Understanding Lakewood, NJ Real Estate
Lakewood, New Jersey, is known for its vibrant real estate market. Home values in this area have seen notable growth over the years. In March 2024, Lakewood home prices rose by 53.5% compared to the previous year, with a median selling price of $390,000. This trend indicates a strong appeal for both buyers and investors.
The average time for homes to sell in Lakewood is currently 90 days, which is longer than last year’s 49 days. Despite this increase in market time, the number of homes sold has risen. In March 2024, 23 homes were sold, compared to just 16 the previous year.
Lakewood real estate has appreciated by 192.71% over the past decade. This represents an average annual appreciation rate of 11.34%, placing Lakewood among the top 10% nationally for real estate appreciation. These numbers highlight the potential for long-term investment in the area.
A look at local stats reveals that Lakewood homes are more expensive than the US median. The median price in Lakewood is $408,371, close to New Jersey’s average of $388,929. With a diverse housing market, attracting various buyers, Lakewood stands out in the state and nationally.
Many residents in Lakewood telecommute, reflecting a shift in work patterns. The median household income in Lakewood is $54,826, showing a diverse economic landscape. With its strong real estate performance, Lakewood remains a key player in New Jersey’s property market.
Top Neighborhoods for Investment
Lakewood, NJ, offers some attractive neighborhoods for real estate investment. Each area has its unique characteristics, from strong appreciation rates to desirable community features. Here, we delve into some of the most promising areas to consider.
Allenwood, NJ
Allenwood is a hidden gem for real estate investors. Its proximity to major highways makes commuting easy for residents. The neighborhood is known for its peaceful countryside feel, making it appealing to families and retirees alike.
The local property market is stable, showing moderate appreciation rates. Investors can find opportunities in single-family homes and small multi-family units. With a strong sense of community and good schools, Allenwood remains an attractive option for those looking to invest in a growing area.
Howell, NJ
Howell stands out as a suburban area with potential for investors. The area offers various housing options, including affordable starter homes and upscale properties. Its access to recreational spaces adds to its appeal, drawing in young families and professionals.
The real estate market in Howell benefits from consistent demand. Properties tend to retain their value well, with low foreclosure rates. For those interested in buy-and-hold strategies, Howell’s stable market and community amenities make it a suitable choice.
Brielle
Brielle attracts investors with its scenic views and coastal charm. Located near the Manasquan River, the neighborhood boasts fantastic recreational opportunities. These features make it desirable for vacation rentals and long-term investments.
The property market in Brielle shows above-average appreciation rates, driven by its location and community appeal. Investing in Brielle often means targeting buyers or renters who value access to waterways and outdoor activities. This unique market aspect can lead to strong returns for savvy investors.
Point Pleasant Beach
Point Pleasant Beach offers a dynamic and vibrant atmosphere. Known for its popular boardwalk and bustling summer tourism, it provides year-round investment prospects. Properties range from quaint bungalows to larger vacation homes, catering to various investor needs.
Tourist activity significantly boosts the demand for short-term rentals, presenting opportunities for buyers to leverage high seasonal incomes. The market’s resilience and growth potential make Point Pleasant Beach a compelling investment destination for those looking to diversify their portfolio.
Economic Indicators and Growth Prospects
Lakewood, NJ, presents promising opportunities for investment due to its robust economic indicators and growth potential. Key factors influencing these prospects include household income, employment rate, educational achievement, and demographic diversity.
Household Income and Employment Rate
Household income in Lakewood, NJ, has shown steady growth, reflecting the area’s economic vitality. The median household income gives insights into the community’s purchasing power, crucial for investors assessing local market potential. With a diversified economy, Lakewood boasts a relatively high per capita income. Employment rates are another significant aspect, with a high percentage of the working-age population actively employed. This indicates a stable job market, contributing to consistent income levels for households. A low unemployment rate suggests resilience in Lakewood’s economy, making it attractive for investment.
Educational Achievement and Demographics
Lakewood’s educational achievement levels offer insights into the community’s potential for long-term growth. A significant percentage of residents have attained higher education degrees, enhancing the skilled labor pool available to local businesses. This educated workforce is a draw for companies seeking to invest in the area.
In terms of demographics, Lakewood exhibits notable racial diversity. Such diversity can drive innovation and cultural richness, making the area a vibrant place to live and work. Demographic trends, including growth in younger age groups, suggest a dynamic and expanding community, providing a positive outlook for future investments.
Housing Market Insights
Lakewood, NJ features a diverse housing market with unique price trends and a variety of home types. This section explores the latest insights on home prices, trends in new listings, and architectural styles within the region.
