A Message from Michelle discussing the 2023 Year End LBI NJ Market Report
Here on Long Beach Island, the frenzied COVID years have ended and a more stable market has taken its place, relatively unaffected by rising interest rates and a slow economy. The limited inventory on LBI has significantly impacted market activity with eager Buyers patiently waiting for Sellers to make their move. Contrary to conflicting views from national real estate pundits, on LBI, the sky is neither falling nor is the tide turning. Over the years LBI real estate has remained an enigma proving resilience in times of financial instability. Our little slice of heaven is the last to feel the pinch and the first to recover. Data derived from the Bright MLS system shows relatively little change from 2022 to 2023. Interestingly, the overall average sale price has dipped slightly while the average price per square foot has increased. Perhaps this can be attributed to smaller homes being torn down and replaced with much larger new builds.
Looking to the future, Redfin’s 2024 LBI real estate projections offer an optimistic view. They anticipate continued stability in the LBI market, with a potential slight dip in home values followed by a gradual increase in the latter half of the year.
As someone with experience in this market, I have witnessed fluctuations and self-corrections numerous times. The one thing that remains constant is home values here have continued to rise. Make the move! www.CometoLBI.com.
*Single family home information provided by Bright MLS. 2023 Year End LBI NJ Market Report.
**Includes Barnegat Light, Harvey Cedars, Surf City, Ship Bottom, Long Beach Island and Beach Haven.
Click here to review last month’s statistics.
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Curious? Here are 5 New Listings
| NJOC2023104 | 5 W Coughlan, Long Beach Twp | $2,399,000 |
| NJOC2022702 | 109 E Connecticut Ave | $2,699,999 |
| NJOC2022674 | 23 W 83rd St, Harvey Cedars | $3,599,999 |
| NJOC2022672 | 21 W 83rd St, Harvey Cedars | $4,399,999 |
| NJOC2022578 | 108 W 10th St, Ship Bottom | $1,795,000 |
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Featured Listing of the Month
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What I’m Interested In
Why does it feel like it rained every weekend so far this year? Peruse this great article from the SandPaper and read about beach erosion and planned replenishment.
“Beaches up and down the Island took a beating on Jan. 9 as a storm rolled through the Southern Ocean County area. Parts of Long Beach Boulevard from Ship Bottom to Beach Haven were impassable due to tidal flooding.” Click here to continue reading.
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Follow the below links to find your next home!
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LBI Emergency Alerts
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Did you know… you can find any home, anywhere by downloading the free RE/MAX mobile app? Click here!
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