hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | January 22, 2021

Hoboken & Jersey City Real Estate Trends
January 22, 2021
by Ann Wycherley
Broker Associate, Brown Harris Stevens

“Should I stay or should I go?”

The urban/suburban debate is not new to our area. Hoboken and Jersey City have always been considered fluid towns in terms of housing. First-time home buyers would often enter the property market by purchasing a one-bedroom condo, later upgrade to a two-bedroom home, and then look to the ‘burbs as their families grew.

We would see a lot of young families with a “3- to 5-year plan” to move to the suburbs. As families grow they tend to look for more space, backyards, etc. Yet over the past few years we had started to see a trend where families were more prone to consider staying in our area if they could find that space here. More and more larger 3- or 4-bedroom homes have been built to accommodate this trend.

With the onset of the pandemic, however, people’s priorities and needs changed. Families who had always planned to move in 3 to 5 years accelerated that to a 3- to 5-month plan, hence why we initially saw such a large number of people leaving our cities to move to suburban areas. That said, buying in the suburbs right now is not for the faint of heart. The demand is so high that buyers should expect to pay around 25% over the asking price if they want to get their “forever home.”  I spoke with one agent recently who listed a property on a Wednesday, and by Friday she had 85 scheduled appointments and 6 offers.

With all that in mind, maybe it’s time to revisit what our urban areas have to offer. The shops, the restaurants, the parks, the waterfront, etc.—all on your doorstep. Although we don’t know when, companies are going to start bringing employees back into offices. They may not have to go in 5 days a week, but they will be returning in some capacity. When that happens, perennial commuting issues will raise their heads again. Delays, cancellations, crowded trains—these issues have not gone away.

With low interest rates, now is the perfect time to buy in an area that offers not only an easier commute, but also offers a very real sense of community—which became very apparent at the height of the pandemic, when we saw local community groups spring up to support our local frontline workers and local businesses… an effort that still continues today.

If you are considering purchasing in our area, you will find a greater supply and a wider variety of options to suit various needs. Here’s a look at the average home prices across the various ranges:

Hoboken:
1 Bedrooms:
84 available homes.The average price is $493,693, the average price per sq/ft is $737 and the average days on the market is 52.
2 Bedrooms:,
100 available homes.The average price is $871,120 the average price per sq/ft is $738 and the average days on the market is  65.
3 Bedrooms:
48 available homes.The average price is $1,420,706, the average price per sq/ft is $814 and the average days on the market is 115.
4+ Bedrooms:  
16 available homes.The average price is $1,892,134 the average price per sq/ft is $862 and the average days on the market is 128.
Single Family Homes:
12 available homes. The average price is $2,138,147 and the average days on the market is 89.<

Downtown Jersey City:
1 Bedrooms:
102 available homes.The average price is $607,945, the average price per sq/ft is $780 and the average days on the market is 54.
2 Bedrooms:,
94 available homes.The average price is $925,564, the average price per sq/ft is $798 and the average days on the market is 75.
3 Bedrooms:
20 available homes.The average price is $1,336,538, the average price per sq/ft is $800 and the average days on the market is 73.
4+ Bedrooms: 
2 available homes.The average price is $3,308,500, the average price per sq/ft is $797 and the average days on the market is 27.
Single Family Homes:
13 available homes. The average price is $1,684,461 and the average days on the market is 89.

Jersey City Heights:
1 Bedrooms:
21 available homes.The average price is $322,946, the average price per sq/ft is $471 and the average days on the market is 54.
2 Bedrooms:,
37 available homes.The average price is $456,072, the average price per sq/ft is $508 and the average days on the market is 67.
3 Bedrooms:
38 available homes.The average price is $718,386, the average price per sq/ft is $470 and the average days on the market is 54.
4+ Bedrooms:  
3 available homes.The average price is $707,666, the average price per sq/ft is $364 and the average days on the market is 6.
Single Family Homes:
8 available homes. The average price is $599,262 and the average days on the market is 45.

(Information provided by Hudson County MLS)

Also of Interest:

Hoboken Unveils 30-Acre Northwest Redevelopment Plan (Jersey Digs)

21 Ways to Refresh your home in 2021 (Apartment Therapy)

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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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