The Heights Jersey City Real Estate Market Insights: October 2024
The Heights Jersey City real estate market in October 2024 experienced notable changes compared to the previous year.
This blog delves into the latest statistics and what they indicate 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 58.8%, with 27 properties sold compared to 17 in October 2023.
- Slight Increase in Days on Market (DOM): The average DOM increased by 4%, from 26 days in 2023 to 27 days in 2024.
- Moderate Rise in Average Sold Price: The average sold price increased by 1.5%, moving from $713,471 to $724,500.
- Substantial Increase in New Listings: New listings surged by 81%, from 42 in 2023 to 76 in 2024.
Market Breakdown by Property Type
Houses
- Average Days on Market (DOM): Houses saw a dramatic increase in DOM by 600%, rising from 4 days in 2023 to 28 days in 2024.
- % of Asking Price: Sellers achieved 125% of their asking price, a sharp rise from 102% last year.
- Average Sold Price: The average sold price decreased by 2%, dropping from $707,000 to $690,000.
- Sales and Contracts: Sales remained steady at 1 house sold in both 2023 and 2024. Contracts increased to 4, up from 0 last year.
- New Listings: New listings remained unchanged at 5.
Condos, Co-ops, and Townhouses
- Average Days on Market (DOM): The average DOM decreased by 4%, from 28 days in 2023 to 27 days in 2024.
- % of Asking Price: Sellers received 100% of their asking price, consistent with last year.
- Average Sold Price: The average sold price increased by 2%, rising from $713,875 to $725,827.
- Sales and Contracts: Sales rose by 62.5%, with 26 units sold compared to 16 last year. Contracts also increased by 77%, from 13 to 23.
- New Listings: New listings jumped by 92%, increasing from 37 to 71.
Comparative Metrics for October 2024
| Metric | Overall | Houses | Condos/Co-ops/Townhouses |
|---|---|---|---|
| Average DOM | 27 (↑ 4%) | 28 (↑ 600%) | 27 (↓ 4%) |
| % of Asking Price | 101% (↑ 1%) | 125% (↑ 23%) | 100% (no change) |
| Average Sold Price | $724,500 (↑ 1.5%) | $690,000 (↓ 2%) | $725,827 (↑ 2%) |
| # of Sales | 27 (↑ 58.8%) | 1 (no change) | 26 (↑ 62.5%) |
| # of Contracts | 27 (↑ 107.7%) | 4 (↑ 400%) | 23 (↑ 77%) |
| New Listings | 76 (↑ 81%) | 5 (no change) | 71 (↑ 92%) |
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 Heights market remains robust, with significant increases in sales and new listings. While houses saw a slight drop in average sold price, the dramatic increase in asking price percentage reflects strong demand. Condos and townhouses continue to perform well, with consistent prices and faster sales.
For Buyers:
The surge in new listings offers more opportunities for buyers. However, the rising sales and asking price percentages suggest that competition remains high, particularly for houses. Buyers should act decisively in this fast-moving market.
For The Heights Jersey City Investors:
The Heights’ market trends show promising opportunities, especially in the condo and townhouse segments. The steady demand and rising contracts indicate potential for strong returns on investment.
Conclusion
The Heights Jersey City real estate market in October 2024 is characterized by growth in sales, new listings, and competitive pricing. Buyers, sellers, and investors alike can find opportunities in this dynamic market.
Staying informed about the latest trends will help you make confident decisions.
For expert advice and market insights tailored to your needs, reach out to your local real estate professionals today!