LBI Real Estate Oceanfront Sales July 2024
- High Tides Digital Marketing
- Jul 30, 2024
- 2 min read
Long Beach Island NJ Real Estate Oceanfront Sales July 2024
One of the most impactful areas of the LBI real estate market is that of oceanfront homes. Since oceanfront homes are the most expensive segment of the real estate market on Long Beach Island, the activity in this area can give some good insight on the market trends throughout Long Beach Island. Here we will look at data comparing this year, 2024, to last year on the oceanfront and LBI real estate market. This data will look at the oceanfront market from January 1st, 2023, to July 15th, 2023, compared to January 1st, 2024, to July 15th, 2024. That way, we can look at a year-over-year comparison that accounts for seasonal trends.
LBI Real Estate Oceanfront Sales July 2024
In the 2023 time period, the average price for oceanfront homes on Long Beach Island was $4,715,611, with homes selling for 96.1% of their list price. In 2024, the average sales price was $5,567,083, and homes sold for 95.7% of their asking price. In other words, on average, there is a small rounding digit that shows more negotiation between the listing price and sales price of a home, but the average price of a home is almost $1,000,000 higher this year compared to last.
In the overall LBI real estate market, the average price of a single-family home in 2024 YTD is $2,313,589, with homes selling for 96.9% of their asking price. In 2023, during the same period, the average price of a home was $2,155,412, and homes sold for 96.4% of their asking price. So, both the oceanfront market and the entire LBI real estate market have seen a price increase year over year. There was slightly more negotiation in the price of an oceanfront home, and there was less negotiation between the listing price and the sales price of a home when looking at the whole LBI real estate market.
There have been 16 price reductions and 1 price increase over the past 30 days. In the same 30-day time frame in 2023, we saw 30 price reductions and 1 price increase. In other words, there have been half as many price drops over the past 30 days as there were at the same time last year.
LBI Real Estate Oceanfront Sales July 2024
The Long Beach Island real estate market is still seeing robust demand. Each week, there is an almost perfect balance of new listings and pending sales, showing us that the market is balanced. With low inventory and high demand, it is easy to see why the market has remained strong in 2024. Of course, some homes are overpriced and will sell under these statistics, but taken as a whole, the LBI real estate market is still performing very well. 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
