Thursday, January 5, 2023

December Real Estate News | Record Prices in Hoboken, Downtown JC Struggling


Stay tuned for my 2022 Real Estate Wrap Up...Coming Soon!

The market has continued its normal seasonal slowdown with pending sales dropping for both Hoboken and downtown Jersey City. 

However, Hoboken and downtown Jersey City are telling somewhat different stories at the moment.

Hoboken is showing near record-low inventory with prices remaining stable.  3BR condos actually reached an all-time high average price of $1159.69/sq. ft., bolstered by an impressive $1788.46/sq. ft. sale at 1500 Garden Street.

Downtown Jersey City saw a slightly less of a dip in pending sales than in Hoboken, but inventory has been lingering the on the market a bit longer and as a result, prices declined in December in the 1BR and 2BR market segments.

As we continue through the winter and enter into the spring market is when we will see if we rebound from the winter slowdown or if that market is really starting to shift. Our market overall is a bit different in that we have such a huge rental base that as the market starts to soften, renters become buyers.  I have already started to see this, especially with rental prices at record highs.

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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