Jersey City Real Estate Market Update - March

My Jersey City Real Estate Market Update - March Report


Below is a monthly recap of the current state of the market to keep you up to date on activity.

SALES
For the month of March downtown Jersey City saw a total of 29 units close. From the lowest asking price, a 672 sq ft one bedroom short sale at 366 1/2 7th Street with a list and sale price of $199,900, to the highest asking price of $799,000 for a 3 bedroom 2 bath, 2000 sq foot duplex with a sale price of $755,000.

The Median List Price for units sold was $425,000 and the Median Sale Price was $414,000.
Median Days On Market was 73 days.

PENDING
For the month there are a total of 56 units waiting to close. From the lowest asking price of $199,000 for a 630 sq foot one bedroom at 515 Jersey Ave, to the highest asking price of $1.075,000 for a 3 bed 2 bath duplex plus loft at 15 Warren Street.

The Median List price for units pending was $421,000 and the Median Days On Market was 48 days.

Search Jersey City real estate condos for sale and check back here every month for market updates!

Downtown Jersey City Real Estate Market Update

My Downtown Jersey City Real Estate Market Update - this is the February Report

Sales
For the month of February Downtown Jersey City reported 30 sales for the month. Up from January's 13 sales.

From the lowest priced unit at 234 6th Street a 411 square foot one bedroom with a list price of $174,900 and a sale price of $174,000, the the highest priced unit at 15 Warren Street, a 3 bedroom 2.5 bath duplex with a list price of $949,000 and a total of 9 bidders, sold to the highest bidder at $965,000 CASH.

Median list price for units closed was $422,500 and the median sold price was $412,500. The median days on market was 56 days. Up from January Median list price of $414,500 and the Median sale price of $407,500.

Pending
43 Units reported pending and are waiting to close. From the lowest asking price of $199,900 at 366 1/2 7th Street for a 672 square foot 1 bedroom 1 bath, to the highest asking price of $769,000 at 2 2nd Street for a 3 bedroom 2 bath 1465 square foot penthouse.

Median list price for these units pending was $400,000.

Downtown Jersey City's current inventory is showing just 230 units active. Pent up demand for quality properties is putting pressure on buyer's as more and more units are seeing multiple bids.

This is a good sign for the real estate market as more inventory is absorbed. There is still a small percentage of short sales available however that will lag the market time in this area until those units are purchased. It's difficult to determine the true median prices and days on market due to this factor in the market.

The weather has also helped by leading buyers to purchase earlier than they typically would in the Spring. We anticipate the trend to continue higher through the second quarter.

Check back next month!