Price Trends and Home Listings
Lakewood’s housing market has experienced notable shifts. The average home value is currently around $615,765, which has increased by 12.4% over the past year. This reflects a dynamic market with rising prices.
Recent data indicates that the median listing price is approximately $494,900. Despite the rising costs, the market remains competitive. Some neighborhoods, like Leisure Village, offer homes at lower median values, providing diverse options for buyers and investors.
Monitoring new listings is crucial, as they offer insight into the market’s health. Fluctuations in these listings can impact demand and pricing strategies.
Home Types and Architecture
Lakewood’s neighborhoods showcase a variety of home styles. One can find row houses, attached homes, and more traditional single-family residences. This variety caters to different preferences and budgets.
Row houses and attached homes are popular for their affordability and efficient use of space. These options contribute to Lakewood’s appeal to families and individuals seeking a balance between space and cost.
The architectural diversity adds charm to the area, with options in different layouts and styles fitting modern and traditional tastes. Evaluation of these features can guide potential investors in making informed decisions when considering investments in this vibrant community.
Lifestyle and Living Environment
Lakewood, NJ offers a diverse living environment with a mix of urban and suburban characteristics. Residents can enjoy a variety of amenities, contributing to a pleasing quality of life and convenient services.
Quality of Life Indicators
Lakewood provides a vibrant lifestyle, highlighted by its blend of urban energy and suburban calm. Housing is generally more expensive compared to the national average, reflecting its desirable location. The area is known for good road access, making commutes to larger cities manageable.
Public spaces and parks offer residents areas for recreation and relaxation. The local economy is supported by a mix of industries, with job opportunities contributing to steady population growth.
Local Services and Amenities
Lakewood is well-equipped with a range of services that enhance daily living. Home services are readily available, covering a broad spectrum of needs from repairs to cleaning. Efficient utility connections ensure reliable service for electricity and water.
The community has access to various forms of TV and Internet services. Residents can choose from fiber, cable, and DSL Internet options, providing flexibility in connectivity. Cellular service coverage is robust, supporting mobile communications effectively.
Public amenities include libraries, community centers, and sports facilities, contributing to a well-rounded lifestyle. Local shopping centers and restaurants cater to diverse preferences, ensuring convenience for everyday needs.
Affordability and Living Costs
Lakewood, NJ offers a range of housing options with varying price points. Understanding the most affordable neighborhoods and the overall cost of living in Lakewood can help investors make informed decisions.
Most Affordable Neighborhoods
Lakewood boasts several neighborhoods with affordable housing options. One such area is Cedar Glen West, NJ, known for reasonably priced homes compared to other parts of Lakewood. Properties here offer a chance for investors to get more value without sacrificing location benefits.
Pine Lake Park, NJ, also offers attractive options for those seeking affordability. This neighborhood provides a mix of cost-effective homes and rental units. It is particularly appealing to those looking to make a real estate investment in a community with potential growth. According to data, Lakewood’s median home value stands at $408,371, which is higher than the New Jersey average.
Cost of Living Comparison
Rent prices in Lakewood vary significantly. On average, renting a two-bedroom unit costs about $1,370 monthly, which is more affordable than New Jersey’s average and slightly cheaper than the national average rent price. This makes Lakewood attractive to those seeking budget-friendly rental options.
However, living comfortably in Lakewood requires careful financial planning. The recommended annual income is around $104,040 for families to maintain a comfortable lifestyle. For single residents, about $44,000 is suggested. While housing might be the biggest expense, other costs such as utilities and groceries play a role in overall affordability. Understanding these numbers helps potential investors and residents decide if Lakewood aligns with their financial goals.
Comparing Lakewood to Nearby Cities
Lakewood, NJ, is positioned among several notable neighboring cities. Brick, NJ, known for its suburban vibe, offers similar property values. Lakewood’s median home prices are 408,371 USD, a bit higher than Brick’s, which can make it appealing for investors seeking growth.
Toms River, NJ, presents more competitive housing markets, scoring high in terms of competitiveness. Lakewood’s atmosphere is urban, while Toms River provides more community-centric amenities, making each unique.
Jackson, NJ, provides a more relaxed pace compared to the bustling streets of Lakewood. Both cities have grown in population recently, yet Jackson retains a quieter environment, which some investors find attractive.
Holmansville, NJ, though smaller, benefits from its proximity, offering more rural investments. Lakewood’s growth potential is higher, drawing attention to its urban opportunities. Investors often compare this dynamic when evaluating potential returns.
