HUDSON COUNTY WEEKLY REAL ESTATE MARKET UPDATE

The Hudson County Weekly Real Estate Market Report has been updated for Hoboken, Downtown Jersey City, and Jersey City Heights to reflect MLS data through 5/8/23.

BIGGEST SHIFTS THIS WEEK

Downtown Jersey City saw some shifts last week 3BR Condos went from a seller’s to buyer’s market and Single Family homes went from a buyer’s market to a seller’s market. Absorption rate (which measures how quickly inventory is moving) is calculated by # active listings / # pending sales in the last 30 days. With a change in active listings and change of # of listings moving into contract in the last 30 days, absorption rate has shifted.

TRENDS

Listings continue to move through the pipeline from Active to Pending to Sold, with new listings coming onto the market each week. The median days on market is starting to uptick slightly with inventory levels rising in the spring market. Overall, inventory levels remain low while prices remain high.

As new properties come onto the market, which is typical in spring, the Absorption Rate increases which indicates there are more properties available. Hoboken, Downtown Jersey City, and Jersey City Heights are predominantly a seller’s market, yet there has been a shift in Downtown Jersey City and Jersey City Heights toward a neutral market and in some instances a seller’s market. Hoboken remains a strong seller’s market.

HOBOKEN

The table below reflects the Hoboken Real Estate Market remains a strong Seller’s market for all categories: Studio/1BR, 2BR and 3BR condos, Single and Multi-Family homes.

DOWNTOWN JERSEY CITY

Absorption rate: Downtown Jersey City Real Estate market is a buyer’s market for Single Family homes. It is a seller’s market for all other home categories: Studio/1BR, 2BR and 3BR condos, and Multi-Family homes.

JERSEY CITY HEIGHTS

Absorption rate: Jersey City Heights Real Estate market is a seller’s market for all home categories: 0/1BR condos, 2BR condos, 3BR condos, Single Family homes and Multi Family (2+) homes.

PROPERTY LISTINGS

For a full view of available listings, visit the Rakela Team search page.

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