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Hob
oken
Je
rsey
City
HALSTEADID 20160918
Second Quarter 2020Hoboken/Downtown Jersey City New Jersey Market Report
HALSTEAD 1
Halstead is joining Brown Harris Stevens - which means BHS
now has 2,500 agents and 55 offices in luxury markets across NYC,
the Tristate area, the Hamptons, Palm Beach, and Miami.
Historically ranked among the nation’s top residential firms,
in 2019 both firms combined closed 6,000 transactions
totaling more than $9 billion.
Simply put, we have more resources than ever to
support our trusted clients.
We are here to serve you, and Brown Harris Stevens has never
been stronger. We look forward to working together.
We’re growing!
HALSTEADID 20160918
HALSTEAD 2
Highlights With most of the 2nd Quarter spent in lockdown, it is unsurprising that the number of
closed sales fell dramatically in all Hoboken/Jersey City real estate market segments.
However, the health crisis created by the COVID-19 pandemic is not leading to a housing
crisis in these markets.
Prices in most market segments remained relatively firm, with only minor declines
in comparison to what was a strong 2nd Quarter of 2019. There was strong market
momentum to begin the year, and while the COVID-19 crisis placed a pause on
the ability for transactions to foster, there is no doubt the appetite for homes and
apartments in the Hoboken/JC markets remains exceptionally vibrant.
With more emphasis than ever on the safety, security, and quality of “Home” and, with
the Hoboken/JC markets being traditionally under-supplied, these markets should
recapture losses in sales volume and resume price growth over the second half of 2020.
Hoboken/Downtown Jersey City New Jersey Market Report
Q2 2020
HALSTEAD 3
The average sale price of Hoboken apartments reached $839,000, a decrease of 4% over
prior year. The median sale remained virtually unchanged ending at $730,000.
This quarter, closed sales saw a significant 41% decrease with 144 transactions versus
246 during the same period last year. Apartments spent an average of 40 days on
market. Sellers gained an average of 98.5% of asking price.
Average & Median Sales Price
Hoboken All Apartments
Q2 2020
$839
,000
$847
,000
$795
,000
$825
,000
$870
,000
$730
,000
$720
,000
$687
,000
$715
,000
$732
,000
$600,000
$700,000
$800,000
$900,000
2Q20 1Q20 4Q19 3Q19 2Q19
144 15
7
190
222
246
50
100
150
200
250
2Q20 1Q20 4Q19 3Q19 2Q19
98.5
%
98.0
%
98.0
%
97.0
% 98.0
%
85%
90%
95%
100%
2Q20 1Q20 4Q19 3Q19 2Q19
40
52
44
38
36
20
30
40
50
60
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 4
For Hoboken townhouses, the average sale price ended at $1,873,000, a minor 3%
decrease over the same period the prior year. The median sale price also had a slight
decline compared to the 2nd quarter of 2019 ending at $1,873,000.
Closed transactions amounted to just 14 sales during this period, a 7% decrease from
the 2Q 2019. Properties spent 26 days on the market with sellers receiving 100% of the
asking price.
Average & Median Sales Price
Hoboken Townhouses (1-4 Units)
Q2 2020
$1,87
3,000
$1,62
9,000
$1,52
7,000
$1,61
6,000
$1,93
8,000
$1,87
3,000
$1,31
5,000
$1,57
0,00
0
$1,63
0,00
0
$1,90
0,00
0
$1,000,000
$1,200,000
$1,400,0 00
$1,600,00 0
$1,800,00 0
$2,000,000
2Q20 1Q20 4Q19 3Q19 2Q19
14
10
7
22
15
0
10
20
30
2Q20 1Q20 4Q19 3Q19 2Q19
100.
0%
92.0
%
99.0
%
97.0
%
97.0
%
85%
90%
95%
100%
105%
2Q20 1Q20 4Q19 3Q19 2Q19
26
117
46 41
34
0
20
40
60
80
100
120
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 5
The average sale price of apartments in Downtown Jersey City was $740,000 during the
second quarter of 2020, a decline of 3% from the same period last year. The median price
displayed a minimal change with a 1% decline ending at $685,000.
The number of closed sales was just 85 sales, a 38% decline from prior year. Properties
spent 42 days on the market. Sellers again received an average of 98% of their asking
price.
Average & Median Sales Price
Downtown Jersey City All Apartments
Q2 2020
$740
,000
$804
,000
$785
,000
$761
,000
$760
,000
$685
,000
$765
,000
$728
,000
$650
,000
$690
,000
$550,000
$600,0 00
$650,000
$700,0 00
$750,000
$800,0 00
$850,000
2Q20 1Q20 4Q19 3Q19 2Q19
85
115
108
155
137
60
80
100
120
140
160
2Q20 1Q20 4Q19 3Q19 2Q19
98.0
%
98.0
%
98.0
%
98.0
%
98.0
%
85%
90%
95%
100%
2Q20 1Q20 4Q19 3Q19 2Q19
42
54
47
50 50
20
30
40
50
60
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 6
The average sale price of Downtown Jersey City townhouses increased 30% ending
at $1,477,000. The median price followed a similar trend with a 28% increase ending
at $1,375,000.
Closings were significantly lower with a 52% decline with only 10 transactions vs 21 sales
the same period last year. The days on the market increased with houses spending an
average of 54 days on market. Sellers received an average of 92% of their asking price.
