Thursday, January 12, 2023

2022 Year End Summary | Market Breaks Several Records!

2022 Year End Summary

Well, here we are!  

The moment you have all been waiting for! 

How did we do in 2022? 

In a word...AMAZING!

The dramatic increase in interest rates this year sent a shockwave through the market.  Once the new reality settled in, serious buyers adjusted their expectations and moved forward with their home searches. We may never see 3% mortgage rates again.

Record prices and fast-moving inventory capped off a very exciting year.

Lower demand coupled with lower inventory helped keep prices consistently high.

Skyrocketing rents have also started to convert tenants into buyers.

And to the charts!

The pace of sales in Hoboken is the fastest that I have on record since I started recording data in 2009.

Downtown Jersey City hasn't seen properties move this quickly since 2017.

Pending sales for Hoboken dropped 26.85% from last year, but was met with lower demand.

Pending sales for downtown Jersey City dropped 24.43% and was also meet with lower demand.

Days on market in Hoboken dropped 18.92% to 30 days which are levels we haven't seen since 2017.

Days on market in downtown Jersey City are just 2.86% off last year.

Total transactions for Hoboken are down a significant 23.52% to 904 units.

Downtown Jersey City is down 16.24% to 712 units.

Now here's where the real fun starts!

Hoboken Studio, 1BR, 2BR and 3BR prices were at all-time highs for 2022.

Downtown Jersey City 2BR and 3BR prices were at all-time highs for 2022

1BR prices were off just .39% from 2021 prices, which were the all-time highs for this segment.

Happy Home Search!

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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