Downtown Jersey City Market Report – Q1 2019

In the first quarter of 2019, the downtown townhouse market appears to be rebounding while the condo market has continued to soften.

Townhouses

With a 9.1% increase in median sale prices and a decrease in the number of days on the market by 13.6%, the townhouse market seems to be rebounding this quarter as buyers and sellers respond to stock market highs and lower interest rates.

Median Sale Price:  The median sale price for a townhouse in downtown Jersey City for this period was $1.416 million, which is up 9.1% over last quarter, but down 1.8% over Q1 last year.  Prices rose across all categories last quarter except for two-family homes which fell to $1.27 million.  

Days on the Market:  The average number of days on the market declined over last quarter and last year.  The number of days on the market in the downtown area for this period was 38 days.  This is down 5.0% over last quarter and down 13.6% over last year.  An increase in median prices along with a decrease in DOM may signal buyers are returning to the market in 2019 to take advantage of lower interest rates and stock market highs.

Number of Sales: There was a total of 14 townhouse sales in the downtown area for this period, which is down 34.8% over last quarter and down 16.7% over Q1 last year. 

Condominiums: 

The condo market has continued to soften over the last quarter with median sale prices falling 14.1% with days on the market still up over 33% from last year.  If you are one of the prospective buyers who have been waiting on the sidelines until conditions are more favorable, 2019 may be the year for you. 

Median Sale Price:  The median sale price for a condo in downtown Jersey City for this period was $699,000, which is down 14.1% over last quarter, and down 5.9% over Q1 last year. 

Days on the Market:  Although the average number of days on the market is still up 33.3% over Q1 last year, it did improve by 4% over last quarter. The number of days on the market in the downtown area for this period was 48 days

Number of Sales: There was a total of 110 condo sales in the downtown area for this period, which is down 14.4% over last quarter and 27.9% over Q1 last year. 

Please feel free to contact me if you have any questions or concerns regarding this quarterly market report.  Click here if you’d like to learn the market value of your home and receive a home valuation report.