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 October 2022 market stats to help inform your choices and keep you in the know. Read on to learn all about the Hoboken + Jersey City October 2022 market brief, provided by PRIME Real Estate Group.
October 2022 Market Brief
With limited inventory, interest rates rising, and the holidays quickly approaching, we have unsurprisingly entered the typical real estate lull that tends to happen at the end of the year. If sellers are still marketing their homes for sale on the MLS (Multiple Listing Services), then they have to sell in order to move into another home — however, with rates skyrocketing, buyers are wary to commit, according to experts at PRIME Real Estate Group.
In some cases, sellers are actually offering concessions to buyers in order to buy what’s called a float down rate to make monthly payments more affordable. For example, instead of negotiating a lower price, buyers and sellers might agree to a certain price — but the seller will then offer the buyer a set amount at closing to help offset the rising interest rates to ultimately make monthly payments more affordable. If you are a buyer in today’s market, PRIME Real Estate Group recommends asking about seller concessions to help out with financing on your next home.
With all that being said, here is the October 2022 Market Brief, courtesy of Hudson Dwellings:
October 2022 Sold
63 homes were sold in Hoboken and 47 homes were sold in Jersey City in October 2022.
Downtown Jersey City: 47
Average Sale Price October 2022
The average sale price in Hoboken has gone down 7% in comparison to October of last year, with the average sale price landing at $913,664 for October 2022. As for Jersey City, the average sale price went up 3% when compared to last year at this time, bumping it up to $918,193 for October 2022.
YOY October 2022 v 2021: -7%
Downtown Jersey City: $918,193
YOY October 2022 v 2021: 3%
Average Days on Market October 2022
Hoboken homes spent an average of 34 days on the market, which is down 13% from last year. Jersey City homes spent an average of 44 days on the market, up 13% from last year.
YOY October 2022 v 2021: -13%
Downtown Jersey City: 44
YOY October 2022 v 2021: 13%
Properties Sold October 2022
Of the Hoboken properties sold in October 2022, 58 were Condos/Coops, 2 were single family homes, and 3 were multi-family homes, bringing the total number of Hoboken homes closed in October 2022 to 63. This is down 7% from last year. As for Jersey City, 40 homes were Condos/Coops, 5 were single family homes, and 2 were multi-family homes, meaning Jersey City closed on 47 properties in October 2022 — which is down 37% when compared with last year.
Single Family: 2
Total Closed October 2022: 63
YOY October 2022 v 2021: -7%
Single Family: 5
Total Closed October 2022: 47
YOY October 2022 v 2021: -37%
Available Homes in October 2022
In Hoboken, there were 86 condos/co-ops, 6 single family homes, and 8 multi-family homes available in October, with a total of 100 homes available. This is up 15% from last year. There were also 54 rental properties available in Hoboken. In Jersey City, there were 137 condos/co-ops, 15 single family homes, and 18 multi-family homes available, with a total of 170 homes available — up 204% from last year. There were 102 rental properties available in Jersey City.
Single Family: 6
Total Available October 2022: 100
YOY October 2022 v 2021: 15%
Available Rentals: 54
Single Family: 15
Total Available October 2022: 170
YOY October 2022 v 2021: 204%
Available Rentals: 102
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.