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Monmouth County Real Estate Market Update – October 2023

Monmouth County Real Estate Market Update – October 2023

Today I have an exciting market update for all you buyers and sellers in Monmouth County, New Jersey. So grab a cup of coffee, sit back, and let’s dive into the numbers for October 2023!

Let’s start with the Months Supply of Inventory. Currently, we have a 3.01 Months Supply of Inventory in our market. Now, what does that mean? Well, it tells us how long it would take for all the homes on the market to sell, given the current pace of sales. And let me tell you, this number is impressive! Over the last 12 months, our Months Supply of Inventory has decreased by a staggering 76.56%. That’s right, the demand is high, and the supply is low, making it a fantastic time to sell your home!

List to Sold Price percentage. This is a crucial metric for sellers as it shows how close they can expect their listing price to the final sold price. And guess what? Monmouth County is rocking it! The List to Sold Price percentage is currently at 100.9%. That means, on average, sellers are getting very close to their asking price. So if you’re thinking about selling, now might be the perfect opportunity to get top dollar for your home!

Moving on, let’s discuss the Median Days on Market. This number represents the average number of days it takes for a home to go from listing to being sold. And in Monmouth County, it’s a remarkable 19 days! That’s right, homes are flying off the market, and buyers need to act fast to secure their dream home. So if you’re in the market to buy, be prepared to move quickly when you find something you love!

Last but certainly not least, let’s talk about the Median Sold Price. In October 2023, the Median Sold Price in Monmouth County was $640,000. That’s a significant increase from last year, indicating a strong and resilient market. So whether you’re a buyer or a seller, it’s essential to understand the current pricing trends to make informed decisions.

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