Tuesday, June 8, 2021

May 2021 | Market Continues Strong Pace for May | Hoboken/Jersey City Real Estate Report


The market again continues its strong pace for May.


The absorption rate continues in the single digits for the third month in a row as inventory is sold at fast pace.

This is also evidenced by the fact that the days on the market decreased by 4.88% for May and Pending Sales are up 4.09% to 280 units.

Studio units decreased 19.56% to $590.28/sq.ft.
1BR units decreased 1.02% to $713.58/sq.ft. 
2BR units decreased .92% to $721.36/sq.ft.  
3BR units increased of 12.04% to $784.35/sq.ft.

Downtown Jersey City

Downtown Jersey City showed a slight increase in their absorption rate of .87% to 15.14 weeks.

Pending sales decreased this month by 5.86 % to 209 units.

Total sales increased 1.25% to 81 units.

Days on the market decreased a strong 10.20% to 44 days.

1BR units saw a 12.89% increase to $805.14/sq.ft.
2BR units saw a .34% decrease to $730.42/sq.ft. 
3BR units increased by 1.02% to $724.17/sq.ft.

Happy Hunting!

Kevin G. Dowd
Broker of Record

100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600 

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