If you have been paying attention to the real estate market in New Jersey lately, you already know something is happening here. Homes are flying off the market. Buyers are flooding in from New York City and Hoboken. And people who grew up here are watching their hometowns transform before their eyes. So what is actually going on — and can the average person even afford to be part of it?
I cover a lot of ground on this channel and on this blog — Monmouth, Middlesex and Ocean Counties right here at home, what is happening across New Jersey, and national trends that affect all of us whether we like it or not. But today we are zooming all the way in, because what is happening right here in Monmouth County deserves its own conversation. Let’s break it down.
The Numbers Don’t Lie (And Neither Do I)
Let’s start with the data, because the numbers are doing more than I ever could to explain what is going on here.
According to Cotality — the company formerly known as CoreLogic, they rebranded, very exciting for all of us — while the rest of the United States saw home price growth of about half a percent in early 2026, New Jersey surged nearly six percent. Six percent. While the rest of the country was basically napping, New Jersey was out here doing cardio.
And this is not just a New Jersey story. Nationally, the housing market has been sluggish, inventory is still tight almost everywhere, and affordability is stretched thin in most major metros. But New Jersey, and Monmouth County in particular, is outpacing almost all of it.
In Monmouth County specifically, the average home value is $628,038 — up 3.2% over the past year. Homes are going to pending in about ten days. The sold-to-list price ratio is sitting right around 100%, meaning sellers are getting exactly what they ask for, or more. And we have about 2.6 months of housing supply right now. A healthy, balanced market needs six months. So we are not balanced. We are the opposite of balanced. We are a Pilates class where everyone is falling off their reformer.
The NYC and Hoboken Effect (and why everyone is coming to Monmouth County)
So who is buying all of these homes? A big chunk of them are coming from New York City and Hoboken. And look, this is said with love, because everyone is welcome — but the demand flowing in from north of the Raritan is very, very real right now.
Here is the math that is driving it. You can sell a one-bedroom apartment in Hoboken for $700,000, move to Morganville or Freehold or Middletown, and buy a three-bedroom colonial with a garage, a backyard, and actual closet space for roughly the same price. Plus your kids get great schools. And you can park your car without crying.
Buyers are coming down the Parkway with pre-approvals in hand, moving fast, offering over asking, no contingencies. They are used to competitive markets. This is not their first rodeo.
A Fox Business article covering the New Jersey market actually quoted an agent saying that $150,000 over asking price is not always enough, especially here in Monmouth County. One hundred and fifty thousand dollars over asking. That is not a down payment — that is a whole boat. And it is still not enough in some situations. Let that sink in for a second.
But Can the Average Person Actually Afford It?
Here is the part where the honest hat goes on — which, to be clear, is worn at all times; it just gets more obvious here.
New Jersey was just ranked the third best state to live in by WalletHub for 2026, and we have the third highest median household income in the country at over $101,000 a year. That sounds great. And it is great. But then New Jersey, being New Jersey, also has one of the highest property tax rates in the entire country at 2.46%.
On a $628,000 home, that is over $15,000 a year in property taxes alone. That is $1,250 a month before your mortgage payment, before your homeowner’s insurance, before your HOA fees if you have them. So yes, we are a wonderful state. We are also a state that charges you handsomely for the privilege of being wonderful.
And this affordability squeeze is not unique to us. Nationally, the median home price relative to median household income is near record highs. First-time buyers everywhere are struggling. But here in New Jersey, the combination of high demand, low supply, and high taxes makes it a particularly spicy situation. Yes, we are fancy. And yes, we absolutely pay for it.
What Is Actually Happening on the Ground Right Now
Here is the part that no national real estate publication can give you, because they are not walking into these open houses. This is.
Open houses right now are packed. Thirty, forty, sometimes fifty people cycling through in two hours. It feels less like a home tour and more like a very well-decorated fire drill. Everyone is polite, everyone is stressed, and everyone is quietly doing math in their head the entire time.
