America’s real estate market has continued to recoup much of its losses sustained due to the 2008 market crash. According to Zillow, the average home price in the United States is the highest it’s been in more than two decades, based upon the metrics for home prices in the first quarter of 2019.
The median home value in New Jersey was $327,500, which is still significantly higher than the national median of $226,700. But not all of New Jersey markets have seen such strong growth as in certain towns and boroughs in Monmouth County and even Ocean County.
According to a recent article in the Star Ledger, Monmouth County clearly had an outstanding year for real estate valuations. Even the super strong Jersey City market didn’t fare as well as some of these Monmouth County markets. Jersey City, located in Hudson County came in at number 11 in market valuation increases, climbing by 6.7% to an average home value of $483,600.
Here are a few of those reporting some of the best growth rates in the entire state:
1. Oceanport, Monmouth County, Home value: $515,200 Change + 17.8%
2. Atlantic Highlands, Monmouth County, Home value: $450,700 Change + 13.6%
3. Asbury Park, Monmouth County, Home value: $363,100 Change + 12.6%
4. Manasquan, Monmouth County, Home value: $715,400 Change + 12.2%
5. Ocean, Monmouth County, Home value: $488,700 Change + 10.9%
6. Deal, Monmouth County, Home value: $2,265,700 Change + 9.4%
8. Lake Como, Monmouth County, Home value: $415,000 Change + 8.3%
10. Sea Girt, Monmouth County, Home value: $1,870,500 Change + 7.5%
12. Belmar, Monmouth County, Home value: $585,000 Change + 6.6%
14. Spring Lake, Monmouth County, Home value: $1,927,100 Change + 6.4%
The Jersey Shore was a beneficiary of a strong real estate demand in the last quarter with 10 of the 15 municipalities that grew the most in Monmouth County.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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