We all knew it couldn’t last, so here it is: US real estate’s wild sellers market is coming to an end.
That being said, your local market has a big impact on where home values are headed. An area with strong economic fundamentals (like New York) is likely to fare much better than an overvalued market (like Phoenix or Boise). The Jersey Shore market is a bit unique as it is connected to (and benefitting from) the NYC metro area.
In Staten Island, home prices dropped more than we have ever seen them drop in a single month- over $50,000. The average home now sells for $689,747. In July, Staten Island homes averaged $743,320. In New Jersey’s Monmouth and Ocean Counties, the price remained almost exactly the same, at just $581,000 for both…