Multiple offer situations are the norm, not the exception. Buyers who are serious are coming in pre-approved, sometimes pre-inspected, with escalation clauses already baked into their offers. If you are still thinking about lowballing someone in this market just to see what happens — bless your heart, but that is not the move right now.
First-time buyers are having the toughest time. They do not have equity from a previous sale to throw into an offer. They are competing against people who do. The entry-level price point in Monmouth County right now is roughly $450,000 to $550,000 depending on the town — and that range is the most competitive of all.
Towns like Freehold, Howell, Manalapan, Middletown, and Marlboro are on fire. And buyers who are getting priced out of their first-choice towns are expanding their searches into Ocean County and Middlesex County — and those markets are heating up fast as a result.
What This Means for Buyers and Sellers Right Now
If you are thinking about selling — this is your moment. Inventory is low, demand is high, and buyers are motivated. If your home is priced right and presented well, you are sitting in an incredibly strong position.
If you are thinking about buying — it is competitive out there, but it is absolutely not impossible. The buyers who are winning right now are the ones who are prepared, flexible on a few things, and working with an agent who knows this market inside and out and can move quickly when the right home comes up.
And if you are relocating from New York or anywhere else and you are just starting to explore whether Monmouth County is the right fit for your life — this is exactly the kind of resource this blog is here to be. Having sold real estate here for over 20 years, these towns, these communities, and this market are home turf. And yes, which neighborhoods have the best soccer programs is also known — because some of us are soccer moms and we are not apologizing for it.
Not everyone who reads this is staying in New Jersey either — and that is completely okay. For anyone thinking about relocating to South Carolina — Hilton Head, Bluffton, Beaufort — or Florida — Delray Beach, Boca Raton, Boynton Beach — trusted referral partners are on the ground in all of those markets ready to take care of you the way you deserve to be taken care of. And for anyone moving anywhere in the country, that network extends nationwide.
Why is everyone moving to Monmouth County? Because it is genuinely one of the best places to live on the East Coast. Beaches, schools, community, bagels, a reasonable drive to the city, and neighborhoods where people actually know their neighbors. That combination is rare, and people are chasing it hard right now.
Can they afford it? Some absolutely can. Some are stretching. And some need to adjust their expectations or their timeline — and that is okay. That is exactly what this blog and this channel are here to help you figure out.
Local Gem of the Week — 9th Ave Pier
Every week this blog is going to end with a local pick — a restaurant, a spot, a hidden gem, something that reminds you exactly why people are fighting this hard to live here. Because Monmouth County is not just a real estate market. It is a lifestyle.
This week’s pick is 9th Avenue Pier in Belmar, also located in Monmouth County. If you have never been, stop what you are doing and add it to your summer list immediately. It is an outdoor restaurant and bar sitting right out on the pier at the Belmar Marina — summer sunsets, live music, shore atmosphere, and their famous rum buckets that will make you forget you ever stressed about a bidding war. The crab spinach dip is worth the trip alone, the coconut shrimp is legendary, and the sunset views over the water are absolutely gorgeous. Open Fridays from 4 pm and Saturdays and Sundays from 11:30 am. You have no excuse not to go this weekend.
And a little insider tip — if you happen to stop by on a Saturday afternoon, grab a rum bucket, look around, and spot a very friendly real estate agent in her natural habitat — sunglasses on, completely off the clock — that may or may not be me. Come say hi. I promise I will not try to sell you a house. Probably. 😄
This is Monmouth County in the summer. This is what everyone is moving here for. 🏡🍹
💬 Let’s Make Your Real Estate Goals Happen
Hi, I’m Cori Dunphy, your trusted Monmouth County real estate expert and lifelong New Jersey resident. With over 24 years of helping buyers and sellers across the Garden State, I bring deep local knowledge, sharp market insight, and a lot of heart to every client experience.
Whether buying your first home, upsizing, downsizing, or simply exploring your options, I’m here to guide you honestly, clearly, and confidently — every step of the way.
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