What’s Happening in Monmouth County, NJ Real Estate?

If you’re planning on entering the Monmouth County real estate market in 2023, this could be your year. Here’s what you need to know about median home prices and other trends shaping the market.

MONMOUTH COUNTY, NJ REAL ESTATE MARKET 2022 RECAP

For most of 2022, the Monmouth County real estate market saw a return to normal after the home buying frenzy of 2020 and 2021, which were dominated by the urban exodus, bidding wars, long queues to open houses, and desperate buyers waiving inspections, appraisals, and contingencies. Many buyers welcomed the normalization of the market, taking time to breathe and searching for a suitable property at a more realistic pace.

2022 was characterized by climbing mortgage rates. As the year ended, the average mortgage rate increased to 5.34% from 2.96% in 2021, according to The Mortgage Reports. The hike came after 30-year mortgage rates dropped to a historical low of 2.68% in December 2020, and with mortgage rates hovering between 2.70% and 3.10% for most of 2021, giving many buyers the opportunity to purchase or refinance their properties at some of the lowest rates on record.

Fast forward to March 2023 and U.S. mortgage interest rates remain at their highest level since November 2022, according to Reuters. Buyers who are determined to enter the market at this time are hopeful for the opportunity to refinance to lower rates in the future.

Despite higher mortgage rates, there are still many serious buyers in the market — the coronavirus pandemic had instilled a desire for homeownership in buyers who learned the value of having their own personal space during a public health crisis. Many were anxious to stop renting in densely populated urban areas, particularly those with the option to work from home on a permanent or flexible basis.

Monmouth County’s resort towns were a popular destination for New Yorkers relocating during the pandemic. Traditionally a popular summer getaway on the East Coast, the Jersey Shore counties were highly sought among NYC families and remote workers escaping city life during the pandemic.

WHAT TO EXPECT IN THE MONMOUTH COUNTY, NJ REAL ESTATE MARKET IN 2023

Local experts believe that the odds are working in buyers’ favor this year. Compared to the buying frenzy of the last few years, there’s now less urgency – and potentially less competition for desirable homes – in 2023. The housing market has mostly calmed down in several Jersey Shore communities, including Long Branch and West Long Branch in Monmouth County.

In January 2023, the median sales price was $585,000, up 3% from December 2022 and up 9% from the same time last year, based on Monmouth County real estate market data from Long & Foster. These figures point to robust property values and sustained demand for quality housing in the area.

• Freehold, NJ had a median sales price of $660,000, up 12.8% year-over-year and 46.2% of homes selling above list price, according to Redfin.
• Manalapan, NJ had a median sales price of $639,000, up 32.4% compared to last year and a sales-to-list price of 100%.
• Marlboro, NJ had the highest median sales price at $705,000, up 24.1% compared to January 2022 with the most desirable homes selling 5% above the listing price.

Although median home prices are higher, there’s also slightly more housing stock, giving buyers additional options in the Monmouth County real estate market. The total number of homes available was higher by 7%, or 72 units, compared to January 2022 while the total number of active inventory was 1,178 compared to 1,106. However, the total is 6% lower than the total supply of available inventory in December 2022.

Despite the slight increase in active listings and available inventory, the Monmouth County real estate market is still far from being a buyer’s market. There was just 2.8 months of supply in January 2023. Though higher by 57% compared to January 2022, when there was 1.8 months of supply, a balanced market typically has four to six months of supply.

In real estate, months of supply refer to the number of months it will take for current housing inventory to completely sell out based on the current sales price, housing demand, and other market trends. The number is calculated by dividing housing inventory by recent sales. For most markets, having six months of supply is historically linked to moderate price appreciation while fewer months’ supply is associated with higher prices, according to the National Association of Realtors (NAR).

Buyers who want to find the best real estate deals in Monmouth County this year should work with an experienced agent who can guide them through the complexities of financing and provide access to exclusive and off-market listings.

