Buyer’s Guide to Jersey Shore Real Estate: 2021 Breakdown

The housing market across the United States has seen many fluctuations over the past three years. Since the beginning of the Covid-19 pandemic, many changes have caused increased housing prices, low interest rates, and even lower inventory. These attributes are representative of the market across the entire country. However, the state of New Jersey has seen more specific, and in some cases more volatile, changes.  In 2021, these facts continue to hover over the heads of many people in search of a new home in the state. In short, the Covid-19 pandemic shed new light on the way New Jerseyans were living their lives and many made the decision to change their lifestyles. Leaving behind the constant demand of the hustle and bustle of New York City and other metropolitan areas, Jersey shore real estate was and remains in high demand. If you are considering a home purchase down the Jersey shore, it can help to learn a little more about the state of the market and what opportunities will best suit you and your family.

New Jersey real estate: What’s the latest?

According to an interview conducted by NJ 101.5 with real estate professionals, there is a lot to note in the housing market in 2021. As we mentioned, when COVID-19 popped up in New Jersey last March, home appreciation rates skyrocketed. This was due to low supply and very strong demand. It should be noted that even though these facts are limiting, buyers remain motivated.  According to NJ Realtors, in June 2021, the Garden State recorded a 41% increase year-over-year in closed sales, despite a 24% jump in the median sales price.

This might seem like a red flag to many who remember a similar trend from the mid-2000s. Will we have a similar situation to the 2007 recession? Rest assured, experts say this time around there’s no real concern about another mortgage crisis. Despite the rise in recent sales, demand for homes and the bank loans that buyers are receiving are entirely different today.

In an interview with Jeffrey Otteau, managing broker at Hudson Atlantic Realty Advisors in Matawan, we learn a little more. Otteau believes there are signs that the New Jersey housing market is not as hot as it was just a few months ago. In other words, sales activity is beginning to slow its pace and inventory is back on the rise. Additionally, Otteau expects to see mortgage interest rates rise,  which tends to reduce home-buying demand.

“The economy right now is continuing to get better, and the rising tide of a growing economy typically causes income to rise and jobs to multiply — all of which would run counter to a doomsday scenario,” Otteau added.

What can we expect from the market moving forward?

In the same interview, we learn that the market may see a housing correction in the year or two ahead. This referring to the average prices of homes on the market.  Otteau expects home prices to continue their climb through 2022. However, not at a rate as high as what we’ve seen since the first quarter of 2021. Additionally, he predicts that prices in New Jersey will experience a correction in 2023.

“This is not a bubble that will burst,” Otteau said. “What we’re likely to see this time instead is some air leaking out of the balloon, so it will float a little lower without popping and collapsing.”

Why buying a condominium is your best option

With this information, New Jersey homebuyers can feel confident that we are returning to a more reasonable housing market. In other words, it’s time now to start thinking about long-term investments in the way of property. If the Covid-19 pandemic hit you and your family in a fashion similar to so many, you may be seeking an opportunity to find a more laidback lifestyle. If that’s the case, consider luxury condominiums down the Jersey shore. There are so many benefits to condominium living including the following.

  • Luxurious amenities
  • Seaside residences
  • On-site maintenance
  • Tax abatement programs
  • Long-term investment in a high-demand area

Specifically, at The Lofts Pier Village, there are many financial benefits.

At The Lofts Pier Village, you’ll benefit from the following. 

  • 30-year tax abatement savings
  • Location in an opportunity zone
  • Option to rent seasonally or yearly
  • Rapid expansion and development in Long Branch, NJ
  • Prime location with unbeatable views

Additionally, 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. This is 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. When it comes to Jersey shore real estate, you know you’re making the best choice possible. 

The Lofts Pier Village: Seize a New Opportunity to Live Down the Jersey Shore

If you’re looking for a prime opportunity in Jersey shore real estate, look no further. At The Lofts at Pier Village, the Jersey Shore is yours. For people looking to settle down the shore, with an ocean view in Long Branch, we have everything you want and more. In other words, your ideal seaside lifestyle can come together in one incomparable setting. Our modern “City by the Sea” offers a lifestyle unlike anywhere else on the Jersey Shore. These elegant oceanfront condominium residences, with a fresh wave of fine dining and shopping, and the serenity of the ocean create the perfect balance. Learn more about contemporary, cosmopolitan, and blissfully carefree living on the waterfront, every season of the year.

Leave a comment