hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | January 8, 2021

Hoboken & Jersey City Real Estate Trends
January 8, 2021
by Ann Wycherley
Broker Associate, Brown Harris Stevens

Happy New Year!

To say that a lot has happened since our last update would be an understatement…

With the onset of COVID we thought it prudent to hold off on our updates as so much was in flux. Now, with a new year we felt it was time to re-engage.

We have all heard the stories of how everyone has fled urban areas to settle in the burbs, how there are lines down the street to enter open houses and how every property is going for over asking. Yes, we have lost a number of residents to other areas—our urban environment lends itself to a certain amount of transition. A lot of people tend to have a 3 to 5 year plan to stay here until they move out to other areas. COVID simply sped up this process for a lot of people.

So how has this affected our local property markets?

We certainly experienced a lot of uncertainty during the early months of COVID. But, when I decided to look at the number for the second half of 2020 compared to the second half of 2019 the most striking thing was how similar they were:

HOBOKEN:
Studio/ 1-Bedroom Condos:
Sold Properties second Half of 2019
138 sold properties. The average sales price was $504,573 and the average price per sq/ft was $706
Sold Properties Second Half of 2020
164 sold properties. The average sales price was $513,457 and the average price per sq/ft was $711

2-Bedroom Condos:
Sold Properties Second Half of 2019
255 sold properties. The average sales price was $754,058  and the average price per sq/ft was $689
Sold Properties Second Half of 2020
270 sold properties. The average sales price was $792,794 and the average price per sq/ft was $706

3-Bedroom Condos:
Sold Properties Second Half of 2019
88 sold properties. The average sales price was $1,234,302 and the average price per sq/ft was $705
Sold Properties Second Half of 2020
68 sold properties. The average sales price was $1,175,023 and the average price per sq/ft was $752

4-Bedroom Condos:
Sold Properties Second Half of 2019
19 sold properties. The average sales price was $1,754,342 and the average price per sq/ft was $715
Sold Properties Second Half of 2020
7 sold properties. The average sales price was $1,975,821 and the average price per sq/ft was $794

Single-Family Homes:
Sold Properties Second Half of 2019:
21 properties, average price was $1,730,952
Sold Properties Second Half of 2020:
31 properties, average price was $1,926,129

DOWNTOWN JERSEY CITY:
Studio / 1-Bedroom Condos:
Sold Properties Second Half of 2019
130 sold properties. The average sales price was $549,338 and the average price per sq/ft was $746
Sold Properties Second Half of 2020
126 sold properties. The average sales price was $537,973 and the average price per sq/ft was $734

2-Bedroom Condos:
Sold Properties Second Half of 2019
157 sold properties. The average sales price was $876,235 and the average price per sq/ft was $735
Sold Properties Second Half of 2020
148 sold properties. The average sales price was $815,796 and the average price per sq/ft was $725

3-Bedroom Condos:
Sold Properties Second Half of 2019
38 sold properties. The average sales price was $1,107,727 and the average price per sq/ft was $717
Sold Properties Second Half of 2020
33 sold properties. The average sales price was $1,116,340 and the average price per sq/ft was $697

Single-Family Homes:
Sold Properties Second Half of 2019:
32 properties, average price was $1,146,609
Sold Properties Second Half of 2020:
31 properties, average price was $1,188,937

JERSEY CITY HEIGHTS:
Studio / 1-Bedroom Condos:
Sold Properties Second Half of 2019
27 sold properties. The average sales price was $279,559 and the average price per sq/ft was $451
Sold Properties Second Half of 2020
30 sold properties. The average sales price was $306,228 and the average price per sq/ft was $483

2-Bedroom Condos:
Sold Properties Second Half of2019
45 sold properties. The average sales price was $409,760 and the average price per sq/ft was $437
Sold Properties Second Half of 2020
61 sold properties. The average sales price was $469,575 and the average price per sq/ft was $489

3-Bedroom Condos:
Sold Properties Second Half of 2019
18 sold properties. The average sales price was $695,600 and the average price per sq/ft was $388
Sold Properties Second Half of 2020
73 sold properties. The average sales price was $680,528 and the average price per sq/ft was $451

Single-Family Homes:
Sold Properties Second Half of 2019:
37 properties, average price was $513,240
Sold Properties Second Half of 2020:
31 properties, average price was $669,922

What these numbers tell us is that real estate is still moving. People are still buying and selling in our areas.

Yes, there are still uncertainties ahead and whereas I do not want to try and to predict where the market is heading I will provide you with a detailed week analysis, along with helpful hints on how to navigate the buying and selling process.

(Information provided by Hudson County MLS)

ALSO OF INTEREST:

Hoboken City Council Pushes Back Against Proposed Limits on Building Below the Palisades (TAPinto Hoboken)

Jersey City Planning Board Approves 26-Story Tower at 425 Summit Ave (JerseyDigs)

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As an award-winning agent, Ann Wycherley brings nearly 20 years of solid real estate experience in the Hudson County market. She has been recognized by the New Jersey Circle of Excellence for many of those years and recently earned a Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club, Direct and thorough, Ann’s straightforward approach to navigating the complexities of real estate in Hudson County has fostered strong working relationships with repeat clients and countless referrals from those who are looking to get the most out of buying or selling their home.

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