Jersey City, NJ Real Estate

As of November 2023, the Jersey City housing market showed a positive trend, with home prices rising by 4.7% compared to the previous year, reaching a median sale price of $649K. Homes were selling faster, with the average property spending 44 days on the market, a decrease from the 60 days observed last year.

However, the number of homes sold in November this year was 125, a drop from the 154 homes sold in the same month the previous year, indicating a potential shift in market dynamics or availability.

The housing market in Jersey City is moderately competitive. Typically, homes in this area sell in about 45 days. It's not uncommon for some properties to receive multiple offers, reflecting a decent level of buyer interest. On average, homes in Jersey City are selling for approximately their listed price and usually go pending around the 45-day mark.

However, particularly desirable properties, often termed as "hot homes," have the potential to sell for about 3% above the listing price and can go pending much faster, often within just 19 days. This suggests a segmented market where certain homes are in higher demand.

From October to December 2023, in Jersey City, 29% of homebuyers were looking to relocate outside of the city, while a significant majority, 71%, planned to stay within the metropolitan area. For incoming residents, 3% of homebuyers across the nation sought to move to Jersey City from other metro areas, with the highest interest coming from San Francisco, followed by Charleston and Walla Walla.

Regarding those moving out of Jersey City, although most (71%) preferred to remain within the local metro area, the top external destinations for these homebuyers were Miami, Philadelphia, and Washington. This pattern indicates a strong local retention rate with some interest from major distant cities.