A report issued by New Jersey Realtors indicated that the ongoing inventory shortage, combined with the county’s proximity to Seashore beaches and strong transportation access, drove demand for homes to a new record high.
The surge in housing demand pushed the average home price in Monmouth County to approximately $832,000, a 14% increase over the average price in 2023. This occurred despite a housing market environment with interest rates in the 7% range—double what they were during the pandemic.
The primary catalyst for this surge was the pandemic, which prompted many New York City residents to leave the densely populated metropolis in search of areas with good schools, low crime, and the amenities of a beach community. As a result, Monmouth County became a haven for households seeking more space and security from COVID-19-related concerns.
Due to the rising cost of building supplies—some of which have doubled or even tripled in recent years—new single-family home construction has been limited. Buildable lots are quickly bought up, and in many cases, multi-unit developments are being constructed to address the shortage of rental housing. For instance, Neptune is currently developing three separate projects that will provide housing for over 400 families. Additionally, there is growing concern over the limited availability of affordable housing in Monmouth County.
To afford a $750,000 home, the average household income would need to exceed $130,000, which would result in housing costs consuming more than 50% of annual income. This trend is making Monmouth County increasingly unaffordable for the middle class. Furthermore, the average property tax for a home in Monmouth County now exceeds $9,000 per year.
Top-Selling Monmouth County Towns by Highest Average Sale Price Increase in 2024:
- Deal: +22.5%
- Spring Lake: +94.3%
- Belmar: +65.8%
- Avon: +49.5%
- Interlaken: +44.3%
- Atlantic Highlands: +42.1%
- Highlands: +37.5%
- Asbury Park: +30%
- Middletown: +29.4%
- Lake Como: +28.1%
Monmouth County Towns with Decreased Average Sale Prices in 2024:
- Eatontown: -0.2% ($561K)
- Colts Neck: -1.3% ($1.4 million)
- Upper Freehold: -3.7% ($661K)
- Little Silver: -5.5% ($950K)
- Monmouth Beach: -7.8% ($916K)
- Shrewsbury: -9.9% ($325K)
- Sea Girt: -11.1% ($1.1 million)
- Oceanport: -11.6% ($751K)
- Neptune City: -12.8% ($463K)
- Farmingdale: -17.2% ($578K)
- Bradley Beach: -17.7% ($906K)
- Allentown: -19.4% ($409K)
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.