Hoboken, NJ Real Estate

As of November 2023, the housing market in Hoboken showed a slight decrease in home prices, with a 0.28% drop compared to the previous year. The median sales price for homes was $885K. Notably, homes in Hoboken are selling much faster than they did last year, with the average home spending just 16 days on the market, a significant decrease from the 46 days observed last year.

This indicates a possibly increasing demand or efficiency in the market. However, the total number of homes sold in November this year was 33, a decline from the 48 homes sold in the same month last year, suggesting a potential decrease in supply or market activity.

The housing market in Hoboken is highly competitive. Homes in this area are selling quickly, with the average property spending just 20.5 days on the market. A significant number of homes receive multiple offers, and some even see contingencies being waived, indicating strong buyer competition.

On average, homes in Hoboken sell for approximately 1% above the listing price and typically go pending in about 21 days. The most sought-after properties, often referred to as "hot homes," can sell for around 4% above the listed price and may go pending even quicker, typically within 13 days. This trend reflects a robust demand in the Hoboken real estate market.

Between October and December 2023, 29% of homebuyers in Hoboken were looking to move out of the city, while the majority, 71%, planned to stay within the Hoboken metropolitan area. People moving to Hoboken mainly came from outside metro areas, accounting for 3% of homebuyers. The top origins were San Francisco, Charleston, and Walla Walla.

For those leaving Hoboken, the most popular destinations were Miami, Philadelphia, and Washington, although most buyers preferred to remain in the Hoboken metro area.