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.
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.
Downtown Jersey City: 35 days, -16.83%
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.
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.
2BR: $757.71/sq. ft., +4.62%
3BR: $723.06/sq. ft., +10.01%