Bergen-Lafayette Jersey City Real Estate Market Insights: October 2024
The Bergen-Lafayette real estate market in October 2024 showcased notable growth and shifts compared to the previous year.
This blog provides a detailed analysis of the latest statistics and their implications for buyers, sellers, and investors.
All data is for October 2024 comparing the month to October 2023.
Key Highlights of October 2024
- Increase in Sales: Total sales doubled, rising by 100%, with 6 properties sold compared to 3 in October 2023.
- Higher Days on Market (DOM): The average DOM increased by 47%, from 32 days in 2023 to 47 days in 2024.
- Significant Rise in Average Sold Price: The average sold price surged by 22.4%, increasing from $430,000 to $526,500.
- Increase in Contracts: Contracts rose by 20%, from 5 to 6.
- Substantial Growth in New Listings: New listings skyrocketed by 313%, from 8 to 33.
Market Breakdown by Property Type
Houses
- Average Days on Market (DOM): Houses saw a slight reduction in DOM by 6%, from 32 days in 2023 to 30 days in 2024.
- % of Asking Price: Sellers achieved 99% of their asking price, down from 106% last year.
- Average Sold Price: The average sold price increased significantly by 42%, rising from $430,000 to $608,667.
- Sales and Contracts: Sales remained steady with 3 houses sold in both years, while contracts surged by 200%, from 1 to 3.
- New Listings: New listings grew by 67%, from 3 to 5.
Condos, Co-ops, and Townhouses
- Average Days on Market (DOM): The average DOM for condos and townhouses was 63 days in 2024, with no comparable data from 2023.
- % of Asking Price: Sellers achieved 99% of their asking price.
- Average Sold Price: The average sold price was $444,333 in 2024, with no comparable data from 2023.
- Sales and Contracts: Sales totaled 3 units in 2024, while contracts decreased by 25%, from 4 to 3.
- New Listings: New listings soared by 460%, from 5 to 28.
Comparative Metrics for October 2024
| Metric | Overall | Houses | Condos/Co-ops/Townhouses |
|---|---|---|---|
| Average DOM | 47 (↑ 47%) | 30 (↓ 6%) | 63 (-) |
| % of Asking Price | 99% (↓ 7%) | 99% (↓ 7%) | 99% (-) |
| Average Sold Price | $526,500 (↑ 22.4%) | $608,667 (↑ 42%) | $444,333 (-) |
| # of Sales | 6 (↑ 100%) | 3 (no change) | 3 (-) |
| # of Contracts | 6 (↑ 20%) | 3 (↑ 200%) | 3 (↓ 25%) |
| New Listings | 33 (↑ 313%) | 5 (↑ 67%) | 28 (↑ 460%) |
Source of data is HudsonMLS. Notes for the table:
- DOM: Days on Market
- % of Asking Price: Final sale price as a percentage of the listing price
- Contracts: Number of properties under contract
- New Listings: Number of properties newly listed for sale during the period
What Do These Trends Mean?
For Sellers:
The Bergen-Lafayette market is experiencing strong growth, with substantial increases in sales and average sold prices. Sellers, especially of houses, can benefit from higher demand.
However, the increased inventory and longer DOM may require competitive pricing and effective marketing.
For Buyers:
The surge in new listings provides more options, but the rise in average sold prices highlights a competitive market.
Buyers should act decisively to secure properties, especially as contracts remain steady despite increased inventory.
For Investors:
The Bergen-Lafayette market offers promising opportunities, particularly in houses, which saw a significant price increase and steady sales.
The expansion in new listings, especially for condos and townhouses, indicates potential for long-term investments.
Conclusion
The Bergen-Lafayette real estate market in October 2024 reflects a robust and growing environment. With doubling sales, rising prices, and an influx of new listings, buyers, sellers, and investors can find opportunities suited to their goals.
Staying informed and working with local experts will be key to navigating this dynamic market.
For personalized insights and guidance, contact your trusted real estate professionals today!