Rumson Real Estate Market Prices, Trends, and Forecast 2023

Rumson, New Jersey, is a picturesque borough ideally located on the scenic Navesink River. It offers an ideal blend of small-town charm and convenient proximity to the exciting urban life of New York City.

The area boasts abundant community amenities, stellar schools (Rumson’s top-notch school system often ranks among the best in the state), and a dynamic entertainment scene. Locals appreciate the extensive parks and natural areas, including riverside greenery and the beloved Victory Park. The local economy is robust and booming, providing ample employment opportunities, especially in the healthcare, education, and finance sectors. It does not hurt that Rumson is strategically located near the central employment hub of New York City, enabling its residents to enjoy an enviable work-life balance, relaxing in a peaceful, suburban New Jersey after an action-packed day in the city.

Architecturally, sprawling historic estates neighbor cutting-edge contemporary designs on the Rumson real estate landscape, embodying the area’s rich history and progressive values. Overall, housing is characterized by variety, ensuring that every potential homebuyer can lock down a property corresponding to their lifestyle and distinctive tastes.

Read on for an in-depth guide to the real estate market trends and tendencies shaping the Rumson housing scene.

The Rumson real estate market has significantly changed over the past year. According to the latest update by the New Jersey Realtors, new listings for single-family homes in Monmouth County decreased by 24% in August 2023, from 810 in August 2022 to 618 this year. At the same time, the number of closed sales also reduced by 26% from August 2022 to 2023. Although the number of transactions decreased, the average selling price increased by 14%, currently sitting at $770,000 for the county, demonstrating that the level of demand remains strong even with fewer properties being listed and sold.

However, the market in the county has slowed somewhat. The number of days on the market until sale, a key indicator of market temperature, has risen by 33% since last year. Cumulatively, these changes point to a more balanced market in which buyers gain a bit of negotiation power.

That being said, one of the most notable changes in the market concerns housing inventory. The number of homes for sale, as of August 2023, has fallen significantly by 30% over the past year, leading to a 12% decrease in inventory supply. This indicates that the market leans more toward a seller's market, in which demand surpasses supply, eventuating competitive housing prices.

Rumson's townhouse and condominium market also depicts some noteworthy trends. New listings in this category increased by 6% in August 2023 compared to the previous year. Furthermore, similar to single-family homes, the median sales price for townhouses and condos increased by 11%, from $425,000 in August 2022 to $470,000 in 2023. All of this suggests a robust demand for these types of properties.

The number of closed sales for townhome and condo sales still ended down by 36% compared to the year prior. Correlatively, the number of days on the market rose by 18%, suggesting the market slowed slightly from a year earlier. That said, with only 2.7 months of inventory available, the market still favors sellers.

Despite new listings and closed sales mostly slowing, the Rumson, New Jersey, real estate market remains dynamic and competitive — primarily due to its highly desirable location, alluring quality of life, and gorgeous homes. The drop in inventory for single-family homes, townhouses, and condos indicates a seller’s market characterized by demand exceeding supply. Though it is apparent that properties remain on the market a bit longer than last year, the more or less stable and marginally increasing prices imply robust buyer interest.

For potential sellers in a seller’s market, the situation — as the name would imply — tends to lean in your favor. The merger of high demand and low inventory usually means that properties will fetch higher prices, sometimes leading to bidding wars between prospective buyers. For sellers, it is advantageous to price your properties competitively to garner interest from the broadest array of buyers possible. With an expert real estate agent's assistance, sellers can navigate multiple offers and secure a deal that not only presents an attractive price point but also offers favorable conditions.

Conversely, as a buyer in a seller's market, it is all-important to approach the home buying process with a well-developed plan in place from the start. Buyers often compete with numerous other interested parties, a situation that drives up prices and encourages swift action. Securing mortgage pre-approval before house hunting is paramount, as it can instill confidence in sellers that the deal will stay on track. Additionally, buyers must be ready to make competitive offers that often exceed the asking price, and they might also need to introduce fewer contingencies to make their offer stand out above the rest.

Patience is vital in a seller's market, as buyers may have to put in offers on multiple properties before one is accepted. An experienced agent who knows the market dynamics inside and out can aid buyers in finding the right home and crafting a winning proposal. Even though it's a seller's market, well-prepared and informed buyers can still successfully locate and purchase their dream homes.

Are you ready to move to Rumson? Enlist the guidance of an expert real estate agent to steer you toward the perfect northern New Jersey home — an agent like Kathy Grabowy. With Kathy’s vast expertise, tireless dedication to excellence, and in-depth knowledge of the Rumson area, you will have an invaluable resource for your search for the ideal property. Contact Kathy today to get started in Rumson real estate.