Real estate prices have exploded since the pandemic.
So it’s no surprise that $500,000 doesn’t go very far these days. Especially when you consider that the median sales price of a single family home in New Jersey was $520,000 in March, according to the most recent data available from New Jersey Realtors.
Now take that to the coveted coastal towns of New Jersey – and lower your expectations.
“It’s supply and demand,” said Brian McDowell of Island Realty Group in North Wildwood. ”There are very few listings on the market right now.”
Inventory at the Shore, like everywhere else in New Jersey, is very low. People aren’t selling unless they have to because interest rates now are a lot higher than the 3% ones they locked in during the pandemic.
The higher interest rates were supposed to send prices trending downward. But that hasn’t happened.
“No matter what people say, interest rates going up hasn’t really affected prices at the Shore points,” said Cheryl Huber of BHHS Fox & Roach. “Because we have more buyers than sellers.”
Those homes that do hit the market are getting a lot of attention.
“The values just keep going up and up,” said Lauren Barcellona of the Arthur Rue Agency in Seaside Park. “We’re still getting multiple offers. And properties are selling within 10 days, on average.”
And the winning bidders are often cash buyers, agents say.
“The baby boomers are all retiring,” said Brian McDowell with Island Realty Group in North Wildwood. “They have a lot of money and savings. They’re not traveling to Florida because of gas and flight prices. They’re staying local because they want to be grandparents.”
If you’re searching for a Jersey Shore house for $500,000, you might have to cross a couple things off your wishlist.
It’s probably not going to be in close walking distance to the beach. It’s more likely to be a condo than a single family home. It’s probably going to need some work. And you should expect to get two bedrooms at most in less than 1,000 square feet.
“People are going a little west of Route 71,” said Alfredo Fresnedo of RE MAX Gateway in Ocean Grove. “It’s a good walk or bike ride to the beach but thats where the affordability now has become a little more palatable.”
Places like Neptune City and Neptune Township, including Bradley Park, and Wanamassa in Ocean Township are becoming an alternative to being right at the beach because they’re close enough and still affordable, he said.
“In Neptune City and Neptune Township you can still get something larger than a one bedroom – definitely a two bedroom and possibly a three bedroom if you’re willing to do a little bit of renovating – for $500,000,” Fresnedo said.
Here are some homes recently listed at the Jersey Shore for around $500,000
1. 438 Highway 35 N., Apt. 1201, Mantoloking \- $480,000
The one-bedroom ocean-front condo in Mantoloking was listed March 3 for $499,000. The price was reduced April 18 to $480,000. The unit has a great rental history and rents for $2,400 per week, Lauren Barcellona of the Arthur Rue Agency said. The well-kept complex has an olympic-sized pool.
2. 1000 Kennedy Drive, Unit 210, North Wildwood \- $489,900
This two-bedroom, two-bathroom condo has ocean views from the living room, a pool and it’s across the street from the beach. It was listed March 30 for $499,900, reduced to $497,900 on April 24 and reduced again to $489,900 on May 17. “The Wildwoods are a gem … it’s the last affordable shore community and its been that way for 20 years,” said Brian McDowell with Island Realty Group. “It’s lagged behind other towns by hundreds of thousands of dollars.”
3. 89 Pennsylvania Ave., Ocean Grove \- $499,000
This one-bedroom, one-bath unit with a loft and enclosed porch hit the market May 1 and quickly received four offers at or above asking price. It is under contract. “With this house there’s nothing to do,” said Alfredo Fresnedo of RE MAX Gateway. “It’s been updated – right up to the roof was replaced under a year ago. It puts you in a very desirable beach side town. And it’s walkable to the beach, shopping, Asbury Park and Bradley beach.”
4. 3322 Asbury Ave., Ocean City \- $499,999
This two bedroom, one and a half bathroom condo is located in a four-unit building that’s a block-and-a-half from the beach. “It’s well kept, does great in rentals,” said Cheryl Huber of BHHS Fox & Roach. It has a porch, two sheds to store beach gear, off street parking and it’s being sold furnished.
Are you an agent, buyer or seller who is active in this changing market? Do you have tips about New Jersey’s real estate market? Unusual listings? Let us know.
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Allison Pries may be reached at apries@njadvancemedia.com.
