Journal Square Jersey City Real Estate Market Insights: October 2024
The Journal Square real estate market in October 2024 saw a mix of challenges and opportunities compared to the previous year.
This blog explores 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
- Decrease in Sales: Total sales fell by 35.7%, with 9 properties sold compared to 14 in October 2023.
- Reduction in Days on Market (DOM): The average DOM decreased by 45%, from 29 days in 2023 to 16 days in 2024.
- Drop in Average Sold Price: The average sold price declined by 18%, from $543,143 to $445,333.
- Significant Increase in Contracts: Contracts rose by 33.3%, from 18 to 24.
- Rise in New Listings: New listings increased by 12%, from 41 to 46.
Market Breakdown by Property Type
Houses
- Average Days on Market (DOM): Houses experienced a decline in DOM by 33%, from 24 days in 2023 to 16 days in 2024.
- % of Asking Price: Sellers achieved 109% of their asking price, a significant increase from 96% last year.
- Average Sold Price: The average sold price dropped by 28%, from $733,000 to $525,000.
- Sales and Contracts: Sales declined by 33.3%, with 2 houses sold compared to 3 last year. Contracts also dropped by 33%, from 6 to 4.
- New Listings: New listings remained steady at 10.
Condos, Co-ops, and Townhouses
- Average Days on Market (DOM): The average DOM decreased by 48%, from 31 days in 2023 to 16 days in 2024.
- % of Asking Price: Sellers received 100% of their asking price, slightly up from 99% last year.
- Average Sold Price: The average sold price decreased by 14%, from $491,364 to $422,571.
- Sales and Contracts: Sales dropped by 36.4%, with 7 units sold compared to 11 last year. Contracts, however, surged by 67%, from 12 to 20.
- New Listings: New listings rose by 16%, from 31 to 36.
Comparative Metrics for October 2024
| Metric | Overall | Houses | Condos/Co-ops/Townhouses |
|---|---|---|---|
| Average DOM | 16 (↓ 45%) | 16 (↓ 33%) | 16 (↓ 48%) |
| % of Asking Price | 102% (↑ 3%) | 109% (↑ 13%) | 100% (↑ 1%) |
| Average Sold Price | $445,333 (↓ 18%) | $525,000 (↓ 28%) | $422,571 (↓ 14%) |
| # of Sales | 9 (↓ 35.7%) | 2 (↓ 33.3%) | 7 (↓ 36.4%) |
| # of Contracts | 24 (↑ 33.3%) | 4 (↓ 33%) | 20 (↑ 67%) |
| New Listings | 46 (↑ 12%) | 10 (no change) | 36 (↑ 16%) |
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 Journal Square market showed a significant reduction in DOM, indicating faster sales. While the average sold price declined, sellers of houses achieved a higher percentage of their asking price.
Condos and townhouses remain attractive options for buyers, though pricing adjustments may be necessary to reflect current market conditions.
For Buyers:
The sharp decrease in DOM means properties are selling faster, leaving less time for indecision. The drop in average sold prices provides an opportunity for value-driven purchases, particularly in the condo and townhouse segments.
Buyers should be prepared to act quickly in this competitive market.
For Investors:
The Journal Square market presents a unique opportunity, with contracts on the rise and new listings increasing.
While sales have dropped, the faster turnaround time and steady inventory growth suggest potential for strategic investments, especially in multi-unit properties.
Conclusion
The Journal Square real estate market in October 2024 highlights both challenges and opportunities. Buyers, sellers, and investors must navigate declining prices and rising contracts while taking advantage of faster transactions and increased inventory. Staying informed about these trends is essential for success in this dynamic market.
Reach out to your local real estate professionals for tailored advice and insights today!