Asbury Park Real Estate Market Prices, Trends, and Forecast 2023

Asbury Park, New Jersey, is an oceanfront community on the Jersey Shore known for its bustling boardwalk, scenic views, and friendly community. With an interesting cultural history and a strong reputation as an artist's haven, Asbury Park boasts a lively music scene, renowned restaurants and cafes, and unique shops and boutiques. Home to various recreational activities, including surfing and kayaking, Asbury Park is also home to several public parks and green spaces perfect for hiking and other outdoor activities. The town has access to the Atlantic Ocean, Deal Lake, and Wesley Lake, making it ideal for a boater lifestyle.

Asbury Park's real estate market has grown in popularity as more people seek to live in this thriving beachfront community. However, with this increased demand comes a need for buyers and sellers to better understand the local market in order to find success. Knowing about trends, pricing patterns, and other key considerations can make all the difference in making informed decisions in the local real estate market.

The Asbury Park real estate industry has grown significantly over the last few years, but current trends suggest it is leveling out. This is excellent news for buyers priced out of the market during the pandemic. While the market remains healthy, it is becoming less frantic than it once was, allowing buyers to take more time and deliberate on purchases. As for sellers, understanding this shift in market dynamics can help them set reasonable prices and make informed decisions about their listings.

As the real estate market in Asbury Park stabilizes, understanding home values becomes increasingly crucial for both buyers and sellers. Knowing the property's value can help buyers make informed decisions about their budget and determine if a listing is overpriced or a good value. Understanding home values can help sellers set the right asking price and avoid losing money or sitting on the market too long.

Home value is the estimated worth of a property based on the most current factors, such as location, condition, and market trends. It is determined through a combination of objective and subjective criteria, including property appraisals, recent sales data, and the overall supply and demand for homes in a particular area. Homes in Asbury Park appreciate, meaning they are more valuable over time. On average, homes in Asbury Park are selling for 8% more than in 2022.

Investors seeking to break into the real estate market can find tremendous opportunities in Asbury Park due to the steady growth and appreciation of properties. The city's convenient location, vibrant culture, and growing economy make it attractive for young professionals and families. The city has invested heavily in revitalizing its waterfront area and improving public amenities, which will drive further demand for housing in the area.

Asbury Park's real estate market offers an ideal opportunity for a profitable purchase in a stable and growing market. As the Asbury Park real estate market stabilizes, it's important to note that increasing home prices can also affect rent prices. With the area's growing popularity, demand for rental properties has also increased, leading to rising rent costs for tenants. This is a key factor for real estate investors to consider when evaluating potential rental properties.

Asbury Park's real estate market is likely to stabilize in 2023, with slow population growth playing a role in maintaining market equilibrium. While demand for properties in this thriving beachfront community remains strong, it is not growing at a rate that would drive up prices significantly. This makes it a desirable market for buyers and investors looking for manageable entry points. The population slightly decreased from 2020 to 2022, with a small uptick in 2023.

 

Real estate in Monmouth County, where Asbury Park is located, has steadily increased in value over the last few years. This upward trend will likely continue in 2023 but at a more moderate pace. While there are pockets of the county where the market is still hot, the overall trend is toward a more balanced market. Asbury Park's real estate market, in particular, offers a unique combination of value and opportunity for those looking to invest in this vibrant coastal community.

There has been a notable increase in median housing prices in the Asbury Park region in recent years. According to current data from the Monmouth Ocean Regional Realtors Association, single-family home median sale prices in 2023 are $685,000 compared to $605,000 in 2022, up by more than 13%. For condominiums in the county, the median sale price in 2023 is more than $432,000 compared to $422,500 in 2022, up by more than 2%.

To understand the Asbury Park real estate market forecast for 2023, it is essential to look at regional and national factors that could impact the market. Housing prices throughout the U.S. are expected to continue to increase, albeit slower than in recent years. As with any real estate market, trends and forecasts are subject to change.

Navigating real estate can be challenging for even the most seasoned investors. That's why working with a local realtor with experience and expertise in the Asbury Park market is important. A good realtor can help you understand current trends in the market, identify properties with high potential for appreciation, and negotiate the best possible terms for your investment. By partnering with a realtor who knows the local market intimately, you can position yourself for success.

Theresa Lee is an expert Asbury Park real estate agent specializing in upscale communities in Monmouth and Ocean. Theresa stays current on local data to educate buyers and sellers about a custom approach to the market. To learn more about buying a home in Asbury Park and to get additional tips for preparing your home for sale, such as our 9 DIY home staging tips, connect with Theresa Lee to start your journey.