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Experts agree- this is a weird market which is nearly impossible to pin down or predict.

In tandem with government interest rates, mortgage rates have been the rise for some time. The 30 year fixed rate had once soared to around 6%, which is the unofficial tipping point into a buyer’s market. However, this past week it came down to 4.99% according to Freddie Mac. This is the first time borrowing rates have come below 5% since April.

And though we saw some apprehension when rates began to rise, real estate fundamentals have come back strong for the month of August. In fact, prices hit another record high in Staten Island! The average home in the borough sold for $743,800 in July! On the Jersey Shore, prices tend to swing more wildly. The average…

All around the nation, mortgage rates have been rising for the first time since the start of the pandemic. Home prices have begun to stabilize after their breakneck climb.

Here in our local markets, Staten Island and The Jersey Shore, we do see some similarities between the two. But there are pronounced differences between buying and selling in these two areas.

Breakdown: Staten Island and New Jersey Real Estate, March 2022

Staten Island is the more stable market of these two. The Jersey Shore market is more volatile. Staten Island home prices remained about the same in February as they did in January. The average Staten Island home sold for $710,776 last month.

In Monmouth and Ocean Counties, prices came down quite a bit.…

2021 was a historic year for real estate. Pandemic boom towns brought remote workers out to the suburbs, starting bidding wars that brought home prices to record highs.

Our two main markets, Staten Island and The Jersey Shore, are attractive for buyers leaving New York City. Combine this trend with the lowest borrowing rates in a lifetime, add in constrained new construction inventory, and this past year was a roller coaster to say the least!

Across the US, new construction has not kept up with shrinking inventory. Supply constraints pushed up home prices nationwide. But each market is different, as we found when serving clients in the New York Metro area and the Jersey Shore area.

Year Over Year Comparison:

Home Sale Price

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