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 November 2022 market stats to help inform your choices and keep you in the know. Read on to learn all about the Hoboken + Jersey City November 2022 market brief, provided by PRIME Real Estate Group.
November 2022 Market Brief
There is a tremendous lack of inventory in today’s current market. When a desirable property comes up for sale, it is scooped up fairly quickly. Desirable properties are typically in a good location, are in good — or great — condition, and are reasonably priced. However, some homeowners are finding it not worth it to sell just to acquire a higher interest rate on a new home, especially if they secured a low-interest rate during the last two years.
PRIME cautions that never has it been more important to properly price your home when it hits the market for sale. Properties that are not priced reasonably, not prepared properly for the market, or not presented in a professional fashion, end up taking longer to sell. With limited inventory, there is also a reduced amount of buyers looking in the marketplace. This is mainly due to increased interest rates. Many home buyers were priced out of the market — meaning that the amount they were previously qualified for has dropped significantly.
With all that being said, here is the November 2022 Market Brief, courtesy of Hudson Dwellings:
November 2022 Sold
42 homes were sold in Hoboken and 46 homes were sold in Jersey City in November 2022.
Hoboken: 42
Downtown Jersey City: 46
Average Sale Price November 2022
The average sale price in Hoboken has gone up 38% in comparison to November of last year, with the average sale price landing at $1,123,104 for November 2022. As for Jersey City, the average sale price went up 26% when compared to last year at this time, bumping it up to $1,060,154 for November 2022.
Hoboken: $1,123,104
YOY November 2022 v 2021: 38%
Downtown Jersey City: $1,060,154
YOY November 2022 v 2021: 26%
Average Days on Market November 2022
Hoboken homes spent an average of 29 days on the market, which is down 12% from last year. Jersey City homes spent an average of 51 days on the market, down 2% from last year.
Hoboken: 29
YOY November 2022 v 2021: -12%
Downtown Jersey City: 51
YOY November 2022 v 2021: -2%
Properties Sold November 2022
Of the Hoboken properties sold in November 2022, 39 were Condos/Coops, 1 was a single-family home, and 2 were multi-family homes, bringing the total number of Hoboken homes closed in November 2022 to 42. This is down 54% from last year. As for Jersey City, 38 homes were Condos/Coops, 3 were single-family homes, and 5 were multi-family homes, meaning Jersey City closed on 46 properties in November 2022 — which is down 18% when compared with last year.
Hoboken
Condo/Coop: 39
Single Family: 1
Multi: 2
Total Closed November 2022: 42
YOY November 2022 v 2021: -54%
Jersey City
Condo/Coop: 38
Single Family: 3
Multi: 5
Total Closed November 2022: 46
YOY November 2022 v 2021: -18%
Available Homes in November 2022
In Hoboken, there were 74 condos/co-ops, 4 single-family homes, and 8 multi-family homes available in November, with a total of 86 homes available. This is up 39% from last year. There were also 41 rental properties available in Hoboken. In Jersey City, there were 121 condos/co-ops, 17 single-family homes, and 21 multi-family homes available, with a total of 159 homes available — up 261% from last year. There were 121 rental properties available in Jersey City.
Hoboken
Condo/Coop: 74
Single Family: 4
Multi: 8
Total Available November 2022: 86
YOY November 2022 v 2021: 39%
Available Rentals: 41
Jersey City
Condo/Coop: 121
Single Family: 17
Multi: 21
Total Available November 2022: 159
YOY November 2022 v 2021: 261%
Available Rentals: 121
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.
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.
