hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | March 19, 2021

Hoboken & Jersey City Real Estate Trends
March 19, 2021
by Ann Wycherley
Broker Associate, Brown Harris Stevens

Mortgage rates have been in the news quite a bit recently. During the past year interest rates dropped significantly, with the average 30-year fixed rate in the mid to high 2% range. But rates have climbed for 5 weeks straight, with the rates hovering in the low 3% range. So what does that mean in real terms?

Here’s an example: If your mortgage is $500,000 and the rate is 2.75% your monthly payment will be $2,041. If the rate increases to 3.25% the monthly payment would be $2,176, a difference of $135 per month. (these numbers do not include taxes, maintenance, etc.) So an increase in rates will lower your purchasing power, but a mortgage rate in the 3% range is significantly lower that historic rates (the rate in March 2019 was 4.27%) and should not dissuade you from entering the housing market.

As always, we recommend you speak to a professional to discuss your individual needs. A mortgage representative will give you up to date information on rates and what you can afford.

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

Hoboken:
Studio /1-Bedrooms
New Listings:
13 new listings. The average price is $524,961and the average price per sq/ft is $724.
Sold Listings:
1 property closed. The price was $453,000, the price per sq/ft was $828 and the days on market was 28.

2-Bedrooms:
New Listings:
19 new listings. The average price is $781,257and the average price per sq/ft is 786.
Sold Listings:
14 properties closed. The average price was $829,107, the average price per sq/ft was $703 and the average days on market was 47.

3-Bedrooms:
New Listings:
2 new listings. The average price is $1,099,500and the average price per sq/ft is $701.
Sold Listings:
4 property closed. The price was $1,025,000, the price per sq/ft was $650 and the days on market was 17.

Single-Family Homes:
New Listings:
6 new single family homes listed, ranging from $999,987 to $3,050,000.
Sold Listings:
I five-bedroom home sold for $1,750,000.

Downtown Jersey City:
Studio /1-Bedrooms
New Listings:

14 new listings. The average price is $535,785and the average price per sq/ft is $798.
Sold Listings:
6 properties closed. The average sold price was $591,333, the average price per sq/ft was $820 and the average days on market was 37.

2-Bedrooms:
New Listings:
13 new listings. The average price is $996,482 and the average price per sq/ft is $809.
Sold Listings:
5 properties closed. The average sold price was $784,900, the average price per sq/ft was $710 and the average days on market was 51.

3-Bedrooms:
New Listings:
1 new listing. The price is $990,000 and the price per sq/ft is $541.
Sold Listings: 
3 sold properties. The average price was $1,045,000, the average price per sq/ft was $661 and the average days on the market was 87.

Single-Family Homes:
New Listings:
2 three-bedroom homes listed for $1,150,000 and $1,279,000.
Sold Listings:
1 three-bedroom home sold for $899,888.

Jersey City Heights:
Studio /1-Bedrooms
New Listings:
4 new listings .The average price is $297,224 and the average price per sq/ft is $530.
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:
6 new listings .The average price is $559,000and the average price per sq/ft is $507.
Sold Listings:
4 properties closed. The average price was $386,500, the average price per sq/ft was $454 and the average days on market was 54.

3-Bedrooms:
New Listings:
3 new listings.The average price is $629,000 and the average price per sq/ft is $460.
Sold Listings:
1 property closed. The price was $707,500, the price per sq/ft was $534 and the days on market was 27.

Single-Family Homes:
New listings:
No new listings.
Sold listings:
1 three-bedroom home sold for $530,000.

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:

Hoboken Named #1 City for Young Professionals in America

Kitchen Improvements You Should Make Before Selling (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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