Hello everyone!
I hope you are having a great summer.
The number of closed transactions during the second quarter of 2023 bounced back by 32% in Jersey City and by 110% in Hoboken from the first quarter, although closed transactions, inventory, and new deals in contrast all decreased sharply from a year ago. The lack of inventory and continued demand from buyers kept prices essentially unchanged from a year ago.
In Jersey City, inventory decreased by 23% from the same quarter of 2022, and subsequently, the new deals in contract decreased by 11% from the same quarter last year.
In Hoboken, where inventory decreased significantly by 52% from a year ago, the new deals in contract during the second quarter of 2023 decreased by 37% from the same quarter last year. Properties sold in a record 20 days in Hoboken during the second quarter of 2023.
Always feel free to reach out to me with questions and for all real estate needs.
Access our full Q2 2023 market reports for both Jersey City and Hoboken through the links below!
with gratitude -
Jason
