Reach for the Beach
Demand sizzles for beachfront homes in South Jersey and beyond.
Ask 100 residents of the Philadelphia area if they would enjoy the opportunity to live near the water, and chances are almost all of them would answer in the affirmative. New data from Coherent Market Insights, a California-based provider of global market intelligence, confirms it: Everyone loves a day at the beach.
The U.S. market for luxurious yet comfortable beach homes is expected to grow to $22.2 billion by 2030, up from $13.4 billion in 2023, with a compound annual growth rate of 7.5 percent. Credit increasing affluence, as well as an influx of retirees with plenty of disposable income and remote workers who have the flexibility to punch the clock from anywhere with a secure internet connection, for the uptick. The anticipated growth will come in spite of the finite supply of beachfront property available for development; high-net-worth homeowners seem willing to invest millions of dollars in what they consider the right home.
The Jersey Shore real estate market continues its upward climb, according to Philadelphia-based South Jersey Realty Associates LLC. Recent data indicate a nearly 7 percent increase in units sold from 2023 to 2024—more than 4,800, up from 4,500—suggesting a resilient and robust market.
Desirable beachfront real estate extends far beyond the shore points of South Jersey; those with an appetite for coastal living are also finding opportunities in tax-friendly Delaware through the likes of Schell Brothers LLC, a new-home builder based in Rehoboth Beach. Alyssa Titus, the company’s director of marketing, says most Delaware beach towns offer top-shelf amenities in terms of health care, education, and nightlife, while maintaining a small-town feel.
“Plus,” she says, “our beaches don’t require beach tags.”
Photo by Olivier Le Queinec/Shutterstock.com
Published (and copyrighted) in Suburban Life magazine, June 2024.
