August Median Sale Price for Monmouth County Homes Fell Slightly
According to Realtor.com, the median listed price for a home in Monmouth County came in at $799,000 in August. This represents 0.1% drop from July’s $799,905.
On a comparative basis, the median list price for a home in Monmouth County in 2022 was $722,500 versus the $799,000 figure, an increase of 7%.
Monmouth County Stats
■ On average, homes in August were on the market for a median of 41 days
■ Homes remained on the market in the month of July a median of 43 days
■ The number of homes for sale in Monmouth County fell precipitously to 774 homes, as compared with 1,032 homes in August of 2022, a 25% decrease
■ In New Jersey, the median price fell slightly from July to August to $544,500. This compares to the median home price throughout the US, which was priced at $435,450
The median sales price for homes across the nation, which was up 3.9% from August of 2022, and according to the National Association of Realtors website, is $407,100 — which is the highest median price for the month of August.
In general, nationwide, sales dipped slightly in August from the prior year 15.3%, to roughly 4 million units for 2023.
The number of units available for sale at the end of August 2023 were only 1.1 million, which is down 14% from August 2022, and 0.9% from July 2023, representing a 3.3-month supply, according to Realtor.com. Consequently, the constriction of supply and the higher mortgage rates have placed a lid upon the number of total units being sold.
As would be expected, sales for properties under $250,000 percentage wise represented the smallest number of transactions.
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.
Connect with Ralph on LinkedIn: https://www.linkedin.com/in/ralphaponte/