What to Expect in the Real Estate Market in 2024?
Inventory will continue to edge higher but still will not bridge the number of homes available for sale as was in 2019. The high interest rates will continue to thwart new buyers from entering into this market.
Some experts believe that we have established a new baseline for the cost of a home, which is significantly higher than the average wage increases seen for most Americans.
In the first week of June, according to Realtor.com, newly listed homes increased by 2.1% from 2023. In addition, the total inventory of homes available for sale increased by 35.5% as compared with 2023, according to Realtor.com.
But the new supply is coming in not in the price range that first-time buyers are most likely to be able to afford. At one time, inventory shortages became the major roadblock for home buyers, now it is an issue of unaffordability.
Even as some experts have forecast drops in mortgage rates to the 6.5% rate level, the cost of home ownership is still rising, with increases in homeowners’ insurance and real estate taxes eating up any margins provided by lower mortgage rates. Home prices in the overbought metropolitan areas are coming down such as Austin and San Antonio, Texas as well as Oregon.
Ocean County Real Estate
According to reports recently published on the web, the median price for a home in Ocean County, New Jersey cost $430,000, that translates into $261 per square foot. This represents an increase of $30,359 or 7.6% from May 2023. The cost for three-bedroom homes surged 10.3% from May 2023. And in the case of one-bedroom homes, the median price fell 4.6% to $140,200 from 2023.
Monmouth County Real Estate
The median price for a home sold in Monmouth County in 2024 was $633,000, or $332 per square foot. This represents a $52,414 increase or 9% increase from May 2023. Monmouth County continues to be a seller’s market. Buyer demand for one-, two-, or three-bedroom homes range from an increase of 16.4% to 9.2% increase over 2023 prices. In Monmouth County, 55% of homes sold in May 2024 were sold for over the asking price, while 30% sold under the listing price and 15% resulted at the asking price.
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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