Average List Price Drops as Listings Surge

The number of condos and single-family homes listed in Downtown Jersey City continues to increase since the property tax reval.  The number of listings in the period from March 15th to April 14th increased from 94 in 2017 to 154 in 2018, up 64% over last year.  The following bar chart depicts the number of listings over the past 3 months compared with the previous year.  Within 30 days after receiving their reval letters in February, the number of condos and single-family homes listed for sale surged by 90% and continued to increase last month by 64% over the same time period last year.

April Home Listings

The combination of rising property taxes and increased inventory has also begun to affect list prices.  The following chart shows average list prices over the past 3 months compared with the previous year.  Over the past month, the average list price has dropped by approximately 10% from $948,000 to $856,000.  At the same time, the average also fell 7% below the average list price at the same time last year.  Although the actual effect on “sold” prices remains to be seen, as list prices drop, it is likely that sold prices will follow.

Average List Price

This article was prepared by Thomas Gibbons, a licensed Real Estate Agent at Warren G Curtin Realty.

Photo of Tom Gibbons with Dwell | JC logo