Hudson Realty Group Real Estate Market Report 2Q2020

HOBOKEN:

All Apartments Summary: The average sale price of Hoboken apartments reached $782,000 a decrease of 5% from last year. The median sale price showed a slight 1% decrease, ending at $710,000. This quarter, closed sales saw only a 4% decline with 213 transactions versus 222 during the same period last year. Apartments spent an average of 31 days on market. Sellers gained an average of 98% of the asking price.

Townhome Market Summary: For Hoboken townhouses, the average sale price ended at $1,773,000, a 10% increase from the same period in 2019. The median sale price increased by 7%, ending at $1,743,000. Closed transactions saw a 36% drop with only 14 recorded during this period. On the other hand, properties sold significantly faster, spending only 25 days on the market. Sellers gained an average of 98% of asking price.

DOWNTOWN JERSEY CITY:

All Apartments Summary: The average sale price of apartments in Downtown Jersey City was $718,000 during the third quarter of 2020, a decline of 6% from the same period last year. The median price displayed a minimal change with a 1% rise ending at $656,000.
There were 130 closed transactions this period, a 16% decrease when compared to the 155 transactions in the third quarter of 2019. Although sales fell significantly, properties spent an average of only 35 days on the market. Sellers received an average of 98% of their asking price.

Townhome Market Summary: The average sale price of Downtown Jersey City townhouses increased 2% to end at $1,311,000. The median price displayed a larger 27% rise, ending at $1,320,000. The number of closings rose a modest 5% with 21 sales vs. 20 closed transactions in the same period in 2019. Houses remained on the market for an average of 60 days and sellers received an average of 93% of their asking price.

JOURNAL SQUARE, JERSEY CITY:

All Apartments Summary: The average sale price of Journal Square apartments reached $357,000, a 7% increase from the same period last year. The median sale price also rose, but with a more modest increase of 4%, ending at $310,000. From all the indicators analyzed, closed sales had the most significant change with only 41 transactions, a 38% decrease compared to 3Q 2019. Days on the market averaged 51 days and sellers received an average of 97% of asking price.

Townhome Market Summary: The average sale price saw a 25% increase, ending at $728,000. The median price rose 13%, ending at $639,000. Townhouses had significantly more closed transactions this period with 28 sales (a 33% rise) versus 21 transactions in 3Q 2019. Homes also sold notably faster, spending only 33 days on the market versus 51 days in the same period last year. Sellers received 99% of their asking price.

THE HEIGHTS, JERSEY CITY:

All Apartments Summary: Both the average and median prices showed increases this quarter. The average price rose 17%, ending at $542,000, while the median price rose 19% to $552,000. The number of closed sales also trended upward with a 35% rise, increasing from 55 transactions in 3Q 2019 to 74 this quarter. Apartments spent an average of 48 days on the market, with sellers gaining 99% of the asking price.

Townhome Market Summary: The average sale price of The Heights/Jersey City townhouses rose 8%, ending at $674,000. The median sale price increased 9% to reach $640,000. The number of closed sales saw a 43% decline with only 33 transactions, compared to 58 during the same period last year. Properties averaged 38 days on the market, with sellers achieving an average of 99% of 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