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January ’18 Market Report

Downtown Jersey City

Journal Square

The Heights

Hoboken

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Downtown Jersey City

$710,000

MEDIAN PRICE

YEAR/YEAR

MEDIAN PRICE

YEAR/YEAR

TRANSACTIONS

20%

YEAR/YEAR

DAYS ON MARKET

0.7%

MONTH/MONTH

MEDIAN PRICE

The median home price is $710,000 in January for Condos in Downtown,
which was down 0.7 percent from December and increased 4 percent from January last year.
The median home price has increased by approximately $27,500 from the same time last year.

Property Type	Median Sales Price		Median Sales Price Per Square Foot		Transactions		Average Days On Market
Property Type	Price	Year over Year	Price	Year over Year	Number	Change from Year Prior	Days	Change from Year Prior
Condos	$710,000	4.03%	$811.37	2.10%	37	-5.13%	30	-19.74%
1-4 Family Homes	$1,425,000	-2.56%	N/A	N/A	7	16.67%	42	-32.36%

Journal Square

$580,000

MEDIAN PRICE

12%

YEAR/YEAR

MEDIAN PRICE

37%

YEAR/YEAR

TRANSACTIONS

86%

YEAR/YEAR

DAYS ON MARKET

MONTH/MONTH

MEDIAN PRICE

The median home price has increased to $580,000 in January for 1-4 Family Homes in Journal Square,
which was a up 6 percent from December and up 12 percent from January last year.
The median home price has increased by approximately $60,000 since the same time last year

Property Type	Median Sales Price		Median Sales Price Per Square Foot		Transactions		Average Days On Market
Property Type	Price	Year over Year	Price	Year over Year	Number	Change from Year Prior	Days	Change from Year Prior
Condos	$262,000	5.86%	$460.59	36.25%	10	-37.50%	32	-9.22%
1-4 Family Homes	$580,000	11.54%	N/A	N/A	11	37.50%	22	-85.96%

The Heights

$620,000

MEDIAN PRICE

36%

YEAR/YEAR

MEDIAN PRICE

28%

YEAR/YEAR

TRANSACTIONS

YEAR/YEAR

DAYS ON MARKET

MONTH/MONTH

MEDIAN PRICE

The median home price increased to $620,000 in January for 1-4 Family Homes in The Heights,
which was a down 4 percent from December and up 36 percent from January last year.
The median home price has increased by approximately $165,000 since the same time last year.

Property Type	Median Sales Price		Median Sales Price Per Square Foot		Transactions		Average Days On Market
Property Type	Price	Year over Year	Price	Year over Year	Number	Change from Year Prior	Days	Change from Year Prior
Condos	$470,000	56.67%	$431.89	23.81%	13	62.50%	20	-17.97%
1-4 Family Homes	$620,000	36.26%	N/A	N/A	15	-28.57%	34	9.85%

Hoboken

$800,000

MEDIAN PRICE

12%

YEAR/YEAR

MEDIAN PRICE

0.0%

YEAR/YEAR

TRANSACTIONS

25%

YEAR/YEAR

DAYS ON MARKET

MONTH/MONTH

MEDIAN PRICE

The median home price has gone to $800,000 in January for Condos in Hoboken,
which was down 2 percent from December and up 12 percent from January last year.
The median home price has increased by approximately $85,00 since the same time last year.

Property Type	Median Sales Price		Median Sales Price Per Square Foot		Transactions		Average Days On Market
Property Type	Price	Year over Year	Price	Year over Year	Number	Change from Year Prior	Days	Change from Year Prior
Condos	$800,000	11.89%	$713.35	7.78%	51	0.0%	31	-24.64%
1-4 Family Homes	$1,772,000	28.87%	N/A	N/A	6	-25%	100	81.82%

Analysis

WHAT DO THESE CHANGES MEAN?

Prices are continuing to rise in all parts of Jersey City. As expected, areas like the Heights and Journal Square are experiencing a much higher increase (percentage wise) year over year.

Downtown is still experiencing a slow growth with median values having increased by 4% at the same time last year. This all is still happening with the threat of the Revaluation in the near future. Many owners downtown have already gotten their re-assessment letters. Only time will tell what effect this will have on the market.

Check back next month for our next market update!

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February ’18 Market Report »