hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | March 12, 2021

Hoboken & Jersey City Real Estate Trends
March 12, 2021
by Ann Wycherley
Broker Associate, Brown Harris Stevens

It’s exactly one year since the coronavirus effectively shut down our area and changed the way we view the world. It also changed the way we look at real estate.

Our homes have become so much more—they are now our workspace, our schoolrooms, our daycare centers and more. While it has affected all of us, in terms of our living spaces, it has been particularly challenging for parents who have had to work full-time from home and home school their children.

The typical homes in our area do not really lend themselves to this type of scenario, hence the rush to the suburbs. By this stage we have all heard the stories about multiple offers, lines winding around the block at open houses and places selling for an average of 25% over asking.

So now that we are a year into it, is it time to ask yourself if moving to the suburbs is really right for you and your lifestyle? There have been numerous anecdotal tales and articles such as these from Realtor.com and The Wall Street Journal describing how some people are now suffering from buyer’s remorse.

Things are slowly recovering. With the vaccine becoming more readily available, we are seeing a light at the end of the tunnel. Most of the reasons you chose to live in Hoboken or Jersey City are still here.

Yes, things may be slightly different—but the parks, the waterfront, the diversity and the wonderful sense of community are all still here. Many people are starting to take a closer look at the real estate opportunities on offer, which is evidenced by the increasing number of buyers actively looking and the fact that many properties are now getting multiple offers.

Here’s a look at what just listed and sold this week in our areas:

Hoboken:
Studio /1-Bedrooms
New Listings:
10 new listings. The average price is $467,599 and the average price per sq/ft is $697.
Sold Listings:
4 properties closed. The average price was $402,250, the average price per sq/ft was $730 and the average days on market was 54.

2-Bedrooms:
New Listings:
17 new listings. The average price is $695,576 and the average price per sq/ft is 734.
Sold Listings:
8 properties closed. The average price was $770,375, the average price per sq/ft was $678 and the average days on market was 58.

3-Bedrooms:
New Listings:
10 new listings. The average price is $1,386,990 and the average price per sq/ft is $780.
Sold Listings:
1 property closed. The price was $1,1870,000, the price per sq/ft was $632 and the days on market was 15.

Single-Family Homes:
New Listings:
2 new listings. 1 two-bedroom home listed for $1,050,000 and 1 three-bedroom home listed from $1,749,000.
Sold Listings:
I four-bedroom home sold for $2,000,000.

Downtown Jersey City:
Studio /1-Bedrooms
New Listings:
12 new listings. The average price is $620,825 and the average price per sq/ft is $776.
Sold Listings:
7 properties closed. The average sold price was $546,828, the average price per sq/ft was $831 and the average days on market was 18.

2-Bedrooms:
New Listings:
10 new listings. The average price is $893,890 and the average price per sq/ft is $805.
Sold Listings:
5 properties closed. The average sold price was $673,080 the average price per sq/ft was $638 and the average days on market was 56.

3-Bedrooms:
New Listings:
3 new listing. The average price is $1,356,667 and the average price per sq/ft is $714.
Sold Listings: 
1 sold property. The price was $999,000, the price per sq/ft was $710 and the days on the market was 10.

Single-Family Homes:
New Listings:
1 two-bedroom home listed for $759,000 and a three-bedroom home listed for $810,000.
Sold Listings:
1 three-bedroom home sold for $810,000.

Jersey City Heights:
Studio /1-Bedrooms
New Listings:
2 new listings. The average price is $282,500 and the average price per sq/ft is $491.
Sold Listings:
1 sold property. The price was $277,000, the price per sq/ft was $461 and the average days on market was 14.

2-Bedrooms:
New Listings:
4 new listings .The average price is $473,250 and the average price per sq/ft is $544.
Sold Listings:
1 property closed. The price was $329,000, the price per sq/ft was $438 and the average days on market was 50.

3-Bedrooms:
New Listings:
11 new listings.The average price is $717,263 and the average price per sq/ft is $520.
Sold Listings:
1 property closed. The price was $640,000, the price per sq/ft was $582 and the days on market was 64.

Single-Family Homes:
New listings:
2 three-bedroom homes listed for $719,000 and $799,000 and 1 four-bedroom homes listed for $599,000
Sold listings:
1 five-bedroom home sold for $550,000

CLICK ON THE LINKS BELOW TO SEE THIS WEEK’S NEW LISTINGS:

HOBOKEN | DOWNTOWN JERSEY CITY | JERSEY CITY HEIGHTS

(Information provided by Hudson County MLS)

ALSO OF INTEREST:

Neumann Leathers Building Sees Yet Another Development Proposal (TAPintoHoboken)

Daylight Savings Serves as a Reminder for a Variety of Household Tasks (Realtor.com)

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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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