hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | February 5, 2021

Hoboken & Jersey City Real Estate Trends
February 5, 2021
by Ann Wycherley
Broker Associate, Brown Harris Stevens

Getting pre-qualified or pre-approved is one of the first steps a buyer should take. A seller will not even consider your offer without a letter from your lender.

There is a difference between a pre-approval and a pre-qualification letter (otherwise known as a pre-qual). With a pre-qualification, you give a lender an overview of of your financial history including income, assets, debts, and credit score. The lender will review this information to give you an estimate of what you would qualify for.

Mortgage pre-approval requires documentation and verification of your income, assets, and debts and it will require a credit check. A pre-approval gives you more credibility in the eyes of a seller. When you find the home you love, you will want to present your offer in it’s best light—and a pre-approval gives you more credibility in the eyes of a seller.

So when you are ready to start seriously looking, not only should you meet with a professional realtor but you should take the time to speak with a mortgage person. This will make the process smoother and easier.

Here’s a look at what just listed and sold this week in our areas. It is worth noting that 4 units that listed this week are already under contract, an indication that the market is getting busier.

Hoboken:
Studio /1-Bedrooms
New Listings:
9 new listings.The average price is $497,100 and the average price per sq/ft is $750.
Sold Listings:
5 properties closed. The average price was $569,600, the average price per sq/ft was $765 and the average days on market was 50.

2-Bedrooms:
New Listings:
15 new listingsThe average price is $882,730 and the average price per sq/ft is $765.
Sold Listings:
3 properties closed. The average price was $843,000, the average price per sq/ft was $794 and the average days on market was 49.

3-Bedrooms:
New Listings:
3 new listings.The average price is $1,364,660 and the average price per sq/ft is $727.
Sold Listings:
2 properties closed. The average price was $997,500, the average price per sq/ft was $686 and the days on market was 14.

Single-Family Homes:
New Listings:
3 four-bedroom homes listed from $1,790,000 to $2,500,000.
Sold Listings:
3 homes closed. A three-bedroom home closed for $725,000 and 2 four-bedroom homes closed for $2,050,000 and $2,450,000.

Downtown Jersey City:
Studio /1-Bedrooms
New Listings:
16 new listings.The average price is $619,057 and the average price per sq/ft is $727.
Sold Listings:
5 properties closed. The average sold price was $565,000 the average price per sq/ft was $772 and the average days on market was 58.

2-Bedrooms:
New Listings:
2 new listings.The average price is $1,599,000 and the average price per sq/ft is $951.
Sold Listings:
3 properties closed. The average sold price was $849,000, the average price per sq/ft was $654 and the average days on market was 32.

3-Bedrooms:
New Listings:
4 new listings.The average price is $1,472,250 and the average price per sq/ft is $737.
Sold Listings: 
3 properties closed. The average price was $945,660, the average price per sq/ft was $551 and the average days on market was 93.

Single-Family Homes:
New Listings:
1 four-bedroom home listed for $1,599,00 and 1 six-bedroom home listed for $2,990,000.
Sold Listings:
2 two-bedroom homes sold for $810,000 and $1,075,000.

Jersey City Heights:
Studio /1-Bedrooms
New Listings:
No new listings.
Sold Listings:
No sold listings.

2-Bedrooms:
New Listings:
2 new listings.The average price is $564,222 and the average price per sq/ft is $617.
Sold Listings:
5 properties closed. The average price was $477,000 the average price per sq/ft was $474 and the average days on market was 25.

3-Bedrooms:
New Listings:
8 new listings.The average price is $726,957 and the average price per sq/ft is $506.
Sold Listings:
2 properties closed. The average price was $704,800, the average price per sq/ft was $511 and the average days on market was 23.

Single-Family Homes:
New listings:
1 two-bedroom listed for $669,000, a three-bedroom listed for $599,000 and 2 four-bedrooms listed for $624,00 and 649,000
Sold listings:
1 three-bedroom home sold for $899,000.

(Information provided by Hudson County MLS)

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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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