Real estate developments to watch out for in Monmouth County, NJ

There are exciting new developments on the horizon in Monmouth County’s residential and commercial sectors. These real estate projects will add new housing stock to the market as well as revitalize existing commercial developments:

Residential real estate

• Four Seasons at Manalapan Crossing is an active adult 55+ community by leading builder K. Hovnanian. This 280-home development offers a finely crafted selection of single-family homes with as much as 3,092 square feet of living space. Buyers can choose from a wide range of floor plans, on-trend finishes, and interior design styles, such as Classic, Loft, Farmhouse, and Elements. Prices start at $769,990.

  Residents will enjoy low-maintenance amidst natural scenery along with exclusive access to resort-style amenities, including an elegantly appointed clubhouse with a swimming pool, walking trails, open spaces, and bocce and tennis courts.

• Pinebrook Crossing is a 250-unit subdivision in the pipeline. Upon completion, the development will have 175 townhouses with three bedrooms and a two-car garage and driveway. It will also feature five condo buildings with 75 two-and three-bedroom units, each with a single-car garage and driveway. These homes will be sold at market rate to eligible individuals, adding relatively more affordable housing to the Monmouth County real estate market. The developer has also proposed 814 total parking slots, which will include 13 handicap parking spaces.
• Woodward Estates is a new townhouse development with a three-story senior apartment building. The plan was approved by the Manalapan planning board in September 2022. The site is located across from Millhurst Road. Upon completion, the development will feature 130 townhomes and a 56-unit age-restricted apartment complex near Wemrock Brook Elementary School. Both developments will have provisions for future rooftop solar panel installation. The homes will be sold at market rate.

  Each townhouse will have three bedrooms, a rear patio, and a single-car garage and driveway with provisions to add a power generator down the line. Residents will have access to a playground and community tennis court.

  The apartment complex will feature 28 one-bedroom units and 28 two-bedroom units. Shared amenities include a yoga room, community room, and bocce ball courts. The developer will also add a generator, extra fire hydrants, additional landscape buffers, pre-wired electric vehicle charging stations, two more elevators connected to a backup generator to accommodate stretchers and medical equipment, and sidewalks leading from Millhurst Road to Woodward Road.

• Regent Oaks at Freehold is a new 55+ community by leading luxury builder Toll Brothers. Buyers can now visit their sales center and take a tour of two professionally decorated and fully furnished model homes, namely the Aldin and the Lauriston, at at 3390 Route 9 South. The models were decorated by an award-winning team from Possibilities by Design.

  Designed as an upscale community for active adults, the development will feature one and two-story single-family homes. Prices start at around $600,000+. Residents will enjoy low-maintenance living with lawn care and snow removal. They will also have access to resort-style amenities, including a 3,800-square-foot clubhouse, swimming pool, spacious terrace with outdoor seating, and bocce courts. Moreover, the development is located just 10 miles from downtown Freehold, which offers an array of shops, restaurants, and offices.



• The Belle Mead Parcel, which encompasses more than 77 acres of gorgeous farmland just across the Freehold Raceway Mall entrance, will be the site of proposed development with 660 single-family homes, townhomes, and apartments. The proposal also includes prime retail space , a convenience store, and a gas station.

  Upon completion, the development will feature 90 single-family homes along the east side of Trotters Way Extension; 256 rental townhomes, including 38 luxury townhomes, on the western edge of Trotters Way Extension; and 214 apartment rentals and 100 affordable housing units on the western portion of Trotters Way Extension, just south of County Route 537.

  Conveniently located at the intersection of Routes 9, 33, and 537, the development is highly accessible and brings residents close to local Freehold attractions. Construction will take place in four phases over a 20-year period.

• The Parc at Marlboro by Lennar Homes is a 34-acre development on the northbound lane of Route 79 across from Butchers Lane. Part of the Henry Hudson Trail runs along the rear of the property line. The developer will subdivide the property into 226 lots. 224 lots will be alloted for townhomes, each with at least 2,577 square feet of living space, to be sold at market rate; 2.7 acres will be reserved for 56 affordable housing units; a 14.6-acre lot will have a clubhouse, stormwater management basin, and roads.

  Once fully built out, the development will feature 224 townhomes distributed across 16 three-story buildings with eight units, and 16 three-story buildings with six units. Each townhome will have three bedrooms, a two-car garage, a basement, and an 8-foot-fence in the backyard for enhanced privacy.

