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 September 2022 market stats to help inform your choices and keep you in the know. Plus, just for fun, the team is giving us a look inside a Hoboken home that just hit the market. Read on to learn all about the Hoboken + Jersey City September 2022 market brief, provided by PRIME Real Estate Group.
A Peek Inside a PRIME Real Estate Home
(Photo credits: PRIME Real Estate Group)
This condo just hit the market for $1,169,000. Located at 1400 Hudson Street #629 in Hoboken, this home boasts 2 bedrooms, 2 bathrooms, and 1,200 square feet of living space. It also features hardwood floors throughout, stainless steel appliances, and even a private outdoor terrace. There’s a concierge, an updated gym, a children’s playroom, and for the warmer seasons — a rooftop terrace where you can BBQ, swim, and sit by a fire pit. To take a look inside this gorgeous condo, click here.
September 2022 Market Brief
Now that the holiday season is slowly approaching, sales are starting to slow down — but overall pricing has remained stable despite this. Since interest rates are on the rise, locals can expect to see limited inventory. If you were lucky enough to buy your home within the last two years, you’re probably seeing the benefits of low interest rates in your current home.
Market analysts are predicting that interest rates will hit as high as 8% over the next 12 months — until the housing market eventually settles by early 2024. This means we’ll probably keep seeing low inventory, more conservative pricing, and minimal activity in general until inflation becomes more manageable.
Understandably, because of this, some buyers have decided to stop searching for now until rates come back to a better level. That alone has created a strong rental market locally, with rentals seeing similar statistics to the sales market — which isn’t surprising for anyone who has tried to rent recently. Again, this trend will likely continue for the foreseeable future
With all that being said, here is the September 2022 Market Brief, courtesy of Hudson Dwellings:
September 2022 Sold
68 homes were sold in Hoboken and 57 homes were sold in Jersey City in September 2022.
Downtown Jersey City: 57
Average Sale Price September 2022
The average sale price in Hoboken has gone up 4% in comparison to September of last year, with the average sale price landing at $1,028,768 for September 2022. As for Jersey City, the average sale price went down 1% when compared to last year at this time, bumping it up to $953,354 for September 2022.
YOY September 2022 v 2021: 4%
Downtown Jersey City: $ 953,354
YOY September 2022 v 2021: -1%
Average Days on Market September 2022
Hoboken homes spent an average of 30 days on the market, which is also what it was in September of last year. Jersey City homes spent an average of 29 days on the market, down 15% from last year.
YOY September 2022 v 2021: 0%
Downtown Jersey City: 29
YOY September 2022 v 2021: -15%
Properties Sold September 2022
Of the Hoboken properties sold in September 2022, 62 were Condos/Coops, 1 was a single family home, and 5 were multi-family homes, bringing the total number of Hoboken homes closed in September 2022 to 68. This is down 22% from last year. As for Jersey City, 50 homes were Condos/Coops, 4 were single family homes, and 3 were multi-family homes, meaning Jersey City closed on 57 properties in September 2022 — which is down 8% when compared with last year.
Single Family: 1
Total Closed September 2022: 68
YOY September 2022 v 2021: -22%
Single Family: 4
Total Closed September 2022: 57
YOY September 2022 v 2021: -8%
Available Homes in September 2022
In Hoboken, there were 107 condos/co-ops, 12 single family homes, and 10 multi-family homes available in September, with a total of 129 homes available. This is up 11% from last year. There were also 48 rental properties available in Hoboken. In Jersey City, there were 144 condos/co-ops, 14 single family homes, and 17 multi-family homes available, with a total of 175 homes available — up 143% from last year. There were 97 rental properties available in Jersey City.
Single Family: 12
Total Available September 2022: 129
YOY September 2022 v 2021: 11%
Available Rentals: 48
Single Family: 14
Total Available September 2022: 175
YOY September 2022 v 2021: 143%
Available Rentals: 97
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.