Hudson Realty Group Real Estate Market Report 1Q2021

HOBOKEN:

All Apartments Summary: The average sale price of Hoboken apartments ended at $796,000, a 6% decrease over prior year. The median sale price also decreased but only 2% ending at
$705,000.

There was a significant 34% rise in the number of closed sales ending at 211 closings
versus 157 during the same period last year. Apartments spent an average of 49 days on market. Sellers gained an average of 97% of asking prices.

Townhome Market Summary: The average sale price was down 4% ending at $1,567,000 when compared with the 1Q of 2020. On the other hand, the median price rose 9% ending at $1,430,000.

The most notable changed though was in the number of closed sales. The first quarter of 2020 saw only 10 transactions. This quarter totaled 16 closed sales or 60% more transactions. The time that properties remained on the market decreased significantly to 61 days vs 117 days during the same period last year. Seller’s received 96% of their asking price.

DOWNTOWN JERSEY CITY:

All Apartments Summary: The average sale price of apartments in Downtown Jersey City decreased 6%, reaching $759,000. The median sale price was also lower, declining to $686,000 or
10% less than prior year.

The number of closed sales showed an impressive 55% increase with 178 closed transactions comparing to the 115 closed sales from the 1Q 2020. Sellers received 99% of their asking price with an average of 53 days on market.

Townhome Market Summary: The average sale price ended at $1,339,000 or 16% less than the 1Q 2020. The median sale price ended at $1,172,000 or 13% less over the same period the prior
year.

Closings had an impressive 86% increase with 26 closed sales this period vs. 14 transactions during the 1Q of 2020. Dwellings spent longer on the market with 40 days or 67% more. Sellers received 97% of their asking price.

JOURNAL SQUARE, JERSEY CITY:

All Apartments Summary: The average sale price of apartments in Journal Square Jersey City was $358,000, a small 3% decline when compared with the 1Q 2020. The median price also dropped with a more pronounced 13% decrease ending at $318,000.

The number of closed sales was higher with 54 closed transactions or 64% more.
Sellers received 97% of their asking price with an average of 59 days on market.

Townhome Market Summary: The average sale price for townhouses in Journal Square remained unchanged ending at $667,000. The median price had a small drop of 3% reaching $620,000 when compared with the 1Q 2020.

On the other hand, closings increased 43% or 33 more transactions versus the 23 closings of the same period last year. Dwellings spent an average of 36 days on the market. Sellers received the same 97% of their asking price.

THE HEIGHTS, JERSEY CITY:

All Apartments Summary: The average sale price of apartments in The Heights – Jersey City showed an 8% drop ending at $523,000. The median price also dropped 13% when compared to
the same period last year ending at $545,000.

The number of closed sales rose significantly with 88 transactions or 83% more than in the 1Q of 2020. Sellers received 99% of their asking price while properties spent 14% less time in the market.

Townhome Market Summary: The average sale price of The Heights, Jersey City townhouses had an 8% increase over the 1Q of 2020 ending at $714,000. The same was evident for the median sale price figure with a 14% rise to $700,000.

Closed sales remained unchanged from the same period last year with 45 transactions. Properties remained on market an average of 34 days. Sellers received 98% of their asking price.

Hudson Realty Group is a closely integrated team with exceptional knowledge of the Hoboken real estate and Jersey City real estate markets. Our expertise includes: condosbrownstoneslofts and new developments