LBI Real Estate Market: How 2024 Stacked Up Against 2023 and What’s Ahead for 2025
The Long Beach Island (LBI) real estate market saw notable shifts in 2024 compared to 2023, with increased sales, higher prices, and a slightly longer time on the market for properties. These trends highlight the continued demand for homes on LBI while also reflecting the evolving dynamics of buyer and seller activity. As we move into 2025, early data suggests that home prices are continuing to rise. Let’s break down the numbers and what they mean for the LBI market.
Total Sales: More Transactions in 2024
• 2023: 372 sales
• 2024: 403 sales (+8.3%)
The number of homes sold on LBI increased in 2024, marking an 8.3% rise in transactions. This growth suggests that despite higher interest rates and economic uncertainty, buyers remained highly engaged in the market. LBI continues to be a desirable destination, and this demand helped push sales higher, even as market conditions shifted.
Median Days on Market (CDOM): Homes Took Slightly Longer to Sell
• 2023: 44 days
• 2024: 52 days
While sales increased in 2024, homes generally took longer to sell, with the median days on market rising from 44 days in 2023 to 52 days in 2024. This reflects a shift in buyer behavior, as some buyers took longer to make decisions or negotiated more aggressively. This may also suggest that homes that had been on the market longer finally sold, driven by persistent demand and limited inventory. As competition remained strong, some buyers may have felt pressure to secure a property, becoming more willing to purchase homes that were less desirable or priced above market value to claim their spot on LBI. While LBI’s market remained competitive, this increase suggests that sellers had to be more patient and strategic in pricing and marketing their properties.
Average Sold Price: Prices Continued to Climb
• 2023: $1,938,974
• 2024: $2,095,502 (+8.1%)
One of the biggest takeaways from 2024 was the continued rise in home prices, with the average sold price increasing by 8.1% year-over-year. LBI’s market remained strong, fueled by limited inventory, high demand, and a continued interest in luxury and waterfront properties.
This trend has carried into 2025, with the current average sale price already at $2,178,193, indicating that prices are still rising. If this trajectory continues, 2025 will see another year of price appreciation on LBI. While real estate markets can fluctuate, LBI has historically appreciated in value over the long term. Barring a major economic downturn or an unforeseen event, prices are expected to continue their upward trajectory, just as they have for decades on island.
New Listings: More Sellers Entered the Market
• 2023: 552 new listings
• 2024: 621 new listings (+12.5%)
More sellers listed their homes in 2024 compared to 2023, with a 12.5% increase in new listings. This rise in inventory provided buyers with more options, helping fuel the higher number of transactions. However, demand continued to outpace supply in many segments, which contributed to rising prices.
Sales-to-List-Price Ratio: Strong Market for Sellers
• 2023: 96.6%
• 2024: 96.9%
The sales-to-list-price ratio remained steady in 2024, with homes selling at an average of 96.9% of their asking price—slightly higher than in 2023. This indicates that while some negotiation was happening, sellers were still achieving strong results, especially for well-priced properties.
Looking Ahead: What to Expect in 2025
Early data for 2025 suggests that prices are continuing to rise, with the average sold price currently at $2,178,193. While it’s still early in the year, this could signal another strong year for LBI real estate, particularly in the luxury segment.
A few key trends to watch as 2025 unfolds:
• Will demand continue to rise/remain steady, or will buyers hold off due to economic conditions?
• How will inventory levels impact competition in the market?
• Will days on market continue to increase, or will homes start selling faster as demand remains high?
For sellers, the data suggests that pricing correctly is key—homes are still selling close to asking price, but those that sit on the market too long risk price reductions. For buyers, competition remains strong, especially for well-priced homes, and waiting too long could mean paying more later as prices continue to rise.
As always, staying informed and understanding the market is crucial for making the right real estate decisions. Stay tuned for ongoing updates as we track the LBI market throughout 2025.
