Clayton & Clayton Real Estate Blog

2024 Year-End Real Estate Market Recap: Trends, Insights, and What to Expect in 2025

As 2024 comes to a close, it’s the perfect time to reflect on the key trends that have shaped the real estate market in Clayton and the broader coastal regions, including Bay Head, Mantoloking, Spring Lake, and Sea Girt. We’ve seen a combination of rising prices, strong demand in the luxury market, and a steady flow of buyer interest, despite higher interest rates. In this blog, we’ll look at two recent market snapshots—the period from October 1st  to December 1st—and provide insights into what both buyers and sellers can expect in 2025.

A Look Back at October-December 2024

Bay Head to South Mantoloking: Resilient Luxury Market

From October 1st to November 1st, 4 homes sold in the Bay Head to South Mantoloking area, totaling $9.47 million in sales volume. The median sales price was $2.41 million, and the average sales price was $2.37 million, with sales ranging from $1.1 million to $3.54 million. This shows that the luxury market continues to be strong, with homes priced above the $2 million mark remaining in demand.

When we look at November 1st to December 1st, the market stayed active, with 3 homes sold in this region, adding another $8.37 million to the sales volume. The median sales price was $1.5 million, and the average sales price increased to $2.79 million, indicating a higher concentration of premium sales in this later period.

Both periods show that while sales may have slowed slightly from October to November, the demand for homes in the Bay Head to Mantoloking area remained strong. In total, 7 homes sold in two months, amounting to over $17.8 million in sales volume, further cementing this region’s status as a luxury market hotspot.

The pending sales also highlight continued interest, with 5 homes under contract in November-December at an average list price of $1.35 million, suggesting a diverse buyer pool that spans both luxury and more moderate price points. Homes here spent 73 days on the market on average, which is a bit longer compared to other nearby areas, but still reflects a stable market.

Spring Lake to Sea Girt: Luxury Homes Lead the Way

The Spring Lake to Sea Girt market saw strong activity from October 1st to November 1st, with 10 homes sold for a total of $31.87 million. The median sales price during this period was $3.5 million, while the average sales price was slightly lower at $3.19 million. Sales ranged from $1.07 million to $5.8 million, indicating a healthy demand across various price points, but especially for homes in the $2-4 million range.

By comparison, in the November-December period, there were 7 closings totaling $19.5 million in volume. The median sales price increased slightly to $2.725 million, while the average sales price stood at $2.79 million. Both months show the strength of the Spring Lake and Sea Girt markets, with consistent interest from luxury buyers.

Pending sales are also robust in this area, with 5 homes under contract from November 1st to December 1st at an average list price of $3.69 million, showing that the luxury market in these towns remains exceptionally strong. These homes are spending about 55 days on the market before going under contract—slightly faster than the Bay Head-Mantoloking area, suggesting that Spring Lake and Sea Girt are still highly desirable locations for high-end buyers.

2024 Market Recap: Key Takeaways

Across both periods, we see a clear trend: strong buyer demand in luxury markets with high median and average sales prices, especially in areas like Spring Lake, Sea Girt, and Bay Head. While inventory is tight, the market remains competitive, and well-priced homes are selling quickly, especially those in sought-after coastal communities. Here are the key takeaways:

• Luxury properties continue to drive the market, with median sales prices consistently above $2 million in most areas.
• Pending sales remain steady, indicating ongoing buyer interest, particularly for homes priced from $1 million to $4 million.
• Days on market vary slightly between regions but remain relatively low for well-priced homes, especially in Spring Lake and Sea Girt, where properties are selling faster.

What to Expect in 2025: Insights for Buyers and Sellers

For Buyers: Navigating a Competitive Market

As we enter 2025, buyers can expect continued competition for well-priced properties, particularly in Spring Lake, Sea Girt, and Bay Head. With tight inventory expected to persist, buyers will need to be prepared to act quickly. Homes in these areas are still selling relatively fast, so those who are interested should work closely with an experienced agent to identify opportunities early and make competitive offers.

Interest rates will likely remain a key consideration. If rates stabilize or even decrease slightly, we may see more buyers entering the market, which could increase competition, especially for high-end properties. Buyers looking for luxury homes should be ready for bidding wars, particularly as homes priced well often attract multiple offers.

For Sellers: Timing and Strategy Are Key

For sellers, 2025 presents good opportunities to take advantage of the continued demand for luxury homes in coastal towns. However, sellers must price strategically and ensure their homes are move-in ready to stand out in a competitive market. Spring Lake and Sea Girt will likely remain seller’s markets, but Bay Head and Mantoloking may offer more nuanced opportunities for sellers, especially if they’re targeting a broader buyer pool.

Sellers will benefit from focusing on home staging, curb appeal, and targeted marketing to ensure their properties stand out. Well-priced homes that show well will continue to sell quickly, especially in the luxury market. Sellers should also be prepared for a slightly longer timeline if their properties are at the higher end of the price spectrum.

Looking Ahead: Key Market Drivers in 2025

Several factors will shape the market in 2025:

1. Interest Rates: As always, interest rates will be a key factor. If rates stabilize or decrease, it could spur more buyer activity, especially in the luxury market.

2. Inventory Levels: Expect tight inventory in many desirable areas, keeping prices stable and potentially driving multiple offers for well-priced homes.

3. Luxury Market: The luxury market will likely remain strong, with more buyers continuing to seek homes in Spring Lake, Sea Girt, and Clayton. High-end homes will continue to command attention.

4. Remote Work Trends: The trend toward remote work may continue to influence the market, with more buyers seeking larger homes in desirable, lifestyle-driven communities.

Final Thoughts

Looking back at 2024, the real estate market has proven resilient, particularly in luxury coastal communities. As we head into 2025, both buyers and sellers will face a competitive but dynamic market, especially in the Bay Head, Mantoloking, Spring Lake, and Sea Girt areas. By staying informed and working with a local expert, you’ll be well-positioned to navigate what promises to be another exciting year in real estate.