Average & Median Sales Price
Downtown Jersey City Townhouses (1-4 Units)
Q2 2020
$1,47
7,000
$1,60
0,00
0
$1,27
2,000
$1,29
1,000
$1,13
2,000
$1,37
5,000
$1,35
0,00
0
$1,20
0,00
0
$1,0
39,0
00
$1,0
75,0
00
$600,0 00
$800,0 00
$1,000,000
$1,200,000
$1,400,0 00
$1,600,00 0
$1,800,00 0
2Q20 1Q20 4Q19 3Q19 2Q18
10
14
25
20
21
0
10
20
30
2Q20 1Q20 4Q19 3Q19 2Q19
92.0
%
97.0
%
94.0
%
99.0
%
97.0
%
85%
90%
95%
100%
2Q20 1Q20 4Q19 3Q19 2Q19
54
24
47
35
51
0
20
40
60
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 7
The average sale price of Journal Square apartments reached $368,000, a minimal 1%
decrease from the same period last year. The median sale price ended at $303,000, 13%
less over the 2Q of 2019.
Closed sales fell with only 26 transactions or 62% less than the same period last year.
Homes spent more time on the market with an average of 47 days. Sellers gained an
average of 97% of asking price.
Average & Median Sales Price
Journal Square Jersey City All Apartments
Q2 2020
$368
,000
$368
,000
$334
,000
$334
,000
$371
,000
$303
,000
$365
,000
$302
,000
$299
,000
$347
,000
$220 ,000
$260,000
$300,00 0
$340,000
$380,000
2Q20 1Q20 4Q19 3Q19 2Q19
26
33
51
66 68
10
30
50
70
2Q20 1Q20 4Q19 3Q19 2Q19
97.0
% 98.0
%
98.0
%
96.0
%
98.0
%
85%
90%
95%
100%
2Q20 1Q20 4Q19 3Q19 2Q19
47
64
41
54
39
30
40
50
60
70
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 8
The average price had a minor 4% decline ending at $594,000 while the median dipped
just 1% to $566,000.
Like the apartment units for this market area, townhouses had significantly fewer closed
transactions this period with only 10 sales versus 37 transactions in the 2Q of 2019.
Homes spent 38 days on the market with sellers gaining 94% of their asking price.
Average & Median Sales Price
Journal Square Jersey City Townhouses (1-4 Units)
Q2 2020
$594
,000
$664
,000
$600
,000
$583
,000
$621
,000
$566
,000
$640
,000
$556
,000
$565
,000
$570
,000
$400,000
$500,0 00
$600,0 00
$700,0 00
2Q20 1Q20 4Q19 3Q19 2Q19
10
23
37
21
37
0
10
20
30
40
2Q20 1Q20 4Q19 3Q19 2Q19
94.0
%
97.0
% 98.0
% 99.0
%
97.0
%
85%
90%
95%
100%
2Q20 1Q20 4Q19 3Q19 2Q19
38
51
39
51 52
20
30
40
50
60
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 9
The average sale price of apartments in The Heights, Jersey City displayed a 21%
increase ending at $547,000. The median price showed even greater growth ending at
$610,000 or 54% higher than the same period last year.
The number of closed sales dropped 13% with 49 sales vs 56 in the same period last year.
Homes did spend considerably less time on the market with an average of just 34 days.
Sellers received 99% of their asking price.
Average & Median Sales Price
The Heights Jersey City All Apartments
Q2 2020
$547
,000
$571
,000
$551
,000
$463
,000
$453
,000
$610
,000
$623
,000
$583
,000
$462
,000
$395
,000
$300,00 0
$400,000
$500,0 00
$600,0 00
$700,0 00
2Q20 1Q20 4Q19 3Q19 2Q19
49 48
54 55 56
20
30
40
50
60
2Q20 1Q20 4Q19 3Q19 2Q19
99.0
%
98.0
% 99.0
%
98.0
%
97.0
%
85%
90%
95%
100%
2Q20 1Q20 4Q19 3Q19 2Q19
34
43
41
27
49
10
20
30
40
50
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 10
The average sale price of The Heights, Jersey City townhouses rose 6% ending at
$706,000. The median sale price improved 21%, ending at $694,000.
The number of closed sales had a sharp 62% decline with only 19 transactions versus
50 the same period last year. Properties averaged 27 days on the market and sellers
received 98% their asking price.
Average & Median Sales Price
The Heights Jersey City Townhouses (1-4 Units)
Q2 2020
$706
,000
$660
,000
$676
,000
$624
,000
$668
,000
$694
,000
$615
,000
$665
,000
$587
,000
$575
,000
$450,000
$500,0 00
$550,000
$600,0 00
$650,000
$700,0 00
$750,000
2Q20 1Q20 4Q19 3Q19 2Q19
19
45
51
58
50
0
20
40
60
2Q20 1Q20 4Q19 3Q19 2Q19
98.0
%
100.
0%
98.0
%
97.0
%
95.0
%
90%
95%
100%
105%
2Q20 1Q20 4Q19 3Q19 2Q19
27
38
30
45
42
10
20
30
40
50
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
©2020 by Halstead New Jersey, LLC. Data is sourced from Liberty/Hudson County MLS.
All Rights Reserved. This information may not be copied, commercially used or distributed without Halstead New Jersey’s prior consent. While information is believed true, no guaranty is made of accuracy.
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tact
UsSecond Quarter 2020
Hoboken/Downtown Jersey CityNew Jersey Market Report
New JerseyHoboken200 Washington StreetHoboken, NJ 07030201.478.6700
Montclair635 Valley Road,Montclair, NJ 07043973.744.6033
