Hoboken/Downtown Jersey City Real Estate Market Blog: Hoboken Up 92.59% | Downtown JC Up 55.04%

Friday, April 16, 2021

Hoboken Up 92.59% | Downtown JC Up 55.04% | March 2021 Update

Based on the data and the word on the street among my fellow realtors, the market seems to be heating up again. With inventory being compromised and demand increasing we should start seeing prices rise in the upcoming months.

Hoboken

The absorption rate decreased by 46.98% to 9.83 weeks. Inventory hasn't been this low since March 2020.

Pending sales are up 18.23% to 240 units and total sales for the month are up a whopping 92.59% to 104 units from last month and 48.57% from the same time last year.

Days on the market increased 15.56% to 52 days.

We did see a price drop of 6.21% for 1BR to $701.05/sq.ft. which is a bit odd being that first time home buyers have been turning into renters and they usually purchase in the 1BR market.

2BR units increased 1.73% to $712.78/sq.ft. and 3BR units saw modest gains of 1.11% to $706.26/sq. ft.

Downtown Jersey City

Downtown Jersey City showed an increase in their absorption rate of 11.77% to 21.84 weeks.

Pending sales were also up this month by 10.53% to 210 units and up an impressive 103.88% from the same time last year. Total sales also increased 66.04% to 88 units from last month and increased 91.30% from the same time last year.

Days on the market increased by 15.56% to 52 days.

1BR units saw a 8.94% increase to $776.66/sq.ft., 2BR units saw a 6.82% increase to $763.14/sq.ft. and 3BR dropped by 8.11% to $693.28/sq.ft.

Happy Hunting!