Beach Haven | LBI | Zip Code 08008 | $2,550,000 |
NJOC2022192 | 108 E 29th St | Long Beach Township | LBI | Zip Code 08008 | $2,600,000 |
NJOC2019978 | 3 Olsen Ave | Harvey Cedars | LBI | Zip Code 08008 | $2,630,000 |
NJOC2022518 | 18 E Sand Dune | Long Beach Township | LBI | Zip Code 08008 | $2,650,000 |
NJOC2020574 | 17 W Beck Ave | Long Beach Township | LBI | Zip Code 08008 | $2,850,000 |
NJOC2020218 | 26 N 24th St | Surf City | LBI | Zip Code 08008 | $3,540,000 |
NJOC2021478 | 169b Long Beach Blvd E | Long Beach Township | LBI | Zip Code 08008 | $4,100,000 |
NJOC2017596 | 72 Auburn | Long Beach Township | LBI | Zip Code 08008 | $4,225,000 |
NJOC2021808 | 110 E Jeanette Ave | Long Beach Township | LBI | Zip Code 08008 | $5,675,000 |
NJOC2021176 | 7401 Ocean Blvd | Long Beach Township | LBI | Zip Code 08008 | $6,700,000 |
NJOC2023098 | 1035-C Long Beach | Long Beach Township | LBI | Zip Code 08008 | $7,000,000 |
The average price of a new home in the Long Beach Island real estate market is a little over $3,200,000 but to be fair, an average price for new construction is hard to determine. There are radical differences in the pricing of new homes in different locations. What is more telling is that homes traded on average at about 96.4% of their listing price. That is in line with the rest of the LBI real estate market and shows that buyer and builder confidence are both high. New home prices ranged from just under $2,000,000 up to $7,000,000 (which was one of my sales in North Beach). The three most expensive sales were all oceanfront homes, which is usually the case on Long Beach Island.
Long Beach Island Real Estate New Construction Update May 2024
Inventory remains the challenge for buyers in the LBI real estate market, and the new home market is no different. This is true both in the current supply of homes for sale as well as the potential for new projects. Looking at the LBI real estate new construction market as a whole, buyers can reasonably expect prices to rise in the coming months as a result. 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
