LBI real estate market June recap
LBI June market report
June sent shockwaves through the NJ real estate industry with an update to the 2026 fiscal budget, introducing a new tiered mansion tax system. While sellers processed this change, we saw another decline in inventory, with 16 fewer single-family listings than May. This drop was also driven by the usual June slowdown, as many homes are occupied by renters or family.
Days on market dropped back down to 48 from 68 in May, with buyers staying active and trying to lock in a property early in the summer season. The sale price to list price ratio is a great indicator of market direction, it shows how close homes are selling to their list prices. The trailing 12-month average sits at 97.27%, with the number bouncing from 95.7% in February up to 99.3% in April. This tells us demand has remained steady, and in general, buyers are paying close to list price across the island.
Heading into July, it’s worth keeping a close eye on the mansion tax. If sellers decide to hold onto properties to avoid the mansion tax which now falls on their lap, we could see inventory tighten even further.
What should buyers be thinking right now?
How much more buying power do I have because of the updated mansion tax? Previously, buyers paid a 1% tax on homes over $1,000,000. Now, the seller assumes responsibility for the tax, creating newfound money for the buyer. As we get into the peak weeks of summer, it becomes increasingly difficult to tour homes as rentals are in place and families are occupying the properties. On top of that, summer vacations and plans are already set for many buyers, which takes eyes off the market. As we head into July, we may see fewer listings, but these challenges also create more opportunity. Changeover Saturdays are typically the best time to tour if you plan to be active in the market this time of year.
What should sellers be thinking right now?
If you're able to have a signed contract and be in attorney review by July 9th, the state will issue a refund for the percentage increase of the mansion tax, if your sale falls into one of the newly established brackets. While this new tax is a disadvantage for sellers, the market continues to face low inventory and steady demand, as buyers remain hopeful to get into a new home and enjoy part of the summer. Listing now, while other sellers hold off until fall to enjoy the season themselves, can pay off tenfold.
Market stats snapshot (past 3 months)
Sale price to list price ratio
April: 99.3%
May: 96.7%
June: 96.8%
Median sale price:
April: $2,100,992
May: $2,150,000
June: $2,500,000
Median days on market:
April: 49 days
May: 68 days
June: 48 days
If you are thinking about buying or selling, I would be happy to help you understand what is happening in the market and how it relates to your goals. Let’s connect.
