Downtown Jersey City Market Report – Q3 2019
October 8, 2019 | Dwell JC
In the third quarter of 2019 the average days on the market were almost unchanged from last quarter but still up over last year. Townhouse prices were up significantly over last quarter but still down compared to last year. 3-Bedroom condo prices also rose over last quarter but remain down over last year. See below for additional details. You can also 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 $1.291 million, which is up 14% over last quarter, and down 9% over Q3 last year. Although still down over last year, this is a 16% improvement over Q2’s year-over-year results. It appears our townhouse market is rebounding as interest rates have fallen back to historic lows.
- 1-Bedroom Condo: The average sale price for a 1-bedroom in downtown Jersey City for this period was $594,000, which is down 1% over last quarter, and down 2% over Q3 last year.
- 2-Bedroom Condo: The average sale price for a 2-bedroom in downtown Jersey City for this period was $841,000, which is down 3% over last quarter, and down 6% over Q3 last year.
- 3-Bedroom Condo: The average sale price for a 3-bedroom in downtown Jersey City for this period was $1.13 million, which is up 4% over last quarter, but down 6% over Q3 last year.
Number of Sales: In Jersey City 519 properties were sold in this period, which is up 7% over last quarter but down 5% over Q3.
Days on the Market: The average number of days on the market in the downtown area for this period was 49 days. This is down 2% (or 1 day) over last quarter and up 23% over last year.
Superior Sales Results: Despite challenging market conditions, I’d like to spotlight 2 properties that I sold this quarter for well above the market averages:
Unit 905 at The Oakman was a 3-bedroom condo that I listed for $1.145 million and sold on 9/6 for $1.21 million. This was 6% above asking and 7% above the market average for 3-bedroom condos. The unit was under contract in 19 days, which was 61% faster than the downtown average of 49 days.
Unit 4 at 54 Bright Street was a 2-bedroom condo with a private roof deck that I listed for $949,000 and sold on 7/25 for $975,000, which was 3% above asking and 16% above the average sale price for 2-bedroom condos. It was also under contract in just 18 days, which was 63% faster than the average of 49 days for downtown Jersey City.
How We Did It: I believe anyone can achieve above average results in any market by strategically marketing and using a data-driven approach to pricing each property. In addition, for each of these listings we did the following:
- Artfully staged the property
- Used high-quality digital photographs
- Created custom brochures & tailored marketing materials
- Launched a “new to market” print campaign
- Paid for social media advertising
- Dedicated a full-time agent (me) who was present for each showing
- Conducted Open Houses
- Emailed campaigns to database of over 10,000
Sellers: Although this is a challenging market for many, we have used a combination of strategic pricing, artful staging, professional photography, and aggressive marketing to achieve exceptional results. Who you hire to market and sell your home in this type of market has a dramatic effect on the outcome. If you are interested in selling your home, please contact me for a free comparative market analysis.
Buyers: If you are a buyer who has been waiting on the sidelines, this is an ideal time for you to enter the market. In addition to the decline 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 featured neighborhood at DwellJC.com. No registration required.