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Pure Properties South Hudson County Q1 Real Estate Market Report

Downtown JC pricing gathers momentum

In a milestone quarter, prices for one to four family dwellings in Pure Properties South Hudson Market Report

Downtown Jersey City eclipsed those of Hoboken for the first time since 1996 when MLS data launched.

While 1-4 family home prices in Hoboken and Downtown Jersey City softened from Q4 2016, Hoboken’s fall was far more drastic. The median house price of 1-4 family homes in Downtown Jersey City continued to strengthen compared to the same quarter last year, up 10% to $1.40 million. Hoboken exhibited further weakness, with the median house price of 1-4 family homes down -17% since the first quarter of 2016 to $1.31 million – below Downtown for the first time in 19 years. The highest 1-4 family sale for the quarter was a single-family townhouse on Hudson Street in Hoboken for $2.425 million, substantially below both the list price of $2.95 million and the highest sale last quarter.

Condominium sales prices in Downtown Jersey City have strengthened enormously since last quarter (+5%) and year over year (+12%). Hoboken’s condominium market has remained effectively flat over the quarter (-1%) and has only inched upwards over the year (+3%). The highest condominium sale, a condo on Washington Street in Hoboken, surpassed the highest 1-4 family sale this quarter trading for $2.499 million or around $923 per square foot.

To read the entire report click below 

South Hudson County Q1 Market Report 

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