In Monmouth County, the September 2024 housing market report presents steady growth in listings and a robust pricing trend across various property types.
Single-Family Homes: New listings rose by 13.6% year-over-year, though closed sales held steady, showing no change. Median prices surged by 12.4% to $752,750, and homes are taking slightly longer to sell, with days on the market increasing by 6.1% to 35 days. This reflects strong pricing in a relatively balanced supply-demand environment.
Townhouses and Condos: Listings saw a minor 2.8% dip, but closed sales grew by 17.1%, indicating solid buyer demand. The median price for these properties rose slightly by 1% to $510,000, while days on market jumped 37.9%, now averaging 40 days. This segment shows high activity, albeit with slightly extended timelines.
Adult Communities: New listings grew by 20.7%, while closed sales dropped by 20.4%, hinting at an excess of supply or slower buyer uptake. Despite this, prices saw a remarkable 32.8% increase in the median, reaching $637,500. The average days on market for these properties rose significantly, reflecting cautious buying.
Inventory and Months of Supply: Overall inventory across categories has seen modest growth, with months of supply remaining steady at 3.3 months for single-family homes. This suggests a balanced market where buyers have options, but prices remain competitive.
In summary, Monmouth County’s housing market in September reflects a dynamic landscape, with strong pricing and selective buyer activity across different property types. This environment offers opportunities for both buyers and sellers, but timelines may be extended as buyers carefully evaluate their options.