It can sometimes seem like the housing market is changing too quickly to keep up, especially in hot spots like Hoboken and Jersey City. For those looking to buy or sell their home locally, it’s a good idea to take the pulse of Hudson County real estate statistics to ensure you’re making the most informed choices. Fortunately, PRIME Real Estate Group – a leading local brokerage firm in Hudson County with offices in Hoboken and Jersey City – is sharing its June 2022 market stats to help you stay in the know. Read on to learn all about the June 2022 Hoboken + Jersey City Market Note, provided by PRIME Real Estate Group.
About PRIME Real Estate Group
PRIME Real Estate Group is a top local brokerage with offices in Hoboken (98 Park Avenue) and Jersey City (351 Palisade Avenue). The fact that PRIME has been serving the local community since 2001 has allowed the group to become experts in the field and to effectively understand the ever-changing market. Agents use it regional knowledge to provide the best possible service to clients, and the team strives to help everyone achieve their real estate goals.
Hudson Housing is a partnership group under the umbrella of PRIME. Together, Jesse Halliburton, Principal Broker at PRIME Real Estate Group; Danielle Fleming; and Todd Maloof form the Hudson Dwellings partnership. Since its inception in 2012, the group has helped many buyers and sellers move through northern and central New Jersey, collectively grossing $500 million in real estate for the past ten years. Hudson Dwellings aims to provide strong customer communication combined with local marketing expertise.
June 2022 Market Note
The suburban market is starting to cool – and Hoboken and Jersey City are seeing a similar trend. Now that the 4th of July is behind us, we are unsurprisingly entering a typical summer phase with less market activity and fewer homes bought + sold. This is because residents are beginning to tire of the frenzy of the suburban housing auction war and have decided to take a break from house hunting to enjoy the summer. This leaves Hoboken and Jersey City with little inventory to sell in these summer months, and this trend is likely to continue into August as well.
That being said, here is the June 2022 Market Brief, courtesy of Hudson Dwellings:
June 2022 Sold
100 homes were sold in Hoboken and 79 homes in Jersey City in June 2022.
Jersey City Centre: 79
Average sale price June 2022
The average sale price in Hoboken was down 11% from June of last year, with an average sale price of $880,157 for June 2022. As for Jersey City, the average sale price saw no no percentage change from last year. year at this time, remaining at $985,023 for June 2022.
Year June 2022 versus 2021: -11%
Jersey City Centre: $985,023
Year June 2022 versus 2021: 0%
Average days on market June 2022
Hoboken homes spent an average of 15 days on the market, down 53% from last year. Jersey City homes spent an average of 27 days on the market, down 40% from a year ago.
Year June 2022 versus 2021: -53%
Downtown Jersey City: 27
Year June 2022 against 2021: -40%
Properties sold June 2022
Of the Hoboken properties sold in June 2022, 94 were condos/co-ops, 5 were single-family homes, and 1 was a multi-family home, bringing the total number of Hoboken homes closed in June 2022 to 100. This represents a drop of 27 % compared to last year. As for Jersey City, 65 homes were condos/co-ops, 4 were single-family homes, and 10 were multi-family homes, meaning Jersey City closed 79 properties in June 2022, down 18% from the last year.
A family: 5
Total closed June 2022: 100
Year June 2022 versus 2021: -27%
City of Jersey
A family: 4
Total closed June 2022: 79
Year June 2022 versus 2021: -18%
Houses available in June 2022
In Hoboken, there were 174 condos/co-ops, 14 single-family homes and 13 multi-family homes available in June, with a total of 201 homes available. This is 62% more than last year. There were also 54 rental properties available in Hoboken. In Jersey City, there were 207 condos/co-ops, 13 single-family homes, and 20 multi-family homes available, an increase of 173% over last year. There were 73 rental properties available in Jersey City.
One family: 14
Total available June 2022: 201
Year June 2022 versus 2021: 62%
Rentals available: 54
City of Jersey
One family: 13
Total available June 2022: 240
Year June 2022 versus 2021: 173%
Rentals available: 73
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 + beyond and want the expertise of a partnership of professionals who truly understand the real estate market, complete a contact form here or call (201) 792-4300 for more information.