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 July 2022 market stats to help inform your choices and keep you in the know. Read on to learn all about the Hoboken + Jersey City July 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.
July 2022 Market Brief
Danielle Fleming and Todd Maloof, Hudson Dwellings
The suburban market is continuing to cool — and Hoboken and Jersey City are once again experiencing a similar trend, with July statistics illustrating the decrease of people moving to the suburbs. This is common in the summer; there’s often less market activity and fewer homes being bought + sold during the warmer months. 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 limited pending sales and minimal market activity during these summer months, and it’s likely we’ll see this trend continue in August as well. The rental market, however, continues to thrive. Most renters are actually paying over market value just to beat out other renters. We are in the early stages of what appears to be an exciting buyer’s market — more on that to come in our next recap.
With all that being said, here is the July 2022 Market Brief, courtesy of Hudson Dwellings:
July 2022 Sold
91 homes were sold in Hoboken and 67 homes were sold in Jersey City in July 2022.
Hoboken: 91
Downtown Jersey City: 67
Average Sale Price July 2022
The average sale price in Hoboken has gone up 27% in comparison to July of last year, with the average sale price of $1,125,067 for July 2022. As for Jersey City, the average sale price went up 2% when compared to last year at this time, bumping it up to $943,999 for July 2022.
Hoboken: $1,125,067
YOY July 2022 v 2021: 27%
Downtown Jersey City: $943,999
YOY July 2022 v 2021: 2%
Average Days on Market July 2022
Hoboken homes spent an average of 22 days on the market, which is down 12% from last year. Jersey City homes spent an average of 21 days on the market, down 25% from last year.
Hoboken: 22
YOY July 2022 v 2021: -12%
Downtown Jersey City: 21
YOY July 2022 v 2021: -45%
Properties Sold July 2022
Of the Hoboken properties sold in July 2022, 81 were Condos/Coops, 7 were one family homes, and 3 were multi-family homes, bringing the total number of Hoboken homes closed in July 2022 to 91. This is down 34% from last year. As for Jersey City, 61 homes were Condos/Coops, 5 were one-family homes, and 1 was a multi-family home, meaning Jersey City closed on 67 properties in July 2022 — down 26% from last year.
Hoboken
Condo/Coop: 81
One Family: 7
Multi: 3
Total Closed July 2022: 91
YOY July 2022 v 2021: -34%
Jersey City
Condo/Coop: 61
One Family: 5
Multi: 1
Total Closed July 2022: 67
YOY July 2022 v 2021: -26%
Available Homes in July 2022
In Hoboken, there were 127 condos/co-ops, 12 one family homes, and 12 multi-family homes available in July, with a total of 151 homes available. This is up 89% from last year. There were also 65 rental properties available in Hoboken. In Jersey City, there were 206 condos/co-ops, 18 one family homes, and 23 multi-family homes available, with a total of 247 homes available — up 357% from last year. There were 77 rental properties available in Jersey City.
Hoboken
Condo/Coop: 127
One Family: 12
Multi: 12
Total Available July 2022: 151
YOY July 2022 v 2021: 89%
Available Rentals: 65
Jersey City
Condo/Coop: 206
One Family: 18
Multi: 23
Total Available July 2022: 247
YOY July 2022 v 2021: 357%
Available Rentals: 77
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.
