Monmouth County Housing Market Update - March 2018

Despite there being fewer homes for sale, and increases in interest rates, buyer demand has remained strong enough to keep home prices on the rise in Monmouth County. 

Let's take a look at the key metrics for the First Quarter of 2018 compared to the First Quarter of 2017 for Single Family Detached Homes, Townhomes & Condos, and Adult Community Homes in Monmouth County.

Single Family Detached:  

  • New listings were down 10.8%, from 3,029 in the first quarter of 2017 to 2,701 this year.
  • In spite of the decrease in new listings, sales held steady with a slight 1.8% increase. 
  • There were 2,351 homes available for sale at the end of March 2018, down 22.9% from the 3,050 at the end of March 2017.  
  • The median sales price continued to rise, from $387,655 in 2017 to $405,000 this year.
  • Homes are selling faster, with an average days on the market of 72.

Townhomes/Condos:

  • New listings were down only slightly for the first quarter of 2018 compared to 1Q 2017, from 676 to 672. 
  • Again, sales were up from 344 in 2017 to 366 this year. 
  • At the end of March there were 442 townhomes/condos available for sale in Monmouth County, down 26.3% from 600 at the end of March 2017.
  • The median sales price was up slightly, from $265,000 to $270,000.
  • Average days on the market decreased to 60, compared to 71 last year.

Adult Community Homes

  • All the key metric statistics fell in the adult community home category.
  • New listings fell nearly 20%, from 244 in 2017 to 196 this year. 
  • Sales also decreased 12.5%.
  • The inventory of homes for sale at the end of March of this year was down 30.7%, from 228 in 2017 to 158 this year. 
  • Median sales prices were also down, from $287,000 in 2017 to $275,000 this year.
  • Homes were on the market for an average of 62 days, down from 75 last year.

How do Monmouth County housing statistics compare to the State of New Jersey?   

Key metrics for Single Family Detached, Townhomes/Condos, and Adult Community Homes are combined for the State of New Jersey.

  • New listings -5.4%
  • Closed sales -1.8%
  • Median sales price +5.8%, from $255,000 to $269,900
  • Average days on the market down to 74, from 85 in 2017
  • Inventory of homes for sale -17.4%