Downtown Jersey City – Q1 2018 Market Report

In Q1 2018, a four-family home on Mercer Street in downtown Jersey City sold for $1,937,500, which is just below the record high set last year of $2,270,000.  This quarter’s record sale was approximately 14% below asking, which compares unfavorably to last year’s record sale which sold for just 3.4% below asking.  On average, the gap between the list price and the sale price has increased over last year.

In the first quarter, 17 single and multi-family homes sold in the downtown area with a median time on the market of 48 days which is up 85% over last year.  Although the average time on the market has increased, the average sale price of 1-4 family homes has held steady at approximately $1,395,000.

Although small residential and commercial developers continue to invest in downtown Jersey City, it appears the townhouse market has cooled compared to the intensity of last year.

Interior of Historic Townhouse Parlor

The sale of townhouses in downtown Jersey City ranged from a low of $900,000 to a high of $1,937,500 with a median price of $1,425,000.  Total volume in Q1 was $23,762,000 which is $3,738,000 (14%) below the quarterly average last year.  The following table compares list price vs. sold price and shows that the average home sold for 7% below asking.

LIST PRICE:
SOLD PRICE:
HIGH LOW AVERAGE MEDIAN
$2,250,000 $900,000 $1,505,411 $1,475,000
$1,937,500 $900,000 $1,397,735 $1,425,000

 

Although it appears the overheated market of 2017 has cooled, inventory remains low, prices are holding steady, and it remains a seller’s market.  If you are interested in selling your home in 2018 or just learning more about what your home may be worth, please contact us for a free market evaluation or visit our online home valuation tool.  This report was prepared by Thomas Gibbons, a licensed Real Estate Agent at Warren G Curtin Realty.

Photo of Tom Gibbons with Dwell | JC logo