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Elizabeth Rakela's real estate market views

National Real Estate Market

Rates have remained relatively stable this summer, with occasional minor fluctuations week to week, but we’ve yet to see a significant decline. Economists anticipate the first rate cut will take place in September. Currently, the average 30-year mortgage stands at 6.7%, marking a decrease from Q1 rates. This slight decline provides some relief to buyers grappling with limited inventory, high prices, and frequent bidding wars. Throughout these summer months, many lenders have observed an uptick in clients refinancing to capitalize on lower rates, particularly those with rates exceeding 7%.

According to national real estate data, the median sales price hit a record high in May, reaching $419,000—up 5.8% from $396,000 a year earlier. Many real estate agents are also noting that buyers are increasingly prioritizing features suited for remote work in their property searches.

Local Market Landscape

The Hudson County market in 2024 continues to reflect the trends experienced by both sellers and buyers earlier this year. Low inventory levels continue, driving prices upward and often sparking bidding wars, resulting in a fast-paced market. When assessing the absorption rate, which indicates whether the market is neutral or favors buyers or sellers, Hoboken remains a strong seller’s market. Studio, 1BR and 3BR condos in Downtown Jersey City have started to shift towards a buyer’s market, largely due to new development listings. Single and Multi-Family homes in Hudson County remain a strong seller’s market. For a comprehensive analysis of Hudson County neighborhoods, including sales prices, days on market, and absorption rates, click here.

The rental market has shown signs of softening, with some properties offering rental incentives and price reductions, which we haven’t seen in some time. Manhattan has recently shifted toward a buyer’s market, as prices fall and inventory levels rise. These trends in nearby neighborhoods indicate the market is starting to shift.

The Rakela Team
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