5 Years After COVID-19: Monmouth County's Real Estate Market Transformation
It's hard to believe that exactly five years ago this weekend, we went into lockdown mode as COVID-19 changed life as we knew it. The pandemic dramatically reshaped New Jersey's real estate landscape, particularly in Monmouth County where I focus my practice. Today, I'm sharing valuable insights about our local market's evolution from 2018 to early 2025, with special attention to what current homeowners need to know about their property values.
According to a recent state government report, New Jersey's population increased by 2.3% between April 2020 and December 2024. This influx of residents has been a significant factor in our housing market dynamics, creating sustained demand even as inventory declined.
The Numbers Tell the Story
Looking at single-family home sales in Monmouth County over the past few years reveals some remarkable trends:
Inventory Challenges & Recovery
In pre-pandemic 2018 and 2019, we consistently saw around 10,880 new listings enter the market annually. As the pandemic progressed, new listings declined steadily:
2020-2021: Steady decrease in available homes from 10,133 to 8717 respectively
2022-2023: Sharp decline from 7822 in 2022, and reaching a low of just 6,437 new listings in 2023
2024: The market began showing signs of recovery with a modest uptick in inventory to 6802 listed that year.
2025: Experiencing continued improvements in available homes (up 9.3% year-to-date)
Dramatic Price Appreciation
While inventory was shrinking, home values were soaring. The median sale price for a single-family home in Monmouth County increased as follows:
2019: $442,000 (last "normal" market year)
2020: $519,000 (17.4% increase during peak pandemic demand)
2024: $749,000 (representing a 69.5% increase from 2019)
That's a staggering $307,000 increase in median home value over just five years!
What This Means for Monmouth County Homeowners in 2025
If you purchased your home in 2018, 2019, or even early 2020, you could be sitting on substantial equity. The 69.5% appreciation since 2019 represents one of the strongest periods of home value growth in our county's history.
The early 2025 data suggests we're entering a more balanced market. While prices remain near historic highs, the rate of appreciation has slowed significantly to just 2.3% year-over-year as of mid-March—a welcome sign for market sustainability.
Additionally, more homeowners are deciding to sell, increasing our inventory and creating a healthier market environment. This means:
You can sell at near-peak values
You'll face less competition from other sellers than in years prior to the Pandemic
Buyers are starting to have more options, reducing bidding war intensity
The market will hopefully return to a more sustainable equilibrium
Is Now the Right Time to Sell?
For many Monmouth County homeowners, particularly those who purchased before or during the early pandemic, 2025 presents an ideal selling opportunity. You can capitalize on your substantial equity gains, while still benefiting from strong demand and near-record prices.
The market is showing signs of normalizing after years of unprecedented conditions, suggesting we may be approaching a more traditional cycle. For sellers considering a move in the near future, this "sweet spot" of high prices and improving inventory likely represents optimal timing.
Get a Personalized Analysis
Every property and situation is unique. If you're curious about your home's current value in this evolving market, I'm happy to provide a comprehensive market analysis tailored to your specific property.
Contact me at 732-212-0440, or email CYork@ResourcesRealEstate.com to discuss your options in today's Monmouth County real estate market.
I'm happy to provide a comprehensive market analysis tailored to your specific property.
