2024 Year End Summary
Increased mortgage rates again for 2024 didn't seem to have much of an affect on pricing in Hoboken and downtown Jersey City. Both areas again achieved record-setting prices in many categories.
Many buyers and sellers are staying put for the moment, but those that are in the market and ready to put a deal together.
The increasing rents that we are experiencing in the area also continues to convert renters into buyers. Word on the street is that the rental market isn't quite as crazy as it was a few months ago. Time will tell if this stream of buyers will start to dry up if rental prices ease up a bit.
And now...off to the charts!
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The pace of sales in Hoboken at 6.36 weeks of inventory is the fastest that I have on record since I started recording data in 2009.
Downtown Jersey City increased to 19.07 weeks as inventory has started to increase in this area. We are still in seller's market territory, but we are heading into a more neutral market.
Average monthly pending sales for Hoboken increased just 1.89% to 102.83 units which is still way off pace from what we've experienced over the last several years.
Average monthly pending sales for downtown Jersey City increased by 22.63% to 121 units as more inventory offers buyers more purchase options.
Days on market in Hoboken increased 41.21% to 37 days which is interesting to note because properties lingering on the market longer didn't result in lower prices.
Days on market in downtown Jersey City increased 27.55% to 42 days. Again, properties lingering longer on the market didn't result in lower prices.
Total sales for Hoboken are down just 1.41% to 560 units and are still hovering around the lowest levels I've seen since I started recording data in 2009.
Transactions for downtown Jersey City increased 19.41% to 603 units. We haven't seen levels like this in about 8 years.
Hoboken 2BR, 3BR and 4BR prices were at all-time highs for 2024.
Studio: $617.30/sq.ft., down 22.38% from last year
1BR: $843.05/sq.ft., up 2.75% from last year *RECORD HIGH*
2BR: $870.17/sq.ft., up 3.90% from last year *RECORD HIGH*
3BR: $952.82/sq. ft., up 15.83% from last year *RECORD HIGH*
4BR: $808.08/sq.ft., down 10.70% from last year
Downtown Jersey City 2BR and 3BR prices were all at all-time highs for 2024.
1BR: $620.76/sq.ft., down 26.73% from last year
2BR: $860.62/sq.ft., up 3.35% from last year *RECORD HIGH*
3BR: $893.26/sq.ft., up 4.91% from last year *RECORD HIGH*
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
Your Long Island, New York Referral Partner
Each office is independently owned and operated.
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