As the year draws to a close, the Long Beach Island (LBI) real estate market finished strong with notable activity in December. Beyond the monthly trends, a year-over-year comparison of 2024 versus 2023 reveals how the market has evolved. Let’s break down the numbers and what they mean for buyers, sellers, and the market in general.

December 2024 Market Snapshot

Sales Performance

• December 2024: 43 property sales

• November 2024: 37 property sales

December outpaced November with a 16% increase in sales, reflecting robust buyer activity even during the holiday season. This trend shows that motivated buyers were still eager to secure properties despite the typical year-end slowdown.

Inventory Levels

• December 2024: 142 active listings

• November 2024: 167 active listings

Active inventory fell significantly in December, with only 142 homes for sale compared to 167 in November. This 15% decline highlights the market’s continued inventory challenges as fewer new listings came on during the holiday season. Buyers likely faced limited options, and the tight inventory contributed to steady demand.

Average Sold Price

• December 2024: $1,933,233

• November 2024: $1,700,000

The average sold price rose by 14% in December, returning closer to October’s numbers. This increase suggests that more mid- to high-end properties sold during the month. For sellers, the data underscores the importance of strategically timing and pricing homes to align with buyer demand.

Days on Market (CDOM)

• December 2024: 52 days

• November 2024: 29 days

The median days on market rose significantly in December, doubling from November’s 29 days to 52 days. This longer timeframe could be attributed to buyers taking more time to finalize deals amid holiday distractions. Despite the increase, homes are still selling within a reasonable timeframe compared to historical averages.

New Listings

• December 2024: 20 new listings

• November 2024: 35 new listings

New listings dropped sharply in December, with only 20 homes hitting the market compared to 35 in November—a 43% decrease. This is typical for the season, as many sellers choose to wait until after the holidays to list their properties.

Sales-to-List-Price Ratio

• December 2024: 96.3%

• November 2024: 96.9%

The sales-to-list-price ratio dipped slightly in December, suggesting buyers were able to negotiate modestly better deals as the year ended. However, homes continued to sell at prices close to their asking values, reflecting a balanced market.

2024 Year in Review: How It Compared to 2023

Looking at the full year, LBI’s residential market in 2024 saw significant growth and shifts compared to 2023:

• Sales: 401 in 2024 vs. 372 in 2023 (+7.8%)

The number of sales increased year-over-year, indicating consistent demand for LBI properties despite economic uncertainty and rising interest rates.

• Median Days on Market (CDOM): 52 in 2024 vs. 44 in 2023

Homes took slightly longer to sell in 2024 compared to 2023, reflecting the importance of strategic pricing and marketing in a competitive market.

• Average Sold Price: $2,087,365 in 2024 vs. $1,938,974 in 2023 (+7.6%)

The average sold price rose, driven by strong demand and increased interest in luxury and mid-range homes.

• Sales-to-List-Price Ratio: 96.9% in 2024 vs. 96.6% in 2023

Sellers received slightly higher percentages of their asking prices in 2024, indicating a competitive but fair market for buyers. The year-over-year change remains relatively unchanged.

• New Listings: 619 in 2024 vs. 552 in 2023 (+12.1%)

The increase in new listings suggests more sellers entered the market in 2024, creating opportunities for buyers despite tight inventory.

Conclusion

December 2024 capped off a strong year for LBI real estate, with increased sales, higher average prices, and steady demand despite seasonal trends. The year-over-year comparison highlights a resilient market, with growing/steady interest in the area driving both sales and prices higher.

As we look toward 2025, inventory remains a key factor to watch. Buyers should be prepared to act quickly, especially in high-demand segments, while sellers should focus on strategic pricing to capitalize on the market’s momentum.

Stay tuned for updates on how the new year unfolds for the Long Beach Island real estate market. Whether you’re buying or selling, 2025 promises new opportunities on the horizon.

Source: Bright MLS ® 2024. Single-family, Multi-family, and Land sale statistics for all of LBI