Home price trends in Atlantic City, N.J.

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City-by-city price comps
Atlantic City, N.J.

You can bet on declining home prices in this shore destination for gamblers. The region enjoyed a surge in home prices during the housing boom because investors hoped to take their beach bungalow, improve it and sell it for a large profit, says Celia Chen, senior director of housing market research at Moody’s Economy.com. Local Market Monitor reports a whopping 68-percent difference between the actual and equilibrium price.

Median price end of 2008: $229,100
Median price end of 2007: $278,800
Percent change: -17.8%
Projected change through Q3 2009: -19.4%
Affordability rating: 4.4
Foreclosures in 2008:
(1 for every 55 households)
Foreclosures in 2007:
(1 for every 95 households)
Change in foreclosures: 75.6%
Expected to hit bottom: Q4 2010
Percent drop needed to reach bottom: -37%
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $277,400
Q2 2008 local median price: $255,900
Q3 2008 local median price: $248,900
Q4 2008 local median price: $229,100

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