Downtown Jersey City – Q4 2019
January 28, 2020 | Dwell JC
The condominium market experienced an overall decrease in contract activity year-over-year. At the same time inventory has dropped to 4 months, which is indicative of a sellers market. The median sale price for condos was down 14.1% over last year and down 7.6% over last quarter. Despite this downward trend, 2-bedroom condos were up slightly over last year and up over last quarter and were selling quicker indicating increased demand for 2-bedroom units.
The townhouse market experienced an overall increase in contract activity year-over-year and over last quarter. At the same time inventory has dropped to 3.4 months, which is indicative of a sellers market. The median sale price for all townhouses was down 7.6% over last year but up over last quarter. Despite this downward trend, 3-family homes sales were up over last year and up over last quarter indicating increased demand for three-family homes.
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.