  Its 56 affordable housing units will include 33 two-bedroom units, 11 one-bedroom units, and 12 three-bedroom units housed in two three-story buildings. Prices for market rate units will range from $685,990 to $845,990.

  The only access road to and from The Parc at Marlboro is located on Route 79. A traffic signal will be installed at the Arcadia Boulevard entrance.

• iStar has announced a new real estate project that will add 110 new townhomes, 160 condos, and 9,390 square feet of vibrant retail space to Asbury Park’s waterfront area over the next two years. The development will feature luxury properties, including Cape Cod-style homes, priced at $900,000 and above. iStar will be working with K. Hovnanian, Toll Brothers, and Somerset Development on the project.

Commercial real estate

• Freehold Business Park, a massive industrial development, has changed ownership from Asbury Avenue Partners, LLC to MT Freehold BPD, LLC for a cool $15.2 million. Located at 1 Business Park Drive, the development features six warehouse buildings with a total of 90,677 square feet on 14.27 acres of land, and 100 Business Park Drive, a roughly one-acre lot that can house an additional 13,750 square feet of industrial space.

  Built in 2007, Freehold Business Park was renovated in 2021 to accommodate the changing needs of high-quality industrial tenants in the Monmouth County real estate market. The development is centrally located near Interstate-95 (NJ Turnpike), Garden State Parkway, and Routes 9, 18, 33 with prospects of long-term rent growth and a diversified group of tenants.

• Gordons Corner Center is welcoming three new tenants in Manalapan. Its latest additions include a boutique, bakery, and wellness center. Lu Bella Boutique, which already has five locations in New York, has leased 4,000 square feet of prime retail space at 285 Gordons Corner Road. The boutique carries an assortment of women’s apparel, shoes, jewelry and other accessories. Archingle’s Kitchen is opening Bakery & Balloons in a 900-square-foot store while Atlantic Physical Therapy will occupy 3,200 square feet.

  Gordons Corner Center is a 45,000-square-foot commercial development with a new addition to cater to community demand for more tenants. It is anchored by Dunkin, Amboy Bank, and a host of retailers and local businesses.

• Willow Lane Medical Offices is an upcoming medical office building in Marlboro. The 2.1-acre property is zoned for commercial use with 248 feet of frontage on the south side of Willow Lane. The developer plans to remove existing structures to make way for a three-story medical office building with 25,650 square feet of commercial space and a parking area for 118 vehicles. Aside from medical practices, the development will have space for other office uses.

  A one-story dwelling with a detached garage and in-ground pool currently stands on the site. Located 433 feet east of Willow Lane’s intersection with Route 9 north, the property is heavily wooded with a tributary to Barclay Brook running near the southeastern corner.

WHAT MAKES MONMOUTH COUNTY, NJ A GREAT PLACE TO BUY REAL ESTATE?

• Robust property values – Median home prices have consistently remained strong in Monmouth county, with substantial price increases year-over-year. Buyers are often willing to pay 100% of the asking price for the typical home. This makes Monmouth County an ideal place to invest in real estate.
• Desirable neighborhoods – There are 53 towns and cities across Monmouth County. These townships are home to established neighborhoods, master planned communities, and luxury condo towers offering some of the finest homes in New Jersey.
• First-rate amenities – From vibrant shopping centers and business parks, to hiking trails and green spaces, Monmouth County offers a host of amenities to enhance your lifestyle.
• Business and employment – Monmouth County has business parks and commercial developments housing major companies and office space for those in search of employment or investment opportunities.

WORK WITH TEAM BLACK STAR IN 2023

Learn more about the Monmouth County real estate market when you contact Team Black Star. Get in touch with them at 732.688.3819 or send them an email to get started. As one of the top real estate teams in New Jersey for both volume and transactions, they have generated over $500 million in sales since 2019.

Founder and CEO Aleksandr Pritsker is the #1 Realtor among all brokerages in the Monmouth and Ocean counties MLS for two consecutive years. With over 10 years of experience, he secures the most advantageous deals for buyers, sellers, and investors who want to build equity in Monmouth County real estate.

Under his leadership, Team Black Start works 24/7. Their vast network of professionals and tradespersons include mortgage brokers, handymen, and moving companies. The team also helps clients in need of legal advice and township certifications. Call them today for more information.