Downtown Jersey City Market Report – Q2 2019
July 11, 2019 | Dwell JC
In the second quarter of 2019 the average days on the market increased along with the total number of sales. Townhouse prices were down significantly over last quarter and last year, while 1-bed condo prices were up, and 2 to 3-bedroom prices were relatively unchanged. You can view the full market report for all of Jersey City by clicking here.
Average Sale Prices
- Townhouses (1-3 Family): The average sale price for a townhouse in downtown Jersey City for this period was $1.131 million, which is down 18% over last quarter, and down 25% over Q2 last year.
- 1-Bedroom Condo: The average sale price for a 1-bedroom in downtown Jersey City for this period was $598,000, which is up 8% over last quarter, and up 5% over Q2 last year.
- 2-Bedroom Condo: The average sale price for a 2-bedroom in downtown Jersey City for this period was $870,000, which is down 3% over last quarter, and up 4% over Q2 last year.
- 3-Bedroom Condo: The average sale price for a 3-bedroom in downtown Jersey City for this period was $1.084 million, which is unchanged over last quarter, but down 3% over Q2 last year.
Number of Sales: In Jersey City 484 properties were sold in this period, which is up 29% over last quarter but down 14% over Q2 last year.
Days on the Market: The average number of days on the market in the downtown area for this period was 50 days. This is up 6% over last quarter and up 35% over last year.
Market Spotlight: Despite this challenging market there are several exceptional properties that I’d like to spotlight this quarter:
Unit 905 at The Oakman was a 3-bedroom condo that we listed for $1.145 million. It was under contract in two weeks with multiple offers above asking, which were also above the average sale price for 3-bedroom condos.
Unit 4 at 54 Bright Street was a two-bedroom condo with a private roof deck that we listed at $949,000. It was also under contract within two weeks with multiple offers above asking.
Sellers: Although this has been a challenging market for many, my team at Sawyer Smith Residential has used a combination of strategic pricing, artful staging, professional photography, and aggressive marketing to achieve exceptional results. Who you hire to market and list your home in this type of market has a dramatic effect on the outcome. If you are interested in selling your home now or in the future, please contact me for a free comparative market analysis.
Buyers: If you are a buyer who has been waiting on the sidelines, this may be an ideal time for you to enter the market. In addition to the decline in townhouse prices in Downtown, mortgage rates are once again at historic lows. If you are interested in buying a new home, please check out our featured listings or browse all listings by neighborhood. No registration required.