Five hot zip codes for home buyers

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Jennifer Lampert sold her stake in Asbury Festhalle & Biergarten and moved from Asbury Park to Newark for her next venture when a pandemic erupted, shutting down both the city and its plans.

With no prospects on the horizon, Lampert and her boyfriend Vinnie DeMuro decided to return to the Shore. They started finding a rare affordable home in Monmouth County… And they think they found it in Kinsburg, an area long considered a failure.

“I call this the final frontier,” said Lampert, 50. “And the best secret on the Jersey shore.”

Maybe not for long. Kinsburgh is one of four cities in Monmouth County with the average price of a house sold jumped by at least 30% since the start of the pandemic, according to Asbury Park Press.

The rise in prices was caused by a wave of people. are arriving on the Jersey shore from New York, Philadelphia and North Jersey, experts say, who have taken advantage of record low mortgage rates to find a place to relocate and protect themselves from the virus.

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The revival was not entirely unexpected. The generation of the giant millennium is now having children of their own. But their migration to the suburbs appears to have been accelerated by the pandemic.

“There are two forces here: a pandemic and a generational change where people realize there are significant benefits in starting a family outside of the city,” said Christopher Maher, President and CEO of OceanFirst Financial Corp. based on the Toms River.

“At the same time, many people are reluctant to take the risk of relocation,” he said. “Thus, the supply of houses has essentially dried up. And that’s what is fueling this incredibly strong price hike. ”

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Analysis of housing data provided by Zillow shows that house prices in Monmouth County have not risen as sharply as in Ocean County. But they’re still making headway in every direction, from multimillion-dollar mansions in Allenhurst to bungalows in Kinsburg.

New arrivals may decline. But still, Monmouth County is gearing up for more. Single and multi-family home building permits jumped 68% in 2020, according to the state.

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Lampert believes Kinsburg is ready for more activity. He and DeMuro found a three-bedroom home a block from the beach, which was up for sale on July 4, 2020. They went to see it the next day. They won the trade war with four other buyers, she said.

Next summer she opened Half Moon, a restaurant on the shores of Raritan Bay.… And her business partners also moved to Kinsburg.

“This is a bit of a loser who hasn’t reached his peak yet,” she said.

Where are home prices rising the most in Monmouth County? Here’s a look:

1. Ocean Township-Allenhurst-Lough Arbor

  • Index: 07711
  • Average price of a house sold in June 2021: USD 1,403,751
  • Changes from June 2020: + 27%
  • Changes since the start of the pandemic in March 2020: 33%
  • To quote: “I think the people who were in New York during the pandemic were kind of closed and shut off from the rest of the world,” said Cathy Bernadino Dobin, a Burke and Mann real estate agent who recently sold her home in Allenhurst. The house was put up for sale for 24 hours and received eight offers. “You have a little more freedom here. You have a yard. “

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2. Long branch

  • Index: 07740
  • Average price of a house sold in June 2021: USD 519,985
  • Changes from June 2020: + 26%
  • Changes since the start of the pandemic in March 2020: + 31%
  • To quote: “In some areas that were not desirable in Long Branch in the past, we are seeing prices skyrocketing even in those areas,” said Gregory Alessi, RE / MAX Synergy agent in Long Branch. “With the option to never go to the office again, or even two or three days a week, we get a big crowd in Manhattan, a big crowd in Brooklyn.”

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3. Ocean Township (Oakhurst)

  • Index: 07755
  • Average price of a house sold in June 2021: USD 635,276
  • Changes from June 2020: + 25%
  • Changes since the start of the pandemic in March 2020: + 28%
  • To quote: “The housing market just skyrocketed during the pandemic,” said Todd Stawak, whose father, Gary, has owned Town Hardware in Ocean Township for 42 years. “Everyone is moving here. They don’t want to live in the city. From here they can get to the city quite well. The prices are insane. The traffic is crazy. “

    “If they live there, they want to embellish it, comb it, let’s color it, let’s take care of it.” – said Gary Stavak.

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4. Kinsburg

  • Index: 07734
  • Average price of a house sold in June 2021: USD 305,830
  • Changes from June 2020: + 24%
  • Changes since the start of the pandemic in March 2020: + 31%
  • To quote: “Kinsburg usually gets a bad reputation,” said Antonietta Carbone, a real estate agent with NJ Realty Pros in Old Bridge. “I have been living here since February 2016. Since then, the value of my home has probably doubled. I bought it for only $ 112,000. So I recently sold one across the street on Fox Avenue for $ 355,000. ”

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5. Sea wall / wall

  • Index: 08750
  • Average price of a house sold in June 2021: USD 1,807,239
  • Changes from June 2020: + 24%
  • Changes since the start of the pandemic in March 2020: + 28%
  • To quote: Stephanie Liskovitz, a real estate agent with Keller Williams in Spring Lake Heights, recently sold a ranch-style home on Laurel Avenue in Wall Township, receiving 10 offers. “Everyone says that now is a good time to work as a realtor, but in reality it is not, because we do not have enough funds to sell,” she said. “I probably have two dozen buyers that I don’t have homes for.”

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Michael L. Diamond is a business reporter who has written about New Jersey’s economics and health care for over 20 years. You can reach him at mdiamond@gannettnj.com.

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