May 19, 2024


Mad about real estate

Homes in the Monmouth County Real Estate Market

Right now, Monmouth County real estate listings are among the counties in New Jersey with the highest number of homes on the market, with a little over 5,000 homes for sale, both previously owned and new among them. The recent bailout packages in Washington and the fluctuations in the stock market that are negative one day and positive the next, don’t seem to be giving homebuyers much confidence that the recession will turn around, which is affecting the purchase of homes throughout the state, and the country.

Monmouth County real estate listings currently show that the spread of homes for sale tends to bunch up in certain areas while other areas have only a few properties available. Some areas in Monmouth County, like Allenwood and Loch Arbour have relatively few homes available. Right now, Allenwood has only 6 real estate listings, and Loch Arbour has only 3 homes for sale. While other areas have hundreds of homes available, from both foreclosures, regular resident home sales, and from new construction as well. Manalapan has about 350 homes available currently Keyport has 111, Long Branch has 224, Matawan has 129 and Middletown has 206. Most areas where Monmouth County real estate is for sale average between 50 and 100 homes available.

The areas with the most homes available are actually areas with the most new construction that has yet to be sold, and given the current Monmouth County real estate market and the climate of lending in the country, it’s expected that many of those homes will remain empty for quite a while. The homes that range above $150,000, and most of the new construction comes in far above that near $300,00 or more, are particularly at risk to stay empty thanks to the belief that they may be overvalued in the current market. Buyers may be able to get one of those homes for much less by the end of the real estate deal, however.

Monmouth County real estate, like real estate across the country, is truly a buyer’s market right now. With homeowners and realtors desperate to move the houses, the asking price can be tens of thousands above the price they eventually accept to close the sale.

Monmouth County real estate listings, while among some of the highest in New Jersey, still remain less than other areas like Bergen County, where about 6500 homes are for sale, Essex County with over 7000 listings, and Hudson County with about 6700. Recent events on Wall Street had caused some experts to talk about a nearing end to the housing crisis which would signal an end to the recession, but whether or not that shows itself anytime soon in Monmouth real estate prices has yet to be seen.