
This South Jersey Town’s Housing Prices Are Up by 298%
The latest real estate numbers for the third quarter of 2024 show housing prices surging in one South Jersey Shore town.
According to Philadelphia Business Journal, Margate is now the third-hottest real estate market in the country.
Margate is the Third Hottest Real Estate Market in U.S.
PBJ says real estate data for June, July, and August 2024 shows that prices of luxury homes in Margate -- those houses selling for over $2 million -- have made the Atlantic County town the third hottest luxury home market in America.
27 Margate homes sold for more than $2 million during those three months, with an average home sale of $2.089 million.
Only the housing markets of Osterville, Cape Cod, and Longboat Key, near Sarasota Fl., rank higher than Margate.
Other South Jersey Shore towns like Avalon and Stone Harbor, which frequently make this list of top luxury home markets, didn't have the minimum 12 home sales needed to be ranked in the 3rd quarter of 2024.
Margate's Housing Prices Skyrocketed Since the Pandemic
According to the PBJ data, Margate home prices have climbed by 298% since the pandemic began, for the nation's biggest home spike over the past five years.
There has been a significant decrease in the number of homes for sale during that time, however.
Philadelphia Business Journal spoke with local realtors who said it was once typical to have as many as 170 homes for sale at any given time in Margate.
Now, the norm is no more than 60 homes at any one time.
During July, August, and September of 2024, there were 65 properties for sale in Margate, but 20 of them were condos.
The only other South Jersey Shore town on the hottest luxury homes market list for this period was Beach Haven, Long Beach Island at market # 86.
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