Point Pleasant, NJ, offers a coastal feel compared to Lakewood’s urban environment. Real estate here may appeal to those interested in tourism and vacation rentals, whereas Lakewood’s market caters more to city dwellers.
Lakehurst, NJ, differs as it maintains strong ties to its military roots. This stable population base provides a contrasting investment opportunity to Lakewood’s rapidly changing market. Each city presents distinct characteristics, creating varied opportunities for investors to consider.
Investment Potential
Lakewood, NJ offers various opportunities for real estate investors. With a dynamic housing market featuring competitive home prices and a steady demand for rentals, the area shows significant promise in both long-term appreciation and rental returns.
Long-term Appreciation
The Lakewood housing market has shown a promising trend in long-term appreciation. Median house prices are notably higher than the national median, indicating strong value retention and growth prospects. Homes in Lakewood are often seen as stable investments due to the area’s consistent real estate trends.
Lakewood’s location, with its proximity to major urban centers like New York City and Philadelphia, enhances its appeal. This strategic position contributes to sustained demand, helping to drive property values upwards over time.
Rental Market Strength
Lakewood’s rental market is another key strength. The town benefits from a continuous influx of professionals and families seeking housing. This results in a low rental vacancy rate and robust demand for rental properties.
The presence of a large German/Yiddish speaking community and local politics also influence the rental landscape. These factors create a unique market with opportunities for investors seeking diverse tenant bases. Despite some challenges linked to poverty, the overall rental market remains active, providing promising returns for property owners.
Comparison with Cities of Similar Populations
Lakewood, NJ stands out in various aspects when compared to other cities with similar populations. The city’s population has seen a growth, rising from 135,384 in 2020 to 139,506 by 2022.
For instance, Georgetown, TX, and Goodyear, AZ, both have vibrant communities, yet Lakewood offers a unique urban feel. This can be more fast-paced than its suburban neighbors, though not as hectic as larger cities.
Home Prices:
- Lakewood, NJ: Median home value is $408,371, which is higher than the US median.
- Hammond, IN, and Gary, IN, have significantly lower housing costs.
- Georgetown, TX, has seen rising home prices thanks to growth and demand.
Household Income:
The median household income in Lakewood is around the 44th percentile compared to the US. This is comparable to cities like Grand Rapids, MI, and Glendale, CA, where the economy supports middle-income families.
Education:
In Lakewood, 34% of adults hold a bachelor’s degree or higher, slightly above the national average. Cities like Greenwood, IN, and Hamilton, OH, also showcase a moderately educated workforce, offering plenty of opportunities.
Lakewood’s distinct mix of urban appeal, housing costs, and educational opportunities makes it an intriguing choice to explore among cities like Hagerstown, MD, and Grand Prairie, TX. Each city offers unique benefits and potential investment opportunities.
Frequently Asked Questions
Investors looking into Lakewood, NJ real estate often inquire about the best neighborhoods for investment. They also consider factors like long-term growth projections and rental demand to make informed decisions.
What are the top-performing neighborhoods in Lakewood, NJ for real estate investment?
Lakewood offers several promising neighborhoods for real estate investment. Areas such as the Town Center stand out due to their high property values and potential for appreciation. With a median real estate price of $852,930, it is among the more expensive neighborhoods in New Jersey.
What are the long-term growth projections for property values in Lakewood, NJ?
Long-term growth in Lakewood is driven by its real estate market trends. The area’s property values have consistently ranked among the most expensive, indicating a strong likelihood of continued growth. The median house prices in Lakewood exceed both the national and state averages, highlighting its positive real estate outlook.
What types of properties offer the best ROI in Lakewood, NJ’s real estate market?
In Lakewood, single-family homes and multi-family units typically offer strong returns on investment. The robust demand for housing in this area supports competitive rental yields. Given the relatively high property values, choosing the right type of property can maximize returns for investors.
Which neighborhoods in Lakewood, NJ have the highest rental demand?
High rental demand in Lakewood is noticeable in neighborhoods like the Town Center, which offers desirable amenities and location advantages. The combination of a vibrant community and employment opportunities attracts a significant number of renters seeking housing in these areas.
How do property taxes compare across different Lakewood, NJ neighborhoods?
Property taxes in Lakewood vary by neighborhood. The higher property values, such as those found in the Town Center, often correlate with higher taxes. Investors should consider these variations to assess overall costs when investing in different areas.
What are the emerging neighborhoods in Lakewood, NJ for real estate investors?
Emerging neighborhoods in Lakewood, NJ, provide new investment avenues. Areas undergoing development or improvement tend to show promise for future appreciation. These neighborhoods may offer more affordable entry points with strong growth potential, appealing to strategic investors.
