Jersey Shore Homes – Buyer Demographics are Shifting
For those wanting to buy a home along the Jersey Shore, the bar has been lowered. With prices down as much as 40%, a new trend has arisen. Recent sales indicate many Jersey Shore retirees and wealthy homeowners have recently been replaced by younger and middle class home buyers. And for those who want a beachfront home, it’s a buyer’s market.
Based on an Associated Press analysis of The New Jersey Association of Realtors data, housing prices in the four counties of Jersey Shore (Monmouth, Ocean, Atlantic and Cape May) dropped heavily in 2008 and 2009, with varying degrees, leveling off in 2010. In Cape May County for example, between Q1 2008 and Q1 2009, the median home price dropped from $354,000 to just over $280,000. That is a 21% drop in one year.
Because of these price reductions, a Jersey Shore property may now possibly be in reach for buyers who previously found the price of entry too steep.
The increasing availability of Jersey Shore housing is creating a demographic change for those looking to call the beachfront home. Younger people, including those in their 30’s and 40’s, are now not uncommon buyers of high end properties on or near the Shore.
Buyers today do their homework. With as much information as there is on the internet, buyers know exactly what they are looking for, and they know if it’s overpriced.
If you have specific Real Estate questions in any part of New Jersey or the New Jersey Shore, contact Sujatha Bhaskara, Your New Jersey Real Estate Agent, by phone at 732.319.1340 or by email at firstname.lastname@example.org
Sujatha Bhaskara is your tech-savvy New Jersey Realtor who provides an exceptional level of real estate services to home buyers and sellers in Monmouth, Ocean, and Middlesex counties. Visit Best in New Jersey Real Estate to search for homes in Aberdeen, Colts Neck, East Brunswick, Edison, Englishtown, Freehold, Holmdel, Jackson, Keyport, Little Silver, Manalapan, Marlboro, Matawan, Monroe, Morganville, Old Bridge, Sayreville, and South Brunswick, New Jersey and beyond.
*Information gathered from Associated Press’ “Drop in housing prices allows new generation of homebuyers to live at the Jersey Shore”, May 28, 2011. Online.