24/7 Wall St. Insights
- Rising demand and limited supply have driven U.S. home prices up by nearly 4% so far in 2024.
- In many popular coastal areas, price increases have far exceeded the national average.
- In New Jersey, however, not all oceanfront housing markets align with the broader trend.
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Bordering the Atlantic and Pacific Oceans, as well as the Arctic Ocean and the Gulf of Mexico, the United States has nearly 12,400 miles of coastline, more than all but a handful of other countries worldwide. Many of America’s coastal communities are among the most popular places to live in the country.
Of the more than 3,200 counties and county equivalents across the 50 states, fewer than 8% are located on the coast — yet these same areas are home to nearly 30% of the U.S. population. According to the National Oceanic and Atmospheric Administration, the population of coastal counties climbed by more than 40 million between 1970 and 2020.
While demand for real estate on or near an ocean has climbed in recent decades, the amount of available waterfront acreage is inherently fixed. With rising demand and limited supply, many coastal communities are reporting skyrocketing home prices, reflecting the nationwide housing shortage and ongoing affordability crisis.
Though home prices have fallen slightly in recent months, the U.S. housing market is still generally more expensive today than it was at the beginning of the year. According to data from Realtor.com, the typical American home was listed for $425,000 in September 2024, a $15,500, or 3.8%, increase from the median list price in January 2024.
In New Jersey, one of 23 U.S. states located along an ocean, home prices have climbed even faster than average. Among the 26,843 homes statewide that were on the market in September 2024, the median list price was $580,000, about 10.5% higher than in January. Notably, however, not all housing markets in coastal New Jersey have followed this trend.
Of the 21 counties in New Jersey with available housing market data, 10 border the Atlantic Ocean or an estuary. In some of these places, home prices have climbed by more than 10% so far in 2024. In other coastal counties, price increases have been far more modest — and in one, a typical home is cheaper now than it was at the beginning of the year. (Here is a look at the most affordable housing market in each state.)
It is important to note that median list prices vary between $335,000 to $899,000 in these counties as of September 2024, the most recent month of available data. And while some of these housing markets may be only modestly more expensive, or even cheaper, than they were at the beginning of the year, they are not necessarily affordable areas for a broad range of budgets. (Here is a look at the cities where most homes cost less than $125,000.)
These are the coastal counties in New Jersey where home prices have climbed or fallen the most in 2024. All 10 oceanfront counties in the state, with available data from Realtor.com, are ranked on the percent change in median list price from January to September 2024.
Why It Matters
In recent years, limited supply and rising demand have fueled a surge in home prices. This year alone, the list price of a typical American home has climbed by about 3.8%. In many popular coastal areas, the same supply and demand dynamics that led to the ongoing housing affordability crisis have been even more pronounced. In New Jersey, however, not all oceanfront housing markets have gotten more expensive in 2024.
10. Salem County
- Change in median home list price in 2024: +24.6% (+$66,050)
- Median home list price in January 2024: $268,950 ($256,000 less than statewide median)
- Median home list price in September 2024: $335,000 ($245,000 less than statewide median)
- Median size of a listed home in September 2024: 1,854 square feet (121 sq. ft. larger than statewide median)
- Number of homes for sale in September 2024: 279 (1.0% of all listed homes in New Jersey)
- Population: 64,840
9. Essex County
- Change in median home list price in 2024: +16.6% (+$82,275)
- Median home list price in January 2024: $495,225 ($29,725 less than statewide median)
- Median home list price in September 2024: $577,500 ($2,500 less than statewide median)
- Median size of a listed home in September 2024: 2,105 square feet (372 sq. ft. larger than statewide median)
- Number of homes for sale in September 2024: 1,128 (4.2% of all listed homes in New Jersey)
- Population: 853,374
8. Middlesex County
- Change in median home list price in 2024: +10.7% (+$53,067)
- Median home list price in January 2024: $496,833 ($28,117 less than statewide median)
- Median home list price in September 2024: $549,900 ($30,100 less than statewide median)
- Median size of a listed home in September 2024: 1,684 square feet (49 sq. ft. smaller than statewide median)
- Number of homes for sale in September 2024: 2,120 (7.9% of all listed homes in New Jersey)
- Population: 860,147
7. Cumberland County
- Change in median home list price in 2024: +10.5% (+$27,750)
- Median home list price in January 2024: $263,250 ($261,700 less than statewide median)
- Median home list price in September 2024: $291,000 ($289,000 less than statewide median)
- Median size of a listed home in September 2024: 1,537 square feet (196 sq. ft. smaller than statewide median)
- Number of homes for sale in September 2024: 481 (1.8% of all listed homes in New Jersey)
- Population: 153,588
6. Ocean County
- Change in median home list price in 2024: +9.7% (+$52,775)
- Median home list price in January 2024: $544,225 ($19,275 more than statewide median)
- Median home list price in September 2024: $597,000 ($17,000 more than statewide median)
- Median size of a listed home in September 2024: 1,797 square feet (64 sq. ft. larger than statewide median)
- Number of homes for sale in September 2024: 3,513 (13.1% of all listed homes in New Jersey)
- Population: 638,691
5. Union County
- Change in median home list price in 2024: +8.3% (+$45,250)
- Median home list price in January 2024: $546,750 ($21,800 more than statewide median)
- Median home list price in September 2024: $592,000 ($12,000 more than statewide median)
- Median size of a listed home in September 2024: 1,777 square feet (44 sq. ft. larger than statewide median)
- Number of homes for sale in September 2024: 914 (3.4% of all listed homes in New Jersey)
- Population: 572,079
4. Monmouth County
- Change in median home list price in 2024: +4.7% (+$38,200)
- Median home list price in January 2024: $808,750 ($283,800 more than statewide median)
- Median home list price in September 2024: $846,950 ($266,950 more than statewide median)
- Median size of a listed home in September 2024: 2,100 square feet (367 sq. ft. larger than statewide median)
- Number of homes for sale in September 2024: 2,900 (10.8% of all listed homes in New Jersey)
- Population: 643,064
3. Hudson County
- Change in median home list price in 2024: +2.3% (+$15,000)
- Median home list price in January 2024: $650,000 ($125,050 more than statewide median)
- Median home list price in September 2024: $665,000 ($85,000 more than statewide median)
- Median size of a listed home in September 2024: 1,150 square feet (583 sq. ft. smaller than statewide median)
- Number of homes for sale in September 2024: 1,687 (6.3% of all listed homes in New Jersey)
- Population: 712,029
2. Atlantic County
- Change in median home list price in 2024: +0.2% (+$950)
- Median home list price in January 2024: $399,000 ($125,950 less than statewide median)
- Median home list price in September 2024: $399,950 ($180,050 less than statewide median)
- Median size of a listed home in September 2024: 1,520 square feet (213 sq. ft. smaller than statewide median)
- Number of homes for sale in September 2024: 1,581 (5.9% of all listed homes in New Jersey)
- Population: 274,339
1. Cape May County
- Change in median home list price in 2024: -2.8% (-$25,975)
- Median home list price in January 2024: $924,975 ($400,025 more than statewide median)
- Median home list price in September 2024: $899,000 ($319,000 more than statewide median)
- Median size of a listed home in September 2024: 1,753 square feet (20 sq. ft. larger than statewide median)
- Number of homes for sale in September 2024: 1,334 (5.0% of all listed homes in New Jersey)
- Population: 95,456
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