The median home in Monmouth County listed for $784,825 in November, down 0.9% from the previous month's $792,223, an analysis of data from Realtor.com shows.
Compared to November 2022, the median home list price increased 12.1% from $699,995.
The statistics in this article only pertain to houses listed for sale in Monmouth County, not houses that were sold. Information on your local housing market, along with other useful community data, is available at data.app.com.
Monmouth County's median home was 2,062 square feet, listed at $373 per square foot. The price per square foot of homes for sale is up 12% from November 2022.
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Listings in Monmouth County moved briskly, at a median 48 days listed compared to the November national median of 52 days on the market. In the previous month, homes had a median of 44 days on the market. Around 554 homes were newly listed on the market in November, a 9.2% decrease from 610 new listings in November 2022.
The median home prices issued by Realtor.com may exclude many, or even most, of a market's homes. The price and volume represent only single-family homes, condominiums or townhomes. They include existing homes, but exclude most new construction as well as pending and contingent sales.
Across the New York-Newark-Jersey City metro area, median home prices fell to $728,000, slightly lower than a month earlier. The median home had 1,567 square feet, at a list price of $497 per square foot.
In New Jersey, median home prices were $529,450, a slight decrease from October. The median New Jersey home listed for sale had 1,714 square feet, with a price of $281 per square foot.
What happened the previous month? See October home prices in Monmouth County
Throughout the United States, the median home price was $420,000, a slight decrease from the month prior. The median American home for sale was listed at 1,858 square feet, with a price of $221 per square foot.
The median home list price used in this report represents the midway point of all the houses or units listed over the given period of time. Experts say the median offers a more accurate view of what's happening in a market than the average list price, which would mean taking the sum of all listing prices then dividing by the number of homes sold. The average can be skewed by one particularly low or high price.
This article originally appeared on Asbury Park Press: Monmouth County November home prices fell from the month before