October 1st 2019

The Shore real estate market continues its strong track.  Two trends continued through August, as we've seen for many months: prices are increasing almost across the board, and inventory continues to be limited.  If you're waiting for prices to decrease significantly, you may be waiting a while.    

One area to point out is Lower Township, which includes communities such as North Cape May.  In January we predicted single family homes there would become increasingly sought after.  Through August, single family homes have increased 12% in average sales price versus 2018 in Lower Twp.  Average days on market decreased to only 69 days.  And, on average, homes sold for 97% of asking price!

Waiting another year could put a home purchase out of reach. Potentially higher home prices and interest rates will affect your monthly and yearly expenses.

Freddie Mac predicts interest rates to rise to 5.1% by the end of 2019

Core Logic antipates home prices to appreciate 4.8% over the next twelve months on average. Home prices at the Jersey Shore have increased substantially more in many communities.

Call our team if you would like more information on the local market. We can refer you to a lender who will determine if you are in a position to buy a new home now. We can also provide information on the benefits of renting a property to help offset expenses.

We are your Jersey Shore Real Estate team and we look forward to working with you!