Margate City has emerged as one of the premier luxury real estate markets in the United States, ranking third overall in a recent analysis by The Philadelphia Business Journal (PBJ).
This Jersey Shore town has experienced a big surge in home prices, skyrocketing 298% since before the pandemic.
With an average sale price of $2.089 million during the third quarter, Margate is now a sought-after destination for affluent home buyers. In fact, The Business Journal's Hottest Housing Markets ranking listed only two other markets above Margate City: Osterville in Cape Cod and Longboat Key in Florida.
According to The Philadelphia Business Journal, data sourced from Intercontinental Exchange Inc. showed that Margate's performance is underscored by a notable increase in sales and pricing momentum during the peak summer months of July, August, and September.
The town recorded 27 sales, all surpassing the $2 million mark, with the average sale price reflecting a 64% increase from just $1.27 million in the same quarter last year.
A significant factor behind Margate's real estate scene is the stark contrast in inventory levels. Prior to the pandemic, potential buyers could sift through 160 to 170 homes on the market at any given time. However, the current landscape has a tighter inventory, with typical listings rarely exceeding 60 properties.
The rhythm of the market has shifted, and homes rarely make it to public listing platforms, realtors say.
Beyond Margate, other luxury markets along the Jersey coast are also experiencing growth. Beach Haven, for example, saw its average sales price reach $2.46 million, a notable 12% increase from last year, securing its place as a rising destination on Long Beach Island.
Check out the top five most expensive homes in Margate City as of Nov. 1:
2 Dolphin Dr.This new construction property, built by Piraino Builders, has direct ocean views and a spacious backyard with a heated pool, hot tub, iPhone connectivity, indoor/outdoor cabana, pool kitchen and more.
Price: $7,950,000
House Size: 5,000 square feet
Bedrooms: 6
Bathrooms: 7
8901 Ventnor Ave.
“With 5,400 plus square feet of carefully crafted design, this three-level, seven bedroom, eight bathroom stunning property boasts an array of high end custom features,” according to Realtor.com. “Prepare to be captivated by the stunning architecture, impeccable design, and unparalleled attention to detail.”
Price: $7,750,000
House Size: 5,400 square feet plus
Bedrooms: 7
Bathrooms: 8
429 N Pembroke Ave.“Boasting 134 feet of waterfront property, the existing home was custom built approximately 25 years ago and has been impeccably maintained throughout the years,” according to Realtor.com.
Price: $7,200,000
House Size: 3,740 square feet
Bedrooms: 4
Bathrooms: 4
407 N Pembroke Ave.“You will just fall in love with this highly desirable, secluded location — one of the prettiest streets on the island,” according to Realtor.com. “Here is your chance to design your custom bayfront home from the ground up. New bulkhead, multiple boat slips, Hardie Board siding, Andersen 400 series windows and multiple decks to enjoy living life on the water.”
Price: $5,750,000
Lot Size: 5,500 square feet
Bedrooms: 5
Bathrooms: 6
105 S Andover Ave.“Step right into this exquisite Margate home situated just steps from the beach, custom-built in 2019 by the renowned local firm, Piraino Builders,” according to Realtor.com. “Nestled on one of Margate's most coveted streets, merely four houses away from the beach, and conveniently positioned just two blocks from the boardwalk in one direction and two blocks from the island's finest eateries and coffee shops in the other.”
Price: $4,995,000
Lot Size: 3,125 square feet
Bedrooms: 5
Bathrooms: 5
