Hudson Realty Group Real Estate Market Report 1Q2019

HOBOKEN:

All Apartments Summary:
The average sale price of Hoboken apartments reached $860,000, a minor decrease of 2% over prior year. The median sale price also marginally lower ending at $749,000 or 1% less than prior year.  There was a drop of 16% on closed sales ending at 139 closings versus 165 during the same period last year. This fall in the number of sales was not due to diminishing demand but rather low inventory. Apartments spent an average of 43 days on market with sellers gaining an average of 99% of asking prices.

Townhome Market Summary: The average sale price of Hoboken townhouses was $2,210,000, an increase of 20% over the same period the prior year. The median sale price increased 17% compared to the 1st quarter of 2018 ending at $2,020,000.  There were just 8 closed sales this past quarter as there was a severe lack of available inventory. Dwellings spent an average of 50 days on the market and sellers received approximately 104% of asking price.

DOWNTOWN JERSEY CITY:

All Apartments Summary: The average sale price of apartments in Downtown Jersey City was $775,000 during the first quarter of 2019 exhibiting a minor 3% decline from the same period last year. The median price also fell, ending at $700,000 or 2% lower than prior year.
The number of closed sales was significantly higher than prior year, with 114 closed transactions versus just 88 sales during same period last year. Sellers received 99% of their asking price with an average of 49 days on market.

Townhome Market Summary: The average sale price of Downtown Jersey City townhouses was $1,460,000 this quarter, a 4% increase from the same period last year. The median sale price ended at $1,381,000 which was off by 3% compared with prior year.
There were 16 closed sales this period with an average of 41 days on market and sellers receiving 94% of asking price.

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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