Although we focus on Fair Haven, Rumson and the surrounding town periodically it’s good to take a look at a wider area and see how the real estate market is doing. We’ve all heard the expression, “All real estate is LOCAL”, and while that’s true it doesn’t hurt to compare OUR local area with other areas in New Jersey, and specifically in Monmouth County.
At mid-year, as a whole, the median price of homes sold in Monmouth County rose 3% compared to a year ago. However, there was a lot of variation from town to town- in some towns prices increased, and in others they decreased. Here are the numbers for 23 towns in the Eastern portion of the county:
|Town||Jun 30 2015||Median|
|West Long Branch||35||$359,900||2.5%|
A quick look at the table shows that with a 2.9% increase, prices rose at a rate that was slightly below the county-wide rate. On the other hand, Fair Haven real estate prices increased at a rate that was double the county’s overall rate. Little Silver home prices actually decreased compared to a year ago.
Most of the numbers shoudn’t surprize you- the largest percentage increases came in places like Asbury Park, which is coming back strong after years of unpopularity, and Monmouth Beach, where last year’s sales were still reflecting some of the devastation caused by Hurricane Sandy. If you’re interested in a Monmouth County town that I didn’t list, just email or text me and I’ll get you the data.
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