Monmouth County median home price drops in March
The median home in Monmouth County listed for $824,900 in March, down 1.9% from the previous month’s $841,223, an analysis of data from Realtor.com shows.
Compared to March 2023, the median home list price increased 3.9% from $794,000.
The statistics in this article only pertain to houses listed for sale in Monmouth County, not houses that were sold. Information on your local housing market, along with other useful community data, is available at data.app.com.
Monmouth County’s median home was 1,888 square feet, listed at $398 per square foot. The price per square foot of homes for sale is up 10.3% from March 2023.
Listings in Monmouth County moved briskly, at a median 39 days listed compared to the March national median of 50 days on the market. In the previous month, homes had a median of 38 days on the market. Around 756 homes were newly listed on the market in March, a 10.9% increase from 682 new listings in March 2023.
The median home prices issued by Realtor.com may exclude many, or even most, of a market’s homes. The price and volume represent only single-family homes, condominiums or townhomes. They include existing homes, but exclude most new construction as well as pending and contingent sales.
Across the New York-Newark-Jersey City metro area, median home prices rose to $759,900, slightly higher than a month earlier. The median home had 1,502 square feet, at a list price of $555 per square foot.
In New Jersey, median home prices were $549,000, a slight increase from February. The median home listed for sale had 1,685 square feet, with a price of $297 per square foot.
Throughout the United States, the median home price was $424,900, a slight increase from the month prior. The median American home for sale was listed at 1,826 square feet, with a price of $228 per square foot.
The median home list price used in this report represents the midway point of all the houses or units listed over the given period of time. Experts say the median offers a more accurate view of what’s happening in a market than the average list price, which would mean taking the sum of all listing prices, then dividing by the number of homes sold. A particularly low or high price can skew the average.