Hoboken, NJ Real Estate

In November 2024, Hoboken home prices saw a 4.7% increase compared to the previous year, with the median sale price reaching $975,000. Homes are taking slightly longer to sell, with the average time on market rising to 25 days, up from just 17 days in November 2023. Despite the longer wait times, sales activity is stronger, with 63 homes sold this November, a significant increase from 35 sold last year. This suggests that while the market has become a bit slower, demand is still strong, and more buyers are successfully closing deals. The uptick in sales indicates continued interest in Hoboken's desirable location, even amidst the more competitive market conditions.

Hoboken is a highly competitive market, with homes typically selling in 29 days. Many properties attract multiple offers, some of which include waived contingencies, reflecting strong buyer demand. On average, homes sell for around their list price and go pending in about 29 days. However, particularly sought-after homes—often referred to as "hot" properties—can sell for approximately 3% above the list price and go pending in as little as 15 days, highlighting the urgency and competition within this fast-paced market.

In December 2024, Hoboken, NJ, is experiencing a seller's market, where buyer demand surpasses the supply of available homes. This creates favorable conditions for sellers, as the limited inventory leads to increased competition among buyers, often resulting in quicker sales and higher sale prices.