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.

Kevin G. Dowd
Broker of Record 

100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201.606.5957 | Office: 201.659.8600 
Your Hudson County, NJ Referral Partner

Kevin G. Dowd
Associate Broker

400 Garden City Plaza, Suite 438
Garden City, New York 11530
Mobile: 201.606.5957 | Office: 516.873.7100
Your Long Island, NY Referral Partner

Each office is independently owned and operated.

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