Downtown Jersey City Market Snapshot

Downtown Jersey City Market Snapshot

Here is a snapshot of what has sold and went under contract in the month of April 2014 in Downtown Jersey City for one, two and three bedrooms. 

1 Bedrooms:
Number of Homes Listed - 24 with an average price of $472,245
Number of Homes Under Contract - 17 with an average price of $446,016
Number of Homes Closed - 22 with an average price of $500,500

Bigger one bedrooms have hit the market in the last month with an average square foot range of 800-1000 creating another buying pool for two bedrooms buyers that have been priced out of the two bedroom market. With Generation Y looking for better commute options and wanting to take advantage of the benefits of home ownership is causing 1 bedroom prices to continue to climb higher.

2 Bedrooms:
Number of Homes Listed - 22 with an average price of $727,263
Numbers of Homes Under Contract - 18 with an average price of $705,954
Number of Homes Closed - 19 with an average price of $622,795

Smaller two bedrooms came to market in the start of the year creating a buying pool for big 1 bedroom buyers in the market. Two bedroom have wider price ranges because of location, parking, amenities etc... Overall we will see 2 bedrooms climb higher as the shortage of inventory continues to be present.

3 Bedrooms:
Number of Homes Listed - 6 with an average price $988,983
Number of Homes Under Contract - 2 with an average price of $1,287,500
Number of Homes Closed - 0

No closings for 3 bedrooms in April means 1st quarter inventory was so low there weren’t enough properties coming to market. With younger families choosing to stay close to the city for better commute options and better lifestyle options for raising kids here we will see prices continue to climb faster than we have seen in years.

Overall the Jersey City market continues to be on the move upwards with properties selling at asking and above prices. With interest rates still well below 5%, lowest inventory level we have seen in years, we will see prices continue to climb higher by years end.

When is the best time to sell? Weather the timing is right for you now or you are curious about your homes value, were here to help.

Call us direct at 917-693-1233

And remember, who you work with matters!


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Phone: 917-693-1233
Dated: May 7th 2014
Views: 963
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100 Washington Street
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917-979-5637