LBI Market Update February 17, 2023

The real estate market on Long Beach Island, similar to the rest of the country, has been going through a less severe, but obvious cooling period. Although the market has definitely slowed down from the record boom courtesy of the COVID pandemic, homes in January 2023 were still observed on island selling for an average price that is about 70-80% greater than pre-pandemic prices. Due to this and several other factors, the scales have been leaning in the favor of the seller for the past 2+ years. On the contrary, year-over-year inventory has increased by roughly 29%, as of the latest report, pointing in a positive direction for any buyers in the market. With inventory slowly on the rise in addition to the overall current state of the market, home prices are beginning to plateau. In combination with these trends and more options to choose from, the market may begin to balance out from the viewpoints of both the buyer and seller.