Do you remember those days when the wealthy wouldn’t even think about stepping foot into Asbury Park, let alone buying a house there? Well, those days have come to an end as the housing prices and quality of the homes have gone up. Budget travel magazine ranked Asbury Park as the “coolest small town in America”. Asbury has had the comeback of a lifetime with a revitalized boardwalk, great shopping, and trendy restaurants and bars. With so much to do, it’s not hard to believe that the prices have surged. Asbury Park has gorgeous beaches, The Stony Pony, and all around creativity and diversity. Asbury Park transforms from a bustling family beach town to a lively nightlife scene.
Real estate prices have sky rocketed with summer rentals being as high as $40,000, higher than the median income. Asbury Park is one of the most in-demand locations along the Jersey Shore. Beach view homes have been selling upwards to a million and above. In the past 5 years, the average price for a home has gone up 43%, with a $42,000 increase in median prices in just a year. Not only have home prices risen, but also has the rent. The average rent in 2012 was $1,026 and in 2017 was $1,486. The demand for Asbury Park housing has been so high that the frenzy has spilled over into nearby towns such as Ocean Township and Long Branch real estate market. The spillover has caused the nearby localities to receive an increase in home prices as well. Ocean Township’s median prices went from $330,000 to $395,000 and Long Branch went from $242,000 $335,000.