Monmouth County Housing Market Update

The Monmouth County housing market remained brisk throughout 2017 with continued low inventory, more sales, quicker sales, and moderately rising prices.  

Here is a summary of the housing statistics for last year end compared to 2016 for Single Family Detached Homes, Townhomes and Condos, and Adult Community Homes:

Single Family Detached Homes

  • Low inventory carried through from the previous few years, with only a 1.3% rise in new listings in 2017
  • As of the end of 2017, there was only a 3.8 months supply of available homes on the market
  • In 2017 homes sold in an average of 63 days, 10 days quicker than 2016
  • There were 7,159 closed sales, up 11.1% from 2016
  • The median sales price rose 3%, from $403,000 in 2016 to $415,000 last year

Townhouses and Condos

  • There were less new listings in 2017 than 2016
  • At the end of 2017 there was only a 2.6 months supply of available homes for sale
  • Homes sold a week quicker (60 days) than in 2016
  • The median sales price was $269,950, up 1.9% from $265,000 in 2016
  • There were 1,921 closed sales, up 7.3% from the 1,791 sales in 2016

Adult Community Homes

  • There were also less new listings in 2017 for adult community homes
  • The months supply of available homes at the end of the year was only 2.7 months
  • There were 694 closed sales in 2017, up from 617 in 2016
  • Days on the market until the sale was 64, down from 70 in 2016
  • The median sale price rose 14.2%, from $262,650 in 2016 to $299,950 last year.

In our current housing market environment of low inventory, quick market times, and rising prices, it's a great time to get your home on the market.