3Q 2021 Market Report

3Q 2021 Market Report

 

HOBOKEN

All Apartments Summary: The average sale price of Hoboken apartments reached $839,000, an increase of 7% over prior year. The median also showed a similar upward trend with a 6% increase to $750,000.
 
This quarter, closed sales saw a significant 48% rise with 315 transactions versus 213 during the same period last year. Apartments spent an average of 29 days on market. Sellers gained an average of 99% of their asking price.
 
Townhome Market Summary: For Hoboken townhouses, the average sale price ended at $1,964,000 an 11% increase over the same period the prior year. The median sale price also increased ending at $1,872,000 or 7% higher.
 
Transactions this period doubled with 30 closed transactions versus only 14 sales when comparing with 3Q of 2020. Properties spent an average of 33 days on the market. Sellers ained an average of 98% of asking price.
 

Downtown Jersey City

All Apartments Summary: The average sale price of apartments in Downtown Jersey City was $827,000 during the third quarter of 2021, a 15% rise from the same period last year. The median price behaved similarly with a 14% increase ending at $750,000.
 
There were 184 closed transactions this period, a 42% increase when comparing to the 130 transactions in 3Q of 2020. Properties spent an average of 37 days on the market. Sellers received an average of 99% of their asking price.
 
Townhome Market Summary: The average sale price of Downtown Jersey City townhouses increased 19%, ending at $1,566,000. The median displayed a more subtle rise of 6% ending at $1,397,000.
Closings grew a notable 43% with 30 sales vs. 21 closed transactions in the 3Q of 2020. Houses remained on the market for considerably less time this quarter with an average of only 36 days on market. Sellers received an average of 95% of their asking price.
 

Journal Square, Jersey City

All Apartments Summary: The average sale price rose 15% increase ending at $826,000. The median rose at an even higher rate with 28% growth to end at $775,000.
 
The number of closed sales was 33 versus the 28 transactions in 3Q of 2020. Dwellings sold faster spending only 29 days. Sellers gained an average of 97% of asking price.
 
Townhome Market Summary: The average sale price rose 15% increase ending at $826,000. The median rose at an even higher rate with 28% growth to end at $775,000.
 
The number of closed sales was 33 versus the 28 transactions in 3Q of 2020. Dwellings sold faster spending only 29 days. Sellers gained an average of 97% of asking price.
 

The Heights, Jersey City

All Apartments Summary: Both the average and median prices increased this quarter with the average price rising 11% to $602,000 and the median price rising 15% to end at $634,000.
 
The number of closed sales also trended upward with 78 transactions this period versus 74 last year. Apartment sold considerably faster with a drop in the average Days on the Market to just 35 days. Sellers received 99% of their asking price.
 
Townhome Market Summary: The average sale price of The Heights, Jersey City townhouses climbed 22%, ending at $820,000. The median sale price also had a significant increase of 28%, also ending at $820,000.
 
Closed sales had a major 88% growth with 62 transactions versus 33 the same period last year. Properties averaged 41 days on the market. Sellers gained an average of 98% of asking price.
 

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