Hudson Realty Group Real Estate Market Report 4Q2021

HOBOKEN:

All Apartments Summary: The average sale price of Hoboken apartments ended at $834,000, a significant 13%
increase over the previous year. The median sale price also increased, at a more modest 2%, ending at $706,000.

The number of sales also had a modest rise of 4%, ending at 252 closings versus 243 during the same period last year. Days on market remained unchanged at 35 days. Sellers gained an average of 99% of asking prices.

Townhome Market Summary: Both the average and median sale price of Hoboken townhouses sold this quarter dipped when compared with 4Q2020. The drop in these measures was not indicative of a weak market, but the fewer number of high-end sales. The average price reached $1,644,000, an 18% decrease. The median price reached $1,525,000, a 20% decrease.

Closed sales also declined, with 16 transactions—or 16% less than the same period last year. Properties sold more quickly this quarter, with an average of just 34 days on the market. Sellers received 95% of their asking price.

DOWNTOWN JERSEY CITY:

All Apartments Summary: Both the average and median sales prices rose 4% compared to the same period in 2020. The average price ended at $787,000 and median sale price ended at $710,000.

The number of closed sales rose significantly with an 11% increase, or 165 closed transactions compared to the 148 closed sales from 4Q2020. Sellers received 99% of their asking price with an average of 46 days on market.

Townhome Market Summary: The average sale price of Downtown Jersey City townhouses reached $1,374,000, a 7% increase over the fourth quarter of 2020. The median sale price ended at $1,265,000 or 3% less than the same period of the previous year.

Closed sales only rose 3%, with 34 transactions. Days on the market remained unchanged for this quarter. Sellers received approximately 97% of their asking price or 4% more than the same period in 2020.

JOURNAL SQUARE, JERSEY CITY:

All Apartments Summary: The average sale price of apartments in Journal Square, Jersey City was $379,000, an 11% gain when compared to 4Q2020. The median price had a more noteworthy increase of 23%, ending at $332,000.

The number of closed sales also grew significantly with 62 transactions, or 35%, more than the prior year. Properties spent only 35 days on market versus 43 days in 4Q2020. Sellers received 98% of their asking price.

Townhome Market Summary: Both the average and median sale prices rose only 2% compared to the fourth quarter of 2020. The average price ended at $715,000 and the median price at $660,000.

The number of sales saw a deeper fall with only 33 closed transactions or 21% less than the 42 transactions that took place during the same period in 2020. Townhouses spent an average of 53 days on the market and sellers received an average of 98% of their asking price.

THE HEIGHTS, JERSEY CITY:

All Apartments Summary: The average sale price of apartments in The Heights, Jersey City remained virtually
unchanged with a nominal 1% decrease to $533,000. The median price saw a more pronounced 12% drop when compared to the same period in 2020, ending at $480,000.

Closed sales volume fell 8% with 68 transactions versus the 74 transactions of the fourth quarter of 2020. Sellers received 99% of their asking price while properties spent an average of 37 days on market.

Townhome Market Summary: Both the average and median sale prices rose 4% compared to the fourth quarter of 2020. The average price ended at $768,000 and the median price at $760,000.

Closed sales volume dipped this quarter with 50 transactions versus the 59 sales that closed during the same period in 2020. Properties had an average of 30 days on the market and sellers received an average of 100% of their 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