This month marks 15 years of tracking data in Hoboken and Downtown Jersey City.
I thought I would share some data on what the market looked like in October of 2009:
Absorption Rate
Hoboken: 35.03 weeks
Downtown Jersey City: 46.62 weeks
Pending Sales
Hoboken: 154
Downtown Jersey City: 103
Total Transactions
Hoboken: 83 units
Downtown Jersey City: 39 units
Days on the Market
Hoboken: 110 days
Downtown Jersey City: 95 days
Price Per Square Foot Hoboken
1BR $508.24/sq.ft.
2BR $468.04/sq.ft.
3BR $505.00/sq.ft.
Price Per Square Foot Downtown Jersey City
1BR $591.53/sq.ft.
Now onto October 2024...
HOBOKEN-Prices retreated a bit in October with 1 and 2BR condos down 4.48% and 5.93%, respectively
Pending sales increased 26.32% over last month and are 50% ahead of October 2023.
Total transactions dropped 34.29% from last month and 39.47% when compared to October 2023.
DOWNTOWN JERSEY CITY-1 and 2BR condos stayed above $900/sq.ft. for the second month in a row as first-time homebuyers continue to enter the market and the ultra-luxury high-rise properties continue to drive the upper end of the market.
Pending sales dipped 12% but are still ahead of October 2023 by 23.60%
Total transactions dropped to 22.45% but this is more a function of a lack of inventory than the market slowing down.
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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