Greenville Jersey City Real Estate Market Insights: October 2024
The Greenville Jersey City real estate market in October 2024 presented significant shifts compared to the previous year.
Here’s a detailed look at the key 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
- Decrease in Sales: Total sales fell by 33.3%, with 8 properties sold compared to 12 in October 2023.
- Increase in Days on Market (DOM): The average DOM rose by 30%, from 54 days in 2023 to 70 days in 2024.
- Significant Rise in Average Sold Price: The average sold price surged by 37.2%, increasing from $447,042 to $613,361.
- Slight Increase in New Listings: New listings saw a modest increase of 4%, from 25 to 26.
Market Breakdown by Property Type
Greenville Jersey City Houses
- Average Days on Market (DOM): Houses experienced a reduction in DOM by 24%, dropping from 75 days in 2023 to 57 days in 2024.
- % of Asking Price: Sellers received 100% of their asking price, slightly down from 101% last year.
- Average Sold Price: The average sold price increased by 31%, rising from $408,000 to $534,250.
- Sales and Contracts: Sales fell by 33.3%, with only 4 houses sold this year compared to 6 last year. Contracts dropped sharply by 75%, from 8 to 2.
- New Listings: New listings declined by 30%, from 10 to 7.
Condos, Co-ops, and Townhouses in Greenville Jersey City NJ
- Average Days on Market (DOM): The average DOM skyrocketed by 148%, from 33 days in 2023 to 82 days in 2024.
- % of Asking Price: Sellers received 95% of their asking price, down from 99% last year.
- Average Sold Price: A substantial 42% increase was recorded, with the average sold price rising from $486,083 to $692,472.
- Sales and Contracts: Sales declined by 33.3%, with 4 units sold compared to 6 last year. However, contracts rose by 40%, from 5 to 7.
- New Listings: New listings increased by 27%, growing from 15 to 19.
Comparative Metrics for October 2024
| Metric | Overall | Houses | Condos/Co-ops/Townhouses |
|---|---|---|---|
| Average DOM | 70 (↑ 30%) | 57 (↓ 24%) | 82 (↑ 148%) |
| % of Asking Price | 98% (↓ 2%) | 100% (↓ 1%) | 95% (↓ 4%) |
| Average Sold Price | $613,361 (↑ 37.2%) | $534,250 (↑ 31%) | $692,472 (↑ 42%) |
| # of Sales | 8 (↓ 33.3%) | 4 (↓ 33.3%) | 4 (↓ 33.3%) |
| # of Contracts | 9 (↓ 30.8%) | 2 (↓ 75%) | 7 (↑ 40%) |
| New Listings | 26 (↑ 4%) | 7 (↓ 30%) | 19 (↑ 27%) |
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:
While the Greenville market has seen a rise in average sold prices, the increase in days on market and decrease in the percentage of asking price received may require strategic pricing to attract buyers. Condos and townhouses, in particular, are taking much longer to sell, making it essential to highlight their value.
For Buyers:
The increase in inventory and longer days on market mean buyers have more choices and time to negotiate favorable deals. However, the rising prices signal the importance of acting quickly if you find a property that fits your needs.
For New Jersey Investors:
The Greenville market’s mixed trends offer opportunities for investors who can identify undervalued properties, particularly in the house segment, where new listings and contracts have significantly dropped.
Conclusion
The Greenville Jersey City real estate market in October 2024 reflects both challenges and opportunities. With rising prices and declining sales, understanding these trends is key to making informed decisions.
Whether you’re buying, selling, or investing, staying up-to-date on market conditions is crucial.
Reach out to your local real estate professionals for guidance tailored to your needs!