Hoboken Jersey City Real Estate Market Insights: October 2024
The Hoboken real estate market in October 2024 has shown both challenges and opportunities compared to the previous year.
This blog explores the key 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 rose by 21.6%, with 45 properties sold compared to 37 in October 2023.
- Higher Days on Market (DOM): The average DOM increased by 20%, from 20 days in 2023 to 24 days in 2024.
- Decrease in Average Sold Price: The average sold price declined by 7.8%, dropping from $1,071,204 to $988,016.
- Significant Rise in Contracts: Contracts surged by 74.4%, from 39 to 68.
- Increase in New Listings: New listings grew by 44%, climbing from 50 to 72.
Market Breakdown by Property Type
Houses
- Average Days on Market (DOM): Houses saw an increase in DOM by 78%, rising from 9 days in 2023 to 16 days in 2024.
- % of Asking Price: Sellers received 102% of their asking price, up from 97% last year.
- Average Sold Price: The average sold price dropped significantly by 61%, from $4,350,000 to $1,698,333.
- Sales and Contracts: Sales increased to 3 houses sold this year compared to 1 last year, marking a 200% rise. Contracts, however, fell by 80%, from 5 to 1.
- New Listings: No new house listings were recorded this year compared to 2 in 2023.
Condos, Co-ops, and Townhouses
- Average Days on Market (DOM): The average DOM increased by 20%, from 20 days in 2023 to 24 days in 2024.
- % of Asking Price: Sellers received 100% of their asking price, slightly down from 102% last year.
- Average Sold Price: The average sold price declined by 4%, dropping from $980,126 to $937,279.
- Sales and Contracts: Sales rose by 16.7%, with 42 units sold compared to 36 last year. Contracts nearly doubled, rising by 97%, from 34 to 67.
- New Listings: New listings increased by 50%, from 48 to 72.
Comparative Metrics for October 2024
| Metric | Overall | Houses | Condos/Co-ops/Townhouses |
|---|---|---|---|
| Average DOM | 24 (↑ 20%) | 16 (↑ 78%) | 24 (↑ 20%) |
| % of Asking Price | 100% (↓ 2%) | 102% (↑ 5%) | 100% (↓ 2%) |
| Average Sold Price | $988,016 (↓ 7.8%) | $1,698,333 (↓ 61%) | $937,279 (↓ 4%) |
| # of Sales | 45 (↑ 21.6%) | 3 (↑ 200%) | 42 (↑ 16.7%) |
| # of Contracts | 68 (↑ 74.4%) | 1 (↓ 80%) | 67 (↑ 97%) |
| New Listings | 72 (↑ 44%) | 0 (↓ 100%) | 72 (↑ 50%) |
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 Hoboken NJ Sellers:
The Hoboken market remains active, with increased sales and contracts despite a decline in average sold prices. Sellers of houses achieved a notable increase in the percentage of asking price, reflecting strong demand in this segment.
Condos and townhouses remain competitive, although pricing adjustments may be needed to attract buyers.
For New Jersey Buyers:
The growing inventory and longer DOM provide buyers with more options and time to negotiate. However, the steady demand indicated by rising contracts suggests that attractive properties may still move quickly.
Buyers should remain vigilant for competitive opportunities, especially in the condo and townhouse markets.
For Hoboken Jersey City Investors:
The Hoboken market’s dynamics present mixed signals. While house prices saw a significant drop, their increased sales and higher asking price percentages indicate a potential for long-term value.
The condo and townhouse segment offers steady opportunities with a growing inventory and a strong contract rate.
Final Thoughts – Hoboken NJ Real Estate Oct 2024
The Hoboken Jersey City real estate market in October 2024 showcases a blend of opportunities and challenges. Rising sales, contracts, and new listings reflect a lively market, while declining prices suggest potential value for strategic buyers and investors.
Staying updated with market insights is crucial for making informed decisions.
For personalized advice tailored to your needs, connect with your local real estate professionals today!