Q3 2018 Townhouse Report – Downtown Jersey City
September 25, 2018 | Dwell JC
As the third quarter of 2018 ends, the number of sales is up dramatically over last quarter, days on the market continues to decline, and the average sale price fell about 6.5% over last quarter but prices are still up 1.8% over last year. This demonstrates that the townhouse market in downtown Jersey City remains strong, despite a small price decline this quarter.
Average Sale Price: The average sale price for a Downtown Jersey City townhouse for this period was $1,457,000, which is down 6.54% over last quarter, and up 1.8% over Q3 last year. Three and four-family homes pulled the average down, single-family homes are holding steady, and two-family homes rose. Overall, all categories of home prices seem to be converging on the average.
Number of Sales: There was a total of 22 townhouse sales in the downtown area for this period, which up dramatically over last quarter. Sales are up 144% over last quarter but down 8.3% over Q3 last year. All categories of home sales increased in Q3.
Days on the Market: Overall, the average number of days on the market has continued to decline over last quarter and last year. The number of days on the market in the downtown area for this period was 30 days. This is down 11.8% over last quarter and 18.9% over last year. Although the average days on the market continues to decline, two-family and four-family homes increased.
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Please feel free to contact me with any questions about current market conditions or the value of your property. You can also check out how your home measures up by using our online valuation tool or by contacting me for a free comparative market analysis.