Hoboken/Downtown Jersey City Real Estate Market Blog: January 2022

Tuesday, January 25, 2022

2021 Year in Review | Record-Setting Year

2021 actually ended being just an an average year for Hoboken and a very good year for downtown Jersey City. The pace of sales, pending sales and total transactions were way up. Prices increased for every market segment, albeit some segments eked out very small increases.

Records were broken. Please read below to find out what happened.

Hoboken: 9.91 weeks, -48.26%
Downtown Jersey City: 14.46 weeks, -44.29%

The speed at which properties sold for in 2021 hasn't been seen in Hoboken since 2016 and in downtown Jersey City since 2017.

Hoboken: 216.58, +40.79%
Downtown Jersey City: 177.42, +42.70%

Pending sales shot up in 2021 as buyers snatched up what little inventory was available. This ties in with total transactions below.

Hoboken: 37, -8.82%
Downtown Jersey City: 35 days, -16.83%

With the absorption rate being so low, it's expected that days on the market would increase for both areas.

Hoboken: 1182, +50%
Downtown Jersey City: 850, +58.58%

Total transactions reached record-highs for Hoboken and downtown Jersey City. This was caused by combination of buyers coming from New York City and Hoboken/downtown Jersey City residents selling their homes and moving to the suburbs.

Studio: $733.33/sq. ft., +39.36%

1BR: $733.40/sq. ft., +.15%

2BR: $720.01/sq. ft., +1.06%

3BR: $748.61/sq. ft., +3.19%

Hoboken studios saw large increases, but this was only based on a limited number of sales. There aren't a lot of studios in Hoboken. 1BR units did hit another all-time high this year as buyers made their first home purchases. 2BR units saw a modest increase while 3BR units saw a respectable 3.19% increase.

1BR: $780.89/sq. ft., +4.04%

2BR: $757.71/sq. ft., +4.62%

3BR: $723.06/sq. ft., +10.01%

Downtown Jersey City saw strong increases across all market segments this year. The increased popularity of downtown Jersey City and all of the high-end construction in that area helped push prices up this year.

We reached record levels in terms of total transactions and had price increases across every market segment.

2022 seems to be off to a great start.

Happy Hunting!

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Cellular: 201.606.5957 | Office: 201.659.8600 x408

Each office is independently owned and operated.

Search MLS Listings for free at viewhobokenhomes.com and alldowntownjerseycityhomes.com

Follow the latest real estate news at www.HobokenRealEstateNews.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com

Tuesday, January 11, 2022

RECORD MONTH! - DECEMBER '21 REAL ESTATE UPDATE

**COMING SOON - 2021 YEAR-END REPORT**

2021 ended with a BANG with Hoboken posting the fastest pace of sales since I started tracking data in 2009 and downtown Jersey City posting VERY strong numbers as well.

For the last few years December has always surprised me as far as activity goes. This year was no exception.

Hoboken

The absorption rate decreased to a record 3.91 weeks which means if no inventory came on the market today, it would only take 3.91 weeks to sell out the existing inventory. Amazing!

Pending sales dipped to 152 units

Total sales increased to 110 units, bolstered by the pending sales over the last few months and the fact that people want to close by the end of the year for tax purposes.

Days on the market increased dropped 1 day to 33.

1BR pricing increased 2.14% to $746.62/sq.ft.

2BR pricing decreased 3.39% to $707.49/sq.ft.

3BR pricing decreased 8.99% to $841.20/sq.ft.

4BR pricing decreased 30.39% to $688.89/sq.ft. (this was just 1 sale)

Downtown Jersey City

The absorption rate decreased 46.27% to 9.21 weeks. It's still a few weeks away from all-time lows. The last time we saw absorption rates this low was in August, 2017.

Pending sales decreased by 24.26% to 128 units.

Days on the market increased 7 days to 44.

1BR pricing decreased 1.17% to $863.10/sq.ft.

2BR pricing decreased 1.85% to $767.70/sq.ft.

3BR pricing decreased 4.14% to $699.25/sq.ft.