MONMOUTH COUNTY, N.J. – Home prices continued their upward climb across Monmouth County in June as buyers competed for a limited supply of homes, according to the latest monthly housing market report released by New Jersey Realtors. The median sales price for a single-family home reached $850,000, an 8.3% increase from the same month last year, while closed sales rose 7.7%.
Although sellers brought more homes to the market, inventory remained constrained. New listings for single-family homes increased 10.3% to 761, but the number of homes available for sale fell 4.2% year over year to 1,154, leaving just 2.7 months of inventory.
Single-family homes continue to gain value
Homes also continued to sell near asking price. Sellers received an average of 103.1% of their list price, unchanged from June of last year, while the average time a home spent on the market increased slightly from 26 to 27 days.
Looking at the first six months of the year, the median single-family sales price climbed 6.4% to $800,000. However, year-to-date closed sales declined 9.0% compared with the same period last year, while new listings were nearly unchanged, slipping 0.9%.
Townhouse and condo market remains competitive
The townhouse and condominium market also experienced higher prices despite fewer listings. The median sales price increased 5.6% to $549,000 in June, while closed sales rose 7.2% to 163 transactions.
Inventory declined 4.1% to 327 homes, representing 2.4 months of supply. Homes spent an average of 36 days on the market, up from 30 days a year earlier, while sellers received 100.6% of their asking price on average.
Adult communities post mixed results
Monmouth County’s adult community market saw the strongest increase in monthly sales activity. Closed sales jumped 30.9% compared with last June, while the median sales price rose 6.5% to $612,500.
The number of available homes increased modestly to 117, though months of supply declined slightly to 2.2. Through the first half of the year, the median sales price for adult community homes stood at $525,000, down 6.5% from the same period last year, while year-to-date sales fell 8.7%.
Why it matters
The June report suggests Monmouth County remains a seller’s market, with limited housing inventory helping to push prices higher across most property types. Even as more homeowners listed properties for sale during the month, demand continued to outpace supply, keeping competition strong and allowing many sellers to receive at or above their asking price.
