Hot Market Continues Into 2021 | JJ Coastal Homes

Posted: 2021-02-06

2020 is a year one would like to forget. However, with all the negativity came a thriving market at the South Jersey Shore. People have been flocking to the shore, seeking solace and finding their "Peace of the Beach" to call their home away from home, a safe haven, if you will. The past eight months have been unprecedented and is continuing, with multiple offers on homes and many selling over ask price. As supply and demand demonstrates, inventory has dwindled (some Islands are down as much as 66% from last year), causing prices to increase tremendously, producing a seller's market.

Nevertheless, there are also benefits to purchasing a property in this market. Besides buying for their personal use, many buyers have also taken advantage of the influx of rental inquiries, buying solely for rental income. Others are investing on the Islands as a healthier choice for money growth, preferred to stocks.

Those who missed out in 2020 are aggressively looking to buy now! Interest rates are still incredibly low, and although no one has a crystal ball, the more one waits, the market indicates that prices will continue to rise.