Wednesday, December 7, 2022

Prices Hold Steady in Hoboken and Downtown Jersey City


The market has started to slow down at a faster pace than last year.  The interesting tidbit is that the lower inventory has matched the lower demand and has kept pricing pretty much in check.

Buyers waiting for massive price drops just aren't seeing them.  

As long as the lower demand matches our lower inventories, pricing should remain stable.

We are still seeing bidding wars in certain situations.

It appears that the recent rate increases are helping to tame inflation finally.  If the increases ease up or stop altogether, that should offer some relief to mortgage rates and incentivize buyers and sellers who have been waiting on the sidelines.

The recent Fed rate increases are the fastest that we have ever seen.  I don't think people would be so concerned with mortgage rates if it happened more gradually.

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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1 comment:

Psychology Assignment Help said...

It's interesting to see how the market dynamics are playing out. With lower inventory matching the reduced demand, prices have remained stable despite the slowdown. Bidding wars still occur, highlighting specific market segments' resilience. The rapid Fed rate increases have been unprecedented, but if they ease, we could see more activity from cautious buyers and sellers. Gradual rate changes might have made the adjustment less jarring for everyone.