Hoboken/Downtown Jersey City Real Estate Market Blog: July 2023

Tuesday, July 18, 2023

Hoboken Hits All Time High | 4 Months Over $800/Sq. Ft for Jersey City

The big news this week is that the absorption rate for Hoboken reached 2.98 weeks for the month of June. This is the lowest absorption rate I have ever recorded since I started tracking data in October 2009.

The absorption rate is an indicator of the pace of sales and details how many week's inventory a market has given the current pace of sales.

1BR through 4BR condo sales in Hoboken averaged over $800/sq.ft. for the second month in a row.

Downtown Jersey City also performed very well with an absorption rate of 12.51 weeks which is also firmly in seller's market territory. 1 and 2BR condos both averaged over $800/sq. ft. for the fourth month in a row.

Steady and strong demand coupled with low inventory is keep pricing very strong. The higher interest rates don't seem to deter buyers as there's a general feeling now that interest rates will start to lower in the not-so-distant future.