It can sometimes feel like the housing market changes too quickly to keep up — especially in highly desirable locations like Hoboken and Jersey City. For those looking to buy or sell their home locally, it’s smart to have your finger on the pulse of Hudson County real estate stats to help ensure you’re making the most informed choices. Luckily, PRIME Real Estate Group — a leading local brokerage in Hudson County with offices in both Hoboken + Jersey City — is sharing its June 2022 market stats to help keep you in the know. Read on to learn all about the Hoboken + Jersey City June 2022 market brief, provided by PRIME Real Estate Group.
About PRIME Real Estate Group
PRIME Real Estate Group is a top local brokerage with offices in both Hoboken (98 Park Avenue) and Jersey City (351 Palisade Avenue). The fact that PRIME has been serving the local community since 2001 has enabled the group to become experts in the area and effectively understand the ever-changing market. Agents use this regional knowledge to provide the best possible service to clients, and the team strives to help everyone reach their real estate goals.
Hudson Dwellings is a partnership group under the PRIME umbrella. Together, Jesse Halliburton, Principal Broker at PRIME Real Estate Group; Danielle Fleming; and Todd Maloof make up the Hudson Dwellings partnership. Since its start in 2012, the group has helped numerous buyers and sellers move throughout Northern and Central New Jersey, collectively bringing in $500 million in real estate over the last ten years. Hudson Dwellings aims to provide strong communication with clients mixed with local marketing expertise.
June 2022 Market Brief
The suburban market is starting to cool — and Hoboken and Jersey City are experiencing a similar trend. Now that July 4th is behind us, we’re unsurprisingly entering a typical summer phase with less market activity and fewer homes being bought + sold. A reason for this is because locals are starting to get tired of the suburban housing bidding war frenzy and have decided to pause on home searching to enjoy the summer. This leaves Hoboken and Jersey City with little inventory to sell during these summer months, and it’s likely we’ll see this trend continue through August as well.
With that being said, here is the June 2022 Market Brief, courtesy of Hudson Dwellings:
June 2022 Sold
100 homes were sold in Hoboken and 79 homes in Jersey City in June 2022.
Hoboken: 100
Downtown Jersey City: 79
Average Sale Price June 2022
The average sale price in Hoboken has gone down 11% in comparison to June of last year, with the average sale price of $880,157 for June 2022. As for Jersey City, the average sale price didn’t experience any percent change when compared to last year at this time, remaining at $985,023 for June 2022.
Hoboken: $880,157
YOY June 2022 v 2021: -11%
Downtown Jersey City: $985,023
YOY June 2022 v 2021: 0%
Average Days on Market June 2022
Hoboken homes spent an average of 15 days on the market, which is down 53% from last year. Jersey City homes spent an average of 27 days on the market, down 40% from last year.
Hoboken: 15
YOY June 2022 v 2021: -53%
Downtown Jersey City: 27
YOY June 2022 v 2021: -40%
Properties Sold June 2022
Of the Hoboken properties sold in June 2022, 94 were Condos/Coops, 5 were one family homes, and 1 was a multi-family home, bringing the total number of Hoboken homes closed in June 2022 to 100. This is down 27% from last year. As for Jersey City, 65 homes were Condos/Coops, 4 were one-family homes, and 10 were multi-family homes, meaning Jersey City closed on 79 properties in June 2022 — down 18% from last year.
Hoboken
Condo/Coop: 94
One Family: 5
Multi: 1
Total Closed June 2022: 100
YOY June 2022 v 2021: -27%
Jersey City
Condo/Coop: 65
One Family: 4
Multi: 10
Total Closed June 2022: 79
YOY June 2022 v 2021: -18%
Available Homes in June 2022
In Hoboken, there were 174 condos/coops, 14 one family homes, and 13 multi-family homes available in June, with a total of 201 homes available. This is up 62% from last year. There were also 54 rental properties available in Hoboken. In Jersey City, there were 207 condos/coops, 13 one family homes, and 20 multi-family homes available — up 173% from last year. There were 73 rental properties available in Jersey City.
Hoboken
Condo/Coop: 174
One Family: 14
Multi: 13
Total Available June 2022: 201
YOY June 2022 v 2021: 62%
Available Rentals: 54
Jersey City
Condo/Coop: 207
One Family: 13
Multi: 20
Total Available June 2022: 240
YOY June 2022 v 2021: 173%
Available Rentals: 73
PRIME Real Estate Group is located at 98 Park Avenue in Hoboken and 351 Palisade Avenue in Jersey City. If you are looking to buy or sell throughout Hudson County + beyond and want the expertise from a partnership of professionals who truly understand the real estate market, fill out a contact form here or call (201) 792-4300 for more information.
