$2M will buy you a nice house at the Jersey Shore, but don’t expect an ocean view (2024)

In today’s real estate market, $2 million will get you a nice house at the Jersey Shore.

But it won’t have everything. None of the active listings NJ Advance Media found have a pool. You probably won’t have an ocean view. And it won’t be new construction.

“Prices have essentially doubled, or close to it, since the pandemic,” said Jeffrey Childers of Childers Sotheby’s International Realty.

Five or six years ago, $2 million would be toward the top of the market, said Allacen Jennings oF Century 21 Solid Gold Realty. But “$2 (million) is going to be an OK price now,” she said.

Just like every other price point, throughout the state, there is severely low inventory, driven largely by higher interest rates.

“Even though people can make a lot of money on their house if they sell it, they have a 3% loan,” Jennings said. “So people who would go out and get the same amount of mortgage and have to pay 8% interest rates, they say ‘I’ll just stay here.’”

People are also staying put because they’re worried that the market has topped out and they’ll be over paying. “They’re not confident this market is going to continue,” she said. “Why take a risk that they’re over paying. So they stay where they are.”

Those who are shopping for a home are forced to act quickly because if a home is priced right, it goes under contract within days.

Childers listed a house in Lavallette for $1,999,000 that was under contract within a week for more than its asking price.

“The $2 million market is very hot at the moment,” he said. “It’s kind of a sweet spot where you can buy a pretty high quality home and it’s still pretty afford. The market kind of goes from $2 million- to $4 million-plus. That’s a big jump. There’s not much in that $2 million to $4 million range.”

At the same time, some buyers are getting pickier and more cost conscious, said Patrick Halliday of BHHS Fox & Roach Downtown Sales Office.

“Buyers are taking a slower approach,” he said, adding that more people are waiting for a home to become available that ticks their criteria boxes rather than settle for one of the few homes that are on the market at a given time.

“A Shore house is a luxury item,” Halliday said. “That’s where we’re starting to see people being hesitant. Do I want this? Do I need this?”

On Long Beach Island, it would be hard to find an oceanside property at the $2 million price point, Gina Laird of ReMax Long Beach Island said.

“It’s a very challenging market,” she said. “Higher interest rates have put many buyer’s beach homes on the back burner.”

Here are five homes that are currently listed at the Jersey Shore for about $2 million:

38 Ocean Pathway, Ocean Grove - $1,975,000

This home is on a double lot, has a driveway and garage and if you know how hard it is to find parking in Ocean Grove, that is worth a lot. The home has five bedrooms and two-and-a-half bathrooms in just over 1,800-square-feet. It’s location, on the Pathway, near the green, the beach, downtown and Asbury Park also makes it desirable. “You can do anything you want to a house but you can’t change where it is,” said Allacen Jennings of Century 21 Solid Gold Realty, the listing agent.

153 East Atlantic Boulevard 2, Ocean City - $1,995,000

This house was on the market for four months. It was originally priced at $2,395,000 because the sellers were in no rush. Once they found a new home, the price was lowered to $1,995,000 and it’s now under contract for full asking price. It’s a five-bedroom, four-bathroom, second-floor condo in the exclusive Garden’s neighborhood of Ocean City. It has cathedral ceilings, an elevator, large front, rear and rooftop decks and it’s a block from the beach.

227 South Court, Lavallette - $1,999,000

A lagoon-front five-bedroom, two full- and two half-bathroom home that was built in 2015 was under contract for more than its asking price within a week of being listed. “It’s a nice size home, on the waterfront and it’s not too old,” said Jeffrey Childers of Childers Sotheby’s International Realty.

114 East 25th Street, Long Beach Township - $1,999,000

A four-bedroom, three full- and one half-bathroom home that was built in 2014 and is close to the beach. “Its really a quality-built home. It was built for the current owners as a primary home so there are a lot of extras there wouldn’t be in a normal new construction,” said Gina Laird of RE MAX of Long Beach Island. “It’s ready to go. There’s nothing to do. And there’s room for a pool if someone wanted to add one.

908 Bayview Avenue, Barnegat Light - $1,999,999

This four-bedroom, two full- and one half-bathroom home, built in 2008, is across the street from Barnegat Bay and close to Viking Village, the lighthouse, restaurants and the beach. It has two living areas, an elevator, an oversized two-car garage and multiple decks including a rooftop one.

Are you an agent, buyer or seller who is active in this changing market? Do you have tips about New Jersey’s real estate market? Unusual listings? Let us know.

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Allison Pries may be reached at apries@njadvancemedia.com.