hOMES: Weekly Insight Into Hoboken and Downtown Jersey City Real Estate Trends | FEBRUARY 3, 2017

Hoboken Real Estate Trends | February 3, 2017

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Our friends at Jersey Digs recently wrote an interesting article about the shifting dynamic between Hoboken and Jersey City. Historically speaking, Jersey City was considered the less expensive alternative for purchasing a home, but in 2016 Downtown Jersey City surpassed Hoboken for the median price for a condo, coming in at $700,000 with Hoboken very close at $696,000 as the median price.

Both areas have a lot to offer. They both offer an easy commute to New York City, with PATH, ferry and bus options. They both have a vibrant restaurant and bar scene great parks and amazing views of the New York City skyline.

Downtown Jersey City covers a large area, with more distinct neighborhoods, such as Newport, Grove Street, Exchange Place, Paulus Hook and Hamilton Park. Hoboken is just over one square mile, with Washington Street being the main focus for the majority of businesses, bars and restaurants.

A large number of buyers will consider both areas when looking to purchase a home.

To that end, we will now start doing a weekly update for both areas. This week, we have compiled a comparative analysis of what is currently available in both areas

Moving forward, we will provide a separate update on each area. As you can see from the numbers below, they are remarkably similar, except when comparing single family homes, where Hoboken has a much larger inventory.

Studio/ 1-Bedrooms
Hoboken:
24 listings. The average price is $580,661 and the average price per sq/ft is $749.
Downtown Jersey City:
37 listings. The average price is $546,140 and the average price per sq/ft is $790.

2-Bedrooms
Hoboken:
34 Listings. The average price is $1,006,800 the average price per sq/ft is $782.
Downtown Jersey City:
41 Listings. The average price is $1,030,455 and the average price per sq/ft is $818.

3-Bedrooms
Hoboken:
19 listings. The average price is $1,517,368 and the price per sq/ft is $823.
Downtown Jersey City:
20 listings. The average price is $1,530,395 and the price per sq/ft is $928.

4-Bedrooms
Hoboken:
9 listings. The average price is $2,246,222 and the price per sq/ft is $784.
Downtown Jersey City:
2 listings. The average price is $1,862,394 and the price per sq/ft is $927.

5-Bedrooms
Hoboken:
1 listing. The price is $2,200,000 and the price per sq/ft is $814.
Downtown Jersey City:
1 listing. The price is $2,500,000 and the price per sq/ft is $467.

Single Family Homes:
Hoboken:
17 available homes, the average price is $2,564,235.
Downtown Jersey City:
4 available homes, the average price is $1,611,250.

(Information provided by Hudson County MLS)

CLICK HERE to learn more about these and other properties…
CLICK HERE to find out how much your property is worth in today’s market…

Mortgage Market in Review: 

It is a big week for mortgage rates, as the current Fed meeting will finish Wednesday afternoon. This will give us some great insight into what the Fed is thinking in regards to increased hikes to the Prime rate over the course of 2017. We also get hit with the Monthly Jobs’ Report on Friday. This always has the potential to be a market mover. By the end of the week, we’ll have a great sense of where rates will be expected to go in the short term. Leading up to these two events, we have seen rates stabilize and remain flat. This is not uncommon when the market is waiting on data. Stay tuned.

CLICK HERE for a more detailed analysis from local mortgage broker Michael Mundy…

ALSO OF INTEREST:
Why So Many Parks? (hMAG)

Helping Kids Adjust to a Move (Realtor.com)

Cost of Kitchen Upgrades (houzz.com)

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Ann Wycherley is an award-winning realtor with over 15 years of solid real estate experience in the Hoboken market.

She has been recognized by the New Jersey Realtors Circle of Excellence for many years, having earned the Gold Level of Excellence for 2015 and awarded Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club.

Other accolades include the coveted Centurion Award for the past four years running (2012-2015), which represents the premium level of achievement within the Century 21 organization.