The market is off to a solid start for 2022 with 3BR units posting big gains. There were 4 units that sold over $1000/sq. ft. with 1 unit selling at $1415.97/sq. ft.
There have a been a lot of multiple bid situations over the last few weeks, especially in the 2BR market. I will be curious to see how those sales will drive pricing in the upcoming weeks.
Downtown Jersey City
The downtown market slipped a little in January with 1BR pricing sliding 12.58% and total transactions slipping by 29.33%.
Following Hoboken, pricing for 3BR units also increased by 14.38%.
There has been a lack of properties in the downtown luxury buildings over the last several week. Hopefully this will change in the upcoming weeks.
Kevin G. Dowd
Broker of Record
100 Washington Street
Hoboken, New Jersey 07030
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