Thursday, September 14, 2023

All-Time Highs Again This Month | August 2023 Real Estate Update



The big news for August is that Hoboken 2BR condos have reached an all-time high of $893.51/sq.ft. as low supply and high demand continue to drive prices higher.

Studios edged just above the $800/sq.ft. ceiling at $801.59/sq.ft.

1BR stayed fairly constant at $823.70/sq.ft. 

3BR dropped by 25.11% to $798.65/sq.ft.

Inventory is still very low with just 3.25 weeks of supply.  

Downtown Jersey City

The big news for August is that 2BR and 3BR prices were identical to July.  

I've never seen that before in the almost 14 years I've been tracking data.

1BR condos decreased very slightly to $864.68/sq.ft.

2BR condos stayed steady at $818.03/sq.ft.

3BR condos also stayed steady at $860.81/sq.ft.

Available inventory decreased to a still-low 14.65 weeks.

Overall still a very active market for the few properties that are listed for sale.

Still a great time to sell.

Kevin G. Dowd
Broker of Record 

5 Marine View Plaza
Suite 310
Hoboken, New Jersey 07030
Mobile: 201.606.5957 | Office: 201.659.8600 
Your Hudson County, New Jersey Referral Partner

Associate Broker

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

Each office is independently owned and operated.

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