Friday, March 17, 2023

February Real Estate Report | Record Prices Again!


Pricing remains stable as a complete lack of inventory is driving up pricing.

2BR pricing in Hoboken reached record levels at $861.25/sq. ft. and is supported by the fact that many 2BR units are selling with multiple bids...and significantly over asking price.

The pace of sales is still firmly in seller territory for both Hoboken and downtown Jersey City.

Basically, low supply and high demand are driving property prices higher.

The lower mortgage rates that buyers were able to lock in a few weeks ago seem to have sparked activity.

The complete lack of inventory is holding back many buyers from purchasing their first home or upgrading to a larger one.

Happy Searching!

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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Licensed in New York and New Jersey

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