Peahala Park LBI Real Estate Market Report — 2024
- Nathan Colmer
- 3 hours ago
- 5 min read
Peahala Park Real Estate and an LBI Real Estate Market Home Sale Report — 2024
LBI Real Estate Market and Peahala Park Real Estate Overview
The Long Beach Island real estate market continued to show strength in 2024, and Peahala Park real estate was a standout example of steady demand meeting limited, high‑quality supply. Buyers favored renovated cottages and newer construction with proximity to the beach, while sellers benefited from strong list‑to‑sale alignment. Even as broader markets grappled with rates and affordability, the LBI real estate market narrative in Peahala Park underscored lifestyle value and scarcity. The result was a year marked by healthy absorption, robust price‑per‑square‑foot (PPSF) performance, and meaningful investment in modern coastal homes.
By: Nathan Colmer | LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Sales Activity and Dollar Volume in Peahala Park (2024)
Total Closed Sales & Market Velocity
Closed Sales: 14
Peahala Park logged a tight but active slate of transactions, reflecting the submarket’s small size and consistently high demand for centrally located, beach‑oriented properties on LBI.
Total Dollar Volume
Aggregate Volume: $21,914,998
A concentrated set of closings still delivered a sizeable annual dollar figure, pointing to the premium buyers assign to Peahala Park real estate.
Price Performance: Averages, Medians, and Range
Average and Median Sale Prices
Average Sales Price: $1,565,357
Median Sales Price: $1,425,000
The median price in the mid‑$1.4M range shows steady mid‑to‑upper‑tier activity, while the average was lifted by several luxury sales that cleared well above the neighborhood’s price midpoint. This distribution suggests both established homes and newer builds found ready buyers across the 2024 calendar.
Highs and Lows: Notable Sales
Highest Sale: $2,800,000 (28 E Ocean View Dr)
Entry‑Level Sale: $750,000 (21 W Sail Boat Lane)
This spread demonstrates the Peahala Park real estate market's broad appeal—from efficient West‑side homes to more expansive, premium East‑side offerings and recently built residences. In Peahala Park LBI, the top end continues to reset expectations for modern coastal design and finish levels.
Price Per Square Foot (PPSF): What Buyers Paid for “Turnkey” and Location
PPSF Benchmarks
Average PPSF: $946.17
Median PPSF: $903.47
PPSF Range: $672.04 to $1,223.68
Crossing the $900/SF threshold on both average and median basis underlines the premium attached to move‑in‑ready homes, thoughtful renovations, and favorable lot positioning. Prime properties—whether due to beach‑block access, newer construction, or compelling outdoor living—regularly commanded four‑figure PPSF prints in 2024. For Peahala Park real estate, this PPSF profile is a clear signal of long‑term value anchoring the south‑central LBI corridor.
List‑to‑Sale Price Dynamics: Negotiation Tightness
Alignment With Asking Prices
Average List‑to‑Sale Ratio: 96.27%
Median List‑to‑Sale Ratio: 97.00%
Negotiation remained constrained. Well‑priced listings in Peahala Park tended to secure results within a few percentage points of asking—evidence of confident buyers and sellers and a market that rewards accurate pricing strategies. Combined with the PPSF results, this alignment indicates that LBI real estate in Peahala Park operates on a tight, data‑driven band where demand identifies quality quickly.
Property Characteristics: Size, Beds, and Vintage
Home Size & Bedroom Mix
Average Finished Living Area: 1,634 sq. ft.
Median Finished Living Area: 1,552 sq. ft.
Average Bedrooms: 4.4
The typical 2024 closing profile centered around 4–5 bedrooms and ~1,600 sq. ft., a sweet spot for multi‑generational use and flexible summer‑to‑shoulder‑season occupancy. That balance helps sustain liquidity in Peahala Park LBI even as price points climb—families can enjoy beach proximity without the carrying costs of substantially larger footprints.
Year‑Built Profile
Average Year Built: 1983
Median Year Built: 1976
The vintage mix reveals a blend of mid‑century homes—often updated or expanded—alongside a growing presence of 1990s‑to‑newer construction and newly redeveloped properties. This diversity supports the submarket’s layered pricing: thoughtfully renovated classics can deliver strong PPSF outcomes, while recent construction sets the bar for top‑end valuations.
Submarket Signals Inside Peahala Park
What Pushed the Top of the Market
Luxury Comps: The year’s top sale at 28 E Ocean View Dr at $2.8M captured the premium tied to newer builds and beach‑centric addresses. That sale, and a cluster of seven‑figure results above the median, elevated the Peahala Park price structure while encouraging sellers to invest in turn‑key presentation.
What Anchored the Entry Tier
Efficient Footprints: The entry‑level closing at $750,000 (21 W Sail Boat Lane) illustrates that approachable options remained available—typically smaller footprints or homes set a few streets from the ocean—with value still supported by the LBI lifestyle and Peahala Park’s convenient location.
Peahala Park Real Estate and an LBI Real Estate Market Home Sale Report — 2024
Neighborhood Positioning
Peahala Park benefits from its centrality and easy access to both Ship Bottom and Beach Haven amenities, which broadens the buyer pool beyond purely neighborhood‑driven searches. For LBI real estate hunters, the area offers a compelling combination of beach access, bike‑friendly lanes, and a maturing housing stock that balances charm with modern comforts. As other Long Beach Island submarkets continue to push luxury boundaries, Peahala Park has emerged as a reliable performer—supporting strong PPSF and quick recognition of value when the right property hits the market.
In 2024, Peahala Park delivered a tight, high‑confidence market defined by 14 closings, a $1.565M average sale price, and a $946/SF average PPSF—figures that underscore the submarket’s desirability within Long Beach Island. Limited inventory and sustained lifestyle demand kept list‑to‑sale ratios firm near 97%, while both entry‑level and luxury segments found traction. Sizeable median footprints around 1,550 sq. ft. and bedroom counts near 4–5 prove the neighborhood continues to meet modern use cases for primary, secondary, and investment buyers. Looking ahead, Peahala Park’s combination of beach access, central location, and varied housing stock suggests continued resilience, with renovated and newly built homes leading the way on price and PPSF.
If your goal is to buy, sell, or invest wisely in the LBI real estate market, experience and local insight are essential. I'm Nathan Colmer, a Long Beach Island real estate agent with more than two decades of experience selling homes on the island, with a specialized focus on investment properties and second homes.
Because I personally invest in LBI real estate, I understand the financial considerations, risks, and opportunities unique to this market. From evaluating rental performance to identifying long-term value, I help clients develop clear, strategic plans—whether they're purchasing a vacation rental, expanding an investment portfolio, or positioning a property for sale.
By: Nathan Colmer | LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
