From the Star Ledger:
While there is a significant amount of hype around an Atlantic City revival in 2018, that upward swing hasn’t happened just yet. You know what that means? It is still relatively inexpensive to buy real estate there.
In fact, in Realtor.com’s annual ranking of the most affordable beach towns, the real estate listings website ranked Atlantic City as the fourth most affordable one in the country, with a median home listing price of $229,800.
Realtor.com mentions that the casino town has had a litany of recent rough patches, ranging from the destruction that Hurricane Sandy caused to some of the most prominent casinos closing down.
“People walked away from their properties, [and] foreclosures and short sales went up,” Todd Gordon, a real estate agent at Hartman Home Team, told the website.
But they do make the case that Atlantic City is in the midst of a rejuvenation, while also already having desirable qualities, like an iconic boardwalk and a wide beach.
“Over the past year, the region has seen a surge in development. Look no farther than the $500 million renovation of the former Trump Taj Mahal, which will reopen later this month as the new ‘n’ improved Hard Rock Hotel & Casino,” Realtor.com wrote. “New projects such as this have helped to give oceanfront condo buying a lift. The rock-bottom prices are a big draw for buyers from Philadelphia and New York City.”
Zillow’s median home value index offers an even starker look at what real estate is worth in Atlantic City. According to Zillow, the median home value in Atlantic City is $80,400, which is up more than 40 percent from last year. In comparison, the median home value in popular Shore town Point Pleasant is $364,200.