The ups and downs of the real estate market can be complicated to follow — especially in highly desirable locations like Hoboken and Jersey City. Keeping track of recent real estate statistics in Hudson County is wise for anyone looking to buy or sell a home locally. Luckily, PRIME Real Estate Group — a leading local brokerage in Hudson County with offices in both Hoboken + Jersey City — is sharing its August 2022 market stats to help inform your choices and keep you in the know. Plus, PRIME is giving us a look inside a gorgeous 4-bedroom apartment that just hit the market in Hoboken. Read on to learn all about the Hoboken + Jersey City August 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.
A Peek Into a Hudson Dwellings’ Listing
Before we jump into the market brief, here’s a sneak peek into a current Hudson Dwellings’ listing that just hit the market in September. Located at 210 Bloomfield Street, #2 right here in Hoboken, this stunning 4-bedroom, 3-bathroom apartment features over 2,500 square feet of living space. This home was recently built and is an upper duplex row house with its own private rooftop and luxurious finishes inside. It is currently listed at $2.35 million.
August 2022 Market Brief
The number of available homes in the Hudson County area has crept down since the start of the summer — however, now that Labor Day is officially behind us, it’s highly likely that sellers are going to be putting their homes on the market to try to catch the back-to-school buyers before the holiday season.
The total number of homes that closed has decreased again, which is standard for August — but based on 2021’s numbers, it still tells us two things. For one, it tells us that the suburban market is slowing, and secondly, it suggests that sellers are uncertain as to where to move next. The fact that more employees are being called back to work in person will affect our local markets here in Hudson County, as we can expect to see minimal days on the market for most homes as a result of the rush back to the office. Rentals continue to remain superior because they give residents a choice regarding whether to stay long term or to balance their lifestyles with a far commute to a beach or mountain home.
With all that being said, here is the August 2022 Market Brief, courtesy of Hudson Dwellings:
August 2022 Sold
82 homes were sold in Hoboken and 69 homes were sold in Jersey City in August 2022.
Downtown Jersey City: 69
Average Sale Price August 2022
The average sale price in Hoboken has gone up 23% in comparison to August of last year, with the average sale price of $1,159,006 for August 2022. As for Jersey City, the average sale price went up 16% when compared to last year at this time, bumping it up to $1,012,569 for August 2022.
YOY August 2022 v 2021: 23%
Downtown Jersey City: $1,012,569
YOY August 2022 v 2021: 16%
Average Days on Market August 2022
Hoboken homes spent an average of 22 days on the market, which is down 33% from last year. Jersey City homes spent an average of 30 days on the market, down 23% from last year.
YOY August 2022 v 2021: -33%
Downtown Jersey City: 30
YOY August 2022 v 2021: -23%
Properties Sold August 2022
Of the Hoboken properties sold in August 2022, 71 were Condos/Coops, 9 were single family homes, and 2 were multi-family homes, bringing the total number of Hoboken homes closed in August 2022 to 82. This is down 36% from last year. As for Jersey City, 54 homes were Condos/Coops, 9 were single family homes, and 6 were multi-family homes, meaning Jersey City closed on 69 properties in August 2022 — which is unchanged from last year.
Single Family: 9
Total Closed August 2022: 82
YOY August 2022 v 2021: -36%
Single Family: 9
Total Closed August 2022: 69
YOY August 2022 v 2021: 0%
Available Homes in August 2022
In Hoboken, there were 116 condos/co-ops, 12 single family homes, and 10 multi-family homes available in August, with a total of 138 homes available. This is up 94% from last year. There were also 48 rental properties available in Hoboken. In Jersey City, there were 160 condos/co-ops, 13 single family homes, and 18 multi-family homes available, with a total of 191 homes available — up 241% from last year. There were 61 rental properties available in Jersey City.
Single Family: 12
Total Available August 2022: 138
YOY August 2022 v 2021: 94%
Available Rentals: 48
Single Family: 13
Total Available August 2022: 191
YOY August 2022 v 2021: 241%
Available Rentals: 61
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 and 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.