The median sold price for a home in Barnegat for the month of October was $250,000. Over 200 homes under $250,000 sold in Barnegat since the beginning of the year. There are currently over 70 homes under $250,000 for sale in the township.
Also, if you’re thinking of selling your home in Barnegat but staying in the township, “move-up” opportunities abound as there are over 250 homes for sale over $250,000.
Lately, there have been many headlines circulating about whether or not there is an “affordability issue forming in the housing market.”
If you are considering selling your current Barnegat house and moving up to the home of your dreams, but are unsure whether or not to believe what you’re seeing in the news, let’s look at the results of the latest Housing Affordability Report from the National Association of Realtors (NAR).
According to NAR:
“A value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that a family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment.”
- The national index results for August came in at 141.2.
- This is up from 138.9 in July, but down 8.3% from last August’s value of 153.9.
One big factor in determining affordability each month is the interest rate available at the time of calculation. In August 2017, the 30-year fixed rate mortgage interest rate was 4.19%. This August, the rate rose to 4.78%!
With an index reading of 141.2, housing remains affordable in the U.S.
Regionally, affordability is up in three out of four regions. The Northeast had the biggest gain at 6.2%. The South had an increase of 2.4% followed by the West with a slight increase of 0.1%. The Midwest had the only dip in affordability at 4.8%.
Despite month-over-month changes, the most affordable region remains the Midwest, with an index value of 175.7. The West remains the least affordable region at 101.2. For comparison, the index was 146.7 in the South, and 151.2 in the Northeast.
If you are thinking of selling or buying a home in Barnegat, let’s get together to discuss the affordability conditions in our marketplace.
Karl Hess & Keller Williams Shore Properties provides expert real estate services to residential buyers and sellers in Barnegat and the surrounding area. Contact us today for more information on Ocean County Real Estate and for professional assistance navigating this complex home market.
As always, thank you for your time and feel free to get in touch if you have any questions. Karl Hess, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County