Downtown Jersey City – 2017 Real Estate Review

In November 2017, a single-family home on 8th Street (pictured below) sold for an asking price of $2,250,000, breaking the $2 million threshold by over 10% and setting the stage for 2018.  This five-bedroom home was completely gut-renovated with state-of-the-art appliances and high-end technology.  Throughout downtown Jersey City sales of 1-4 family townhouses rose to record breaking levels.  In the past year approximately 80 listings were sold with a median time on the market of 26 days.  This sought-after waterfront community continues to be a focus of both small residential and commercial developers despite the pending tax revaluation.

Photo depicting townhouse interior including kitchen and dining room

The sale of townhouses Downtown ranged from a low of $650,000 to $2,270,000 with a median price of $1,351,000.  Total volume in this category in 2017 was $110,000,000.  The following table compares list price vs. sold price and shows that the average home sold for just 3.4% below asking.

LIST PRICE:
SOLD PRICE:
HIGH LOW AVERAGE MEDIAN
$2,350,000 $500,000 $1,442,739 $1,450,000
$2,270,000 $650,000 $1,393,843 $1,351,645

 

This report was prepared by Thomas Gibbons, a licensed Realtor® at Warren G Curtin Realty.  If you are interested in selling your home in 2018 or just learning more about what your home may be worth, please feel free to contact us for a free market evaluation or visit our online home valuation tool.