LBI real estate market May recap

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LBI May market report

We recently dipped below 100 active single family home listings across all of Long Beach Island, a stark contrast to pre COVID levels when inventory regularly exceeded 450. Since January 2024, we've only seen four months with more than 200 active single family listings. This persistent lack of inventory has kept prices stable, even amid tariff discussions and broader economic uncertainty.

Higher interest rates have had less of an impact on the LBI market than in many primary home markets. That is because a significant share of buyers here continue to use cash or tap into liquidity access lines to finance purchases.

The island's trailing 12 month average sale price stands at $2,288,568, while May’s average was $2,267,135. This indicates steady pricing and continued buyer confidence.

What should buyers be thinking right now?

Get clear on your intentions. Will this be a family getaway, a rental investment, new construction, or just a place with more storage space? Knowing your goals upfront allows you to act quickly and avoid rushed decisions when the right home comes along.

Look for overlooked listings. Homes that have been sitting on the market may offer opportunities. Sellers in these situations may be more open to negotiation, but always do your due diligence. Look into potential issues like tidelands claims, variance requirements, or code violations that may explain the longer days on market.

Understand where competition is strongest. The $1M to $2.5M price range is the most competitive on LBI, with multiple buyers often circling well priced properties. If your budget exceeds $2.5M, you will likely find more flexibility and better negotiating power.

Market stats snapshot

Sale price to list price ratio (past 3 months):
March: 98.1%
April: 99.3%
May: 96.9%

Median sale price:
March: $2,150,000
April: $2,100,992
May: $2,200,000

Median days on market:
March: 44 days
April: 37 days
May: 28 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.