Downtown Jersey City Real Estate Market Insights: October 2024
The Downtown Jersey City real estate market in October 2024 has shown dynamic changes compared to the previous year. This blog breaks down the statistics to provide a clear picture of the trends and what they mean 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 rose by 2%, with 56 properties sold compared to 55 in October 2023.
- Higher Days on Market (DOM): The average DOM increased by 48%, from 27 days in October 2023 to 40 days in October 2024.
- Decrease in Average Sold Price: The average sold price slightly decreased by 1.2%, moving from $929,189 to $917,653.
- New Listings Steady: There were 102 new listings this October, almost identical to last year’s 103, showing a stable market inventory.
Market Breakdown by Property Type
Houses
- Average Days on Market (DOM): Houses experienced a decline in DOM by 9%, from 46 days in 2023 to 42 days in 2024.
- % of Asking Price: Sellers achieved 98% of their asking price, slightly down from 100% last year.
- Average Sold Price: A significant 37% decrease was recorded, with the average sold price dropping from $1,549,333 to $977,450.
- Sales and Contracts: Only 2 houses sold this October compared to 3 last year, marking a 33.3% drop in sales. However, contracts doubled from 2 to 4, indicating stronger buyer interest.
- New Listings: New listings surged by 150%, climbing from 4 to 10.
Condos, Co-ops, and Townhouses
- Average Days on Market (DOM): The average DOM increased by 54%, from 26 days in 2023 to 40 days in 2024.
- % of Asking Price: Sellers received 97% of their asking price, down from 100% last year.
- Average Sold Price: Condos and co-ops saw a 2% increase in average sold price, rising from $893,412 to $915,438.
- Sales and Contracts: Sales increased slightly by 3.8%, with 54 units sold compared to 52 last year. Contracts rose by 22%, from 36 to 44.
- New Listings: There was a 7% decline in new listings, dropping from 99 to 92.
Downtown Jersey City Real Estate Market Remains Steady
| Metric | Overall | Houses | Condos/Co-ops/Townhouses |
|---|---|---|---|
| Average DOM | 40 (↑ 48%) | 42 (↓ 9%) | 40 (↑ 54%) |
| % of Asking Price | 97% (↓ 3%) | 98% (↓ 2%) | 97% (↓ 3%) |
| Average Sold Price | $917,653 (↓ 1.2%) | $977,450 (↓ 37%) | $915,438 (↑ 2%) |
| # of Sales | 56 (↑ 2%) | 2 (↓ 33.3%) | 54 (↑ 3.8%) |
| # of Contracts | 48 (↑ 26.3%) | 4 (↑ 100%) | 44 (↑ 22%) |
| New Listings | 102 (↓ 1%) | 10 (↑ 150%) | 92 (↓ 7%) |
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 market remains competitive despite a slight decline in average sold prices. The significant increase in new listings, particularly for houses, may mean more competition. Pricing your property strategically is key to attracting buyers.
For Buyers:
The rise in average days on market (DOM) provides more room for negotiation. Additionally, the slight decrease in average sold price and consistent availability of new listings could create opportunities for value-driven purchases.
For Investors:
The market’s stability, with a slight uptick in contracts and sales, reflects sustained demand. Condos and co-ops, with their rising average sold price, might offer better returns compared to houses.
Conclusion
The Downtown Jersey City real estate market in October 2024 offers a mix of opportunities and challenges. With sales increasing and days on market extending, both buyers and sellers can leverage these conditions to their advantage.
Whether you’re looking to buy, sell, or invest, staying informed about market trends is essential for making the best decisions.
For more insights and expert guidance, contact your trusted local real estate professionals today!