hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | January 4, 2019

Hoboken & Jersey City Real Estate Trends | January 4, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Happy New Year!

With the start of the new year we are taking to opportunity the review 2018. The main talking point for 2018 was raising interest rates. Mortgage rates rose steadily throughout the year, going from 3.9% in January and peaking in November at 4.88%.

But the good news is that 2019 has started off on a good note with rates falling back to 4%, with some lending institutions offering even lower numbers.

Hopefully this trend will continue, at least in the short term.

Here’s a look at the average numbers for 2018:

HOBOKEN:
Studio/ 1-Bedrooms
The average price for a 1-bedroom was $518,858 with an average price per sq/ft of $727

2-Bedrooms
The average price for a 2-bedroom was $838,379 with an average price per sq/ft of $721

3-Bedrooms
The average price for a 3-bedroom was $1,351,231 with an average price per sq/ft of $769

4+-Bedrooms
The average price for a 4-bedroom was $2,014,923 with an average price per sq/ft of $725

Single-Family Homes
Single family homes ranged from $1,292,000 to $3,050,000 with the average home selling for $2,030,114

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
The average price for a 1-bedroom was $578,442 with an average price per sq/ft of $779.

2-Bedrooms
The average price for a 2-bedroom was $858,761 with an average price per sq/ft of $772.

3-Bedrooms
The average price for a 3-bedroom was $1,142,617 with an average price per sq/ft of $765.

4+-Bedrooms
The average price for a 4-bedroom was $1,142,617 with an average price per sq/ft of $765.

Single-Family Homes
Single-family homes ranged from $770,000 to $2,410,000 with the average home selling for $1,350,995.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
The average price for a 1-bedroom was $289,942 with an average price per sq/ft of $416.

2-Bedrooms
The average price for a 2-bedroom was $413,369 with an average price per sq/ft of $424.

3-Bedrooms
The average price for a 3-bedroom was $588,285 with an average price per sq/ft of $430.

4+-Bedrooms
The average price for a 4-bedroom was $688,940 with an average price per sq/ft of $383.

Single-Family Homes:
Single–family homes ranged from $200,000 to $1,350,00 with the average home selling for $553,050.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
The average price for a 1-bedroom was $267,892 with an average price per sq/ft of $382.

2-Bedrooms
The average price for a 2-bedroom was $403,592 with an average price per sq/ft of $391.

 3-Bedrooms
The average price for a 3-bedroom was $370,334 with an average price per sq/ft of $321.

Single-Family Homes:
Single family homes ranged from $215,000 to $1,196,998 with the average home selling for $550,147.

BERGEN-LAFAYETTE:
Single-family homes ranged from $130,000 to $703,071 with the average home selling for $376,418.

(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:

Home prices have been pulling back in most major markets, according to a report released Wednesday. However, average values in November were still 5.1 percent higher compared with November 2017. This is all according to the financial services company CoreLogic. The decline in asking prices comes as sellers face a new reality of higher interest rates, as well as affordability worries among potential buyers. Mortgage rates rose this past fall, and by the start of November the average rate on the popular 30-year fixed mortgage sat just over 5 percent, according to Mortgage News Daily. It has since fallen back, in response to the major sell-off in the U.S. stock market, and wider concerns over global economic growth. Year over year, mortgage rates are still approximately .5% higher

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

ALSO OF INTEREST:

Tidying Up With Marie Kondo Isn’t Really a Makeover Show (The Atlantic)

Want to Buy? How to Improve Your Credit Score in 30 Days (Apartment Therapy)

First-Time Home Buyers Turn to Relatives for Money (realtor.com)

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

She has been recognized by the New Jersey Realtors Circle of Excellence for many years, having earned the Gold Level of Excellence 2015-2017, meanwhile awarded Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club.

Other accolades include the coveted Centurion Award for the past five years running (2012-2016), which represents the premium level of achievement within the Century 21 organization.