“Inventory continues to be tight in Monmouth County. Entry-lstate acceleration. The increasing entertainment and lifestyle offerings in towns such as evel buyers are moving into more affordable Ocean County suburban towns. This same trend also occurred at the height of the market in 2005/2006,” Petraccoro said.
Housing demand, The Gallery said, is just part of the area’s real estate uptick.
The increase of entertainment and lifestyle offerings in towns like Red Bank and Asbury Park are driving new luxury development.
“Reasonable taxes, great schools, highway access, and an unbeatable lifestyle has been the undeniable appeal for the area for years,” Joe McMullen, director of new construction and development, The Gallery, said. “Now, lifestyle amenities such as retail and restaurants, are creating areas of hyperlocal growth in both counties.”
“With this expanding infrastructure, we are seeing not only summer home purchasers, but more and more people relocating to the area from western and northern New Jersey and making it their primary residence. This summer is a powerful and unique time to both buy and sell,” he said.