General reports of the real estate market can be helpful, but for those who are seriously invested in the housing market, you need the inside scoop. What better way to get the 411 on the local scene than by relying on a locally-based real estate expert like Triplemint. To give you that advantage, here’s your August market update from Triplemint, the software-powered brokerage with a locally-based team and an office at 331 Washington Street in Hoboken.
Triplemint to Launch Virtual Homebuying Series
In addition to the market update, you can join Triplemint for an eight-part home buying series streaming live starting this Wednesday, September 15th, at 11AM. Continue to tune in weekly via Triplemint’s LinkedIn, Facebook, or YouTube to learn about the decision to rent vs. buy, qualifying for a mortgage, and each step in the buying process. Questions from audience members will be addressed during the live stream.
Hudson County Numbers Are Up from 2020
TOTAL SALES
According to Triplemint, total home sales in Hoboken increased by 18% between August 2020 and August 2021. Jersey City’s total sales increased by 26% with a total of 179 homes sold last month. Overall, Hudson County has always been one to watch when it comes to real estate and between last year and this year, things aren’t slowing down. Last year, Hudson County saw 359 homes gain new owners while this year August totaled 484 sales, making for a 35% increase in house sales county-wide.
Hoboken
August 2021: 113
July 2021: 124
August 2020: 96
YOY: 18%
MOM: -9%
Jersey City
August 2021: 179
July 2021: 194
August 2020: 142
YOY: 26%
MOM: -8%
Hudson County
August 2021: 484
July 2021: 524
August 2020: 359
YOY: 35%
MOM: -8%
MEDIAN SALE PRICE
The Hudson River Gold Coast is aptly named as it hosts some of the most expensive real estate in the country. The median sale price in Hoboken in August 2021 was $835K — a 13% increase from July 2021. Jersey City saw a slight dip in median sale price dropping 2% from last year, settling at $610K for August 2021. The median sale price for Hudson County was $577K last month, which was 3% higher than where the market was in 2020.
Hoboken
August 2021: $835,000
July 2021: $739,500
August 2020: $706,000
YOY: 18%
MOM: 13%
Jersey City
August 2021: $610,000
July 2021: $663,500
August 2020: $625,000
YOY: -2%
MOM: -8%
Hudson County
August 2021: $577,000
July 2021: $605,000
August 2020: $562,100
YOY: 3%
MOM: -5%
AVERAGE DAYS ON MARKET
The real estate market in Hudson County is also quick — nothing sits for very long. That timeframe has actually sped up since 2020 in Hoboken, Jersey City, and Hudson County. Average days on the market for Hoboken decreased by 19% since last year with an average of 32 days. Jersey City averaged out at 36 days this August which is 6% faster than last year. Hudson County’s average in August 2021 was 37 days which is 5 days faster than August of last year.
Hoboken
August 2021: 32
July 2021: 26
August 2020: 27
YOY: 19%
MOM: 23%
Jersey City
August 2021: 36
July 2021: 41
August 2020: 34
YOY: 6%
MOM: -12%
Hudson County
August 2021: 37
July 2021: 35
August 2020: 42
YOY: -12%
MOM: 6%
The New + Improved Real Estate
Thanks to the Triplemint philosophy, customers can now make more informed choices as they work through the process of investing in real estate. Triplemint uses predictive analytics to anticipate the market and match sellers with the right buyers, and vice versa. The Triplemint Pre-Market Platform gives prospective clients access to a robust inventory of properties that have yet to hit the market. Using that information with Triplemint’s combination of technology, analytics, and expertise navigating the real estate market just got a whole lot easier.
Triplemint is located at 331 Washington Street in Hoboken. You can email hello@triplemint.com or call 866-371-6468 for more information.
