Prices came back up again this past month in Staten Island. Despite a small slip in early fall, the average home in Richmond County now sells for $666,041. For the past six months now, home prices have stabilized around the $660,000 mark.
On the other hand, our new ventures into New Jersey have opened up an entirely different market. By contrast, the New York City market has been on a steady climb in recent years. Home prices on the Jersey Shore have been more volatile. Here, buyer activity is off the charts (literally).
In Monmouth and Ocean Counties, real estate now sells for above 100% of its asking price. Even in the hottest months, Staten Island homes have always sold at a slight discount from list price for as long as we have been writing these reports. In October, homes in these two counties sold for 101.8% of ask price. This makes an 8-month streak of breaking 100.
The fire and fury is also evident with the available inventory. Demand is so high in Monmouth/Ocean County that month’s inventory is a staggering 1.64. It would take less than two months to sell 100% of this area’s homes! By contrast, Staten Island brings in a very respectable 3.42 months- still double the amount of time to clear housing inventory.
And Jersey Shore listings are selling so fast, they sell in just 26 days on average- meaning a typical home will sell in just 3 ½ weeks! Staten Island’s average days on the market is 70 days, nearly 3 times as long.
Monmouth and Ocean counties have also seen a sharper appreciation in recent years. Staten Island home prices have risen 11% in two years. Homes by the Jersey Shore have enjoyed a 30% appreciation in the same time. The average home cost $401,466 in November of 2019. This past month, home sale prices averaged $523,575.
So if the market is so much hotter in the Garden State, why are prices still much lower? One factor is the wealth of the community. New York City attracts big investments from around the world. Household incomes are higher than they are in New Jersey. These factors also help explain why the New York market is more stable and less volatile.
New Jersey has not historically gotten as much attention as New York, and the economy is much smaller and more fragmented. But in a post-pandemic economy, fueled by work-from-home trends and early retirements, these suburban neighborhoods with more space and larger yards really captured the spotlight. For Monmouth/Ocean County sellers, offer prices really went off the charts beginning in 2020. Pre-covid, Staten Island did enjoy an earlier bull run from about 2016-2018 of roughly 30% also.