Real estate market remains active, despite low inventory
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Properties in many areas are also staying on the market longer, while prices in most areas are continuing to rise. 
“Home sales are down as expected seasonally, and as compared to the same month last year,” said Berkshire Hathaway HomeServices Fox & Roach regional president Ric Martel. “Continued availability issues and lack of homes for sale have persisted, but the market remains active. Demand remains high, so buyers are acting quickly,”
The number of properties sold in Monmouth County in October 2023 was down by 13.2 percent from this time last year. There were 607 homes sold in October 2023, compared to 699 homes sold in October 2022.
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The average price of properties sold is up by 3.5 percent in Monmouth County compared to this time last year, with the average being $794,635 in October 2023 and $767,531 in October 2022.
The monthly average inventory of homes for sale is down by 18.2 percent, with 2,371 homes for sale in October 2023 and 2,897 homes for sale in October 2022.
The average number of days a home stayed on the market increased by 7 percent, with 31 days being the average in October 2023 and 29 days being the average number of days in October 2022.
The number of properties in Monmouth County under contract in October 2023 has increased by 14.5 percent, with 599 homes for sale in October 2023 and 523 homes for sale in October 2022.
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