Average Cost of Condos in Monmouth County NJ: Why Buy?

When searching for a new home, many variables come into play. Most people consider the location, the opportunity for investment, the change of lifestyle, and the amenities and resources they’ll need. The primary concern for most movers, however, is always the price. As the top consideration for a large move from one location to another, the price can make or break the opportunity for new adventures in a new home. To prospective buyers who want a change, we recommend adding an important factor to the considerations listed above. Consider the style of the home you want to purchase. Simply put, choosing to buy a single-family home, a townhome, an apartment or a condominium provides you with different options. Additionally, and more importantly, there are varying price points and associated costs. For those seeking the best “bang for your buck,” condos in Monmouth County are a great option. 

Pros & Cons of Condominium Living 

There are many reasons to consider condos in Monmouth County over single-family homes or townhouses. However, before you invest your money, you should confirm that this style of home will support your lifestyle. 

Pros of condo living include: 

  • Managed maintenance. There is a professional someone to take care of any issues you have with your home.
  • Accessible luxury. Condos often have luxurious amenities that are not included in the purchase of a single-family home. Want a pool, fitness center, lounge, etc.? A condo might be for you!
  • Access to transit. Many condo complexes have easy access to public transportation. This can save money and is a great option for commuters. 
  • Lower price tag and insurance. Condos are often more affordable than houses. Insurance rates are lower, too, because you’re only responsible for insuring your specific unit and not the common spaces. This is more budget-friendly. 
  • Move-in ready. Condos often come fully furnished and ready for living. No need to spend extra money furnishing the space and preparing. Just turn the key and move right in. 
  • Close-knit community. If you’re someone who likes to get to know the neighborhood, participate in events, and you want to engage with the people around you, condo living is a great choice. 
  • Wheelchair accessible. Condos must be built to code. In the Americans with Disabilities Act, certain steps are mandatory. This ensures that your home is accessible to friends and family with disabilities.

While the list of benefits of condo living is clearly lengthy, this style of housing might not be for everyone.

Cons of living in a condominium include:

  • HOA fees. Living in a condominium complex means that there is a small extra cost of Homeowners Association fees. These costs typically cover the maintenance of the property around you. 
  • HOA regulations. HOAs usually also have a set of rules in place for the property. These rules and regulations can be somewhat limiting in certain scenarios, so they should be considered while vetting condos in Monmouth County. 

Monmouth County, New Jersey: A Great Place to Live  

Monmouth County is a diverse part of New Jersey with opportunities to live every kind of lifestyle. If you want a lovely suburb, a bustling city, or a quiet beach town, you can find all those options in Monmouth County. Some of the benefits of this county include the following. 

  • Miles and miles of beautiful beaches
  • Excellent public and private schools
  • Parks, recreation, and entertainment options
  • High quality of life
  • A plethora of commuter options to New York City & Philadelphia

We should note that homes in this area are in high demand. According to Redfin, on average in 2021, homes in Monmouth County sell after 28 days on the market compared to 49 days in 2020. 772 homes sold in March 2021, up 670 from the same month last year. These numbers indicate that there is a high demand for single-family homes, townhomes, and condos in Monmouth County. In other words, any home purchase you make in Monmouth County reflects a good future investment. 

What’s the average cost of a home in Monmouth County?

According to Redfin, Monmouth County home prices are up 20.7% compared to last year, as of March 2021. The average home in the area is selling for a median price of $495,000. A deeper breakdown of town averages, according to NJ.com, reflects a comparable range of median pricing. Some examples include the following. 

  • Long Branch City: $397K
  • Manasquan Boro: $594K
  • Middletown Township: $414K
  • Oceanport: $504K
  • Red Bank: $374K

The Lofts Pier Village: A Seaside Luxury Investment

The truth is that not all properties are created equal. Before choosing a style of home and a specific community to invest your money in, consider the long-term financial benefits. The Lofts  Pier Village in Long Branch, NJ offers endless reasons why you should buy. At these modern beach condos in Monmouth county, services, as well as indoor and outdoor amenities abound. In the residences themselves, as well as throughout the entire complex, no matter how long you live here, you’ll never tire of your surroundings. Additionally, the available tax benefits, as well as the overall pricing, are unbeatable in the area. The Lofts Pier Village offers an all-inclusive, resort-inspired life. To learn more about the amenities at The Lofts, contact the sales center today! 

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