hOMES: Weekly Insight Into Hoboken, Jersey City, & Weehawken Real Estate Trends | January 3, 2020

Hoboken, Jersey City, & Weehawken Real Estate Trends | January 3, 2020
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Happy New Year!

2019 was an interesting year in real estate, with fluctuating interest rates, declining prices in some areas and rising prices in others. Overall, some 2,105 condos and single family homes changed hands in the areas we cover. Hoboken was the most active area, with 828 transactions.

Here’s a look at the numbers across our areas for 2019:

HOBOKEN:
Studio/ 1-Bedrooms
Sold Properties:
210 properties closed. The average price was $575,118 and the average price per sq/ft was $710.
2-Bedrooms
Sold Properties:
413 properties closed. The average price was $764,922 and the average price per sq/ft was $698.
3-Bedrooms
Sold Properties:
141 sold properties. The average price was $1,263,398 and the average price per sq/ft was $754.
4+ Bedrooms
Sold Properties:
35 sold properties. The average price was $1,872,642 and the average price per sq/ft was $735.
Single-Family Homes
Sold Listings:
29 single family homes closed for an average price of $1,851,465.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
Sold Properties:
215 properties closed. The average price was $553,275 and the average price per sq/ft was $749.
2-Bedrooms
Sold Properties:
246 properties closed. The average price was $868,818 and the average price per sq/ft was $746.
3-Bedrooms
Sold Properties:
57 properties closed. The average price was $1,099,708 and the average price per sq/ft was $746.
4+ Bedrooms
Sold Properties:
3 sold properties. The average price was $1,566,666 and the average price per sq/ft was $521.
Single-Family Homes
Sold Listings:
41 single family homes for an average price of $1,092,256.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
Sold Properties:
44 sold properties. The average price was $294,809 and the average price per sq/ft was $447.
2-Bedrooms
Sold Properties:
69 sold properties. The average price was $421,813 and the average price per sq/ft was $438.
3-Bedrooms
Sold Properties:
54 property closed. The average price was $647,969 and the price per sq/ft was $464.
Single-Family Homes:
Sold Properties:
57 single family homes sold for an average price of $533,279.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
Sold Properties:
111 sold properties. The average price was $267,950 and the average price per sq/ft was $394.
2-Bedrooms
Sold properties:
79 sold properties. The average price was $382,362 and the average price per sq/ft was $377.
3-Bedrooms
Sold Properties:
35 sold properties. The average price was $548,242 and the average price per sq/ft was $359.
Single-Family Homes:
Sold Properties:
53 single-family homes closed for an average price of $543,694.

BERGEN-LAFAYETTE:
Sold Properties:
27 single-family homes closed for an average price of $393,963.

WEEHAWKEN:
Studio/ 1-Bedrooms
Sold Properties:
41 sold properties. The average price was $610,079 and the average price per sq/ft was $522.
2-Bedrooms
Sold Properties:
47 sold properties. The average price was $657,681 and the average price per sq/ft was $494.
3-Bedrooms
Sold Properties:
28 property closed. The average price was $1,067,767 and the price per sq/ft was $582.
Single-Family Homes:
Sold Properties:
27 single family homes sold for an average price of $921,447.

(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:

There was no meaningful move in mortgage rates last week, so there was no particular reason for consumers to make a move. Total mortgage application volume fell 5% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. We are now seeing rates trend up slightly this week. Couple this with the fact that the next two weeks are historically two of the slowest weeks of the year for mortgage applications, and we will most likely see a further drop in applications in the next report of the Mortgage Bankers Association.   We also have to wait and see how the impeachment vote impacts rates and the overall mortgage market.

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

ALSO OF INTEREST:
Jersey City’s Riverview Park to Get $2 Million Upgrade (JerseyDigs.com)

Home & Design Trends for the New Decade (Realtor Magazine)

Hoboken Charter School Lottery — Registration Deadline Announced

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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 2015-2018, meanwhile awarded Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club.

Other accolades include the coveted Centurion Award for the past seven years running (2012-2018), which represents the premium level of achievement within the Century 21 organization.