The numbers are in! Read below for a glimpse of the Jersey City and Hoboken Q3 2023 market reports.
Report Overview:
With decreased inventory in both Jersey City and Hoboken, we observed fewer transactions and lower sales volume compared to the third quarter of the previous year. However, prices held steady and, in some cases, even experienced slight increases.
Here's a closer look at the key trends:
- The number of closed transactions decreased by 21% in Jersey City and 33% in Hoboken compared to the same quarter of 2022. Both cities experienced a decrease in inventory, with a 21% reduction in Jersey City and a 27% reduction in Hoboken.
- The sales volume also saw a significant decrease, with a 23% drop in Jersey City and a 33% drop in Hoboken.
- Properties in Hoboken sold notably faster, with an average of just 21 days on the market, which is 5 days faster than a year ago.
- The average price per square foot for condominiums increased by 6% in Jersey City and by 9% in Hoboken compared to the same quarter of last year.
- While new deals rose by 3% from a year ago in Jersey City, Hoboken saw a sharp decline of 24% in new contracts signed during the third quarter compared to the same quarter of 2022 and of a decline of 35% from the previous quarter.
Always, feel free to reach out with questions and for all real estate needs.
Access our full Q3 2023 market reports for both Jersey City and Hoboken through the links below!
