Brick, NJ Real Estate Update
There are a number of reasons to live in Brick, New Jersey and if you are getting ready to move there or purchase a home, you might be curious about how the real estate market is doing. In this article, we are going to take a look at the most recent real estate market numbers from the first quarter of 2019 and give you insight into Brick, NJ and its geographic location.
Real Estate Growth
Since 2013, the Brick real estate market has been increasing, at times, sharply. Its unique location is a real value to both city-dwellers and beach lovers, and its low crime rates make the city ideal for families. Zillow predicts the average home price to reach about $267,000 in the coming months with the current price point at about $250,000.
The average home listing stays on the market for about four months with that number decreasing to about three months in Spring and Summer seasons. The number of homeowners is pretty impressive with about 90% of residents being homeowners rather than renters. In 2018 the tax rate in the area rose by roughly $3-billion which is attributed to on-going post-Hurricane Sandy homes being built at a higher value. Local officials anticipate those tax rates to be lower in 2019.
Local realtors have reported the inventory of homes has been “hot” and that it is certainly a seller’s market. Many homes have seen multiple offers resulting in bidding wars among buyers. The good news for buyers, the market has recently been showing signs of slowing, allowing more people to get into the market without so much competition.
Living in Brick, New Jersey
The city has a unique location, it’s no more than an hour and a half away from Atlantic City, Philadelphia, or New York City. Yet, the town of about 75,000 people is situated right on the Atlantic Ocean with access to some of New Jersey’s best beaches. There are more than 20-public and private education options for parents and tons of resources for those who have children with special needs.
Looking to buy a home in Brick, New Jersey? We would be thrilled to be a part of that process. GCA Inspections serves homes in Brick, Toms River, Manchester, Lakewood, Lacey, Forked River, Point Pleasant, Wall, Seaside Heights, and Stafford. Call us today to set up an appointment or connect with us online.
