Q3 2022 Market Report
JERSEY CITY
In the third quarter of 2022 in Jersey City, the transaction volume decreased by 12% from the same quarter of the previous year and 19% from the second quarter. The number of new deals in contract also decreased by 6% from the same quarter last year and by 16% from the second quarter. These decreases may be in part due to the unusually robust period the Jersey City market has enjoyed until the late spring of this year as well as the rising interest rates. The inventory increased in the third quarter by 44% from the same quarter last year when the inventory was low and by 18% from the second quarter.
However, the properties didn’t stay on the market long. The days on the market for the properties that closed in the third quarter was 31 days on average, a 23% decrease from the same quarter of the previous year. The prices also haven’t taken a hit from the decrease in transaction volume and the increased inventory. The average dollar per square foot among the condominiums that closed in the third quarter was $608, a 4% increase from the third quarter of 2021, and the median sale price remained the same at $640K. The report demonstrates the resilience of the Jersey City market. Jersey City is more affordable than the neighboring Manhattan and Brooklyn markets, and buyers who have adjusted their budget with the increased interest rate look to Jersey City as an alternative.
3Q2022 | JERSEY CITY | 2
SALES | PAGE 3 INVENTORY | PAGE 5 PRICES | PAGE 6 NEIGHBORHOODS | PAGE 7 Contracts Signed 514 -6% YEAR OVER YEAR -16% QUARTER OVER QUARTER Closed Sales 544 -12% YEAR OVER YEAR -19% QUARTER OVER QUARTER Inventory 831 +44% YEAR OVER YEAR +18% QUARTER OVER QUARTER Days on Market 31 -23% YEAR OVER YEAR +7% QUARTER OVER QUARTER Median Price $640K +1% YEAR OVER YEAR -2% QUARTER OVER QUARTER Average PPSF $608 +4% YEAR OVER YEAR -4% QUARTER OVER QUARTER The CorcoranSS Report | 3Q | 2022 | Jersey City Overview
Sales
• During the third quarter of 2022, the sales volume decreased by 7% from the same quarter last year and by 17% from the second quarter.
• Jersey City saw a slight decrease of 6% in new contracts from the same quarter last year and 16% decrease from the second quarter.
• Properties stayed on the market for a month on average this quarter.
3Q22 3Q21 %CHG (YR) 2Q22 %CHG (QTR)
CLOSED SALES 544 620 -12% 671 -19%
SALES VOLUME $397M $427M -7% $478M -17%
CONTRACTS SIGNED 514 547 -6% 614 -16%
DAYS ON MARKET 31 40 -23% 29 +7%
3Q2022 | JERSEY CITY | 3
700 560 420 280 140 0 50 40 30 20 10 0 NUMBER OF CLOSED SALES DAYS ON MARKET Closed Sales CLOSED SALES AVERAGE DAYS ON MARKET 600 500 400 300 200 100 0 Contracts Signed NUMBER OF CONTRACTS SIGNED CONTRACTS SIGNED 3Q18 3Q19 3Q20 3Q21 3Q22 3Q18 3Q19 3Q20 3Q21 3Q22
Condominium Sales
Days on Market by Price Range
3Q22 3Q21 %CHG (YR) 2Q22 %CHG (QTR)
CLOSED SALES 361 404 -11% 486 -26%
SALES VOLUME $241M $256M -6% $321M -25%
DAYS ON MARKET 29 41 -29% 28 +4% 3Q22 3Q21 %CHG (YR) 2Q22 %CHG (QTR)
1-Family Sales
CLOSED SALES 66 62 +6% 71 -7%
SALES VOLUME $54.1M $41.5M +31% $56.8M -5%
DAYS ON MARKET 26 29 -10% 32 -19%
2-4 Family Sales
CLOSED SALES 117 154 -24% 114 +3%
SALES VOLUME $102M $130M -21% $100M +2%
DAYS ON MARKET 38 40 -5% 33 +15%
UNDER $400K
$400K TO $700K $700K TO $1M $1M TO $1.5M $1.5M TO $2M $2M+
3Q22 36 days 31 days 31 days 26 days 40 days 33 days
-32% -42%
3Q21
UNDER $400K
$400K TO $700K $700K TO $1M
+90%
-18% -9% -49%
$1M TO $1.5M $1.5M TO $2M $2M+
53 days 38 days 34 days 45 days 21 days 65 days
Days on Market by Bedroom Type
3Q21 3Q22 3Q21 %CHG (YR) 2Q22 %CHG (QTR)
STUDIO 1 BED 2 BED 3+ BED
-14% -29%
-29% -34%
CHANGE (YEAR-OVER-YEAR) % 3Q22 3Q21 3Q22 49 days 34 days 27 days 27 days
STUDIO 1 BED 2 BED 3+ BED
57 days 48 days 41 days
CHANGE (YEAR-OVER-YEAR) % 3Q22 3Q21 38 days
3Q2022 | JERSEY CITY | 4
Inventory
• In the third quarter 2022, the inventory rose by 44% from the same quarter last year and by 18% from the second quarter.
Inventory ACTIVE LISTINGS
• Most increase in inventory was seen in the higher price category above $2M and the only decreased category was on the lower end under $400K.
• Similarly, larger properties with 3 bedrooms or more saw 82% increase in inventory.
3Q18 3Q19 3Q20 3Q21 3Q22
Breakdown of Active Listings BY ASKING PRICE RANGE BY BEDROOM TYPE 3Q21 3Q21 3Q22 3Q22
CHANGE (YEAR-OVER-YEAR) % 3Q22 3Q21 -10% +40%
+45% +94% +160%
+73%
UNDER $400K STUDIO 1 BEDROOM 2 BEDROOM 3+ BEDROOM
-8% +82%
-1% +36%
$400K TO $700K $700K TO $1M $1M TO $1.5M $1.5M TO $2M $2M+ 131 11 145 12 339 128 233 129 241 223 124 164 80 171 57 26 15 13 5
0 50 100 150 200 250 0 50 100 150 200 250 0 75 150 225 300
800 700 600 500 400 300 200 100 0 NUMBER OF UNITS 94 0 80 160 240 320 400
3Q2022 | JERSEY CITY | 5
3Q22 3Q21 %CHG (YR) 2Q22 %CHG (QTR)
INVENTORY 831 579 +44% 707 +18%
UNDER $400K $400K TO $700K $700K TO $1M $1M TO $1.5M $1.5M TO $2M $2M+ STUDIO 1 BEDROOM 2 BEDROOM 3+ BEDROOM
Condominium Prices
Prices
• Despite the inflation, the economic uncertainty, and the rising mortgage interest rate, the prices held strong in the third quarter of 2022 in Jersey City.
• The median dollar per square foot increased to $577 from the same quarter last year marking a 7% increase. The average dollar per square foot increased by 4% from last year and decreased by 4% from the second quarter.
• The average sale price and the median sale price all remained similar to the compared quarters.
3Q22 3Q21 %CHG (YR) 2Q22 %CHG (QTR)
MEDIAN PRICE $640,000 $632,500 +1% $650,000 -2%
AVERAGE PRICE $730,540 $688,977 +6% $712,697 +3%
MEDIAN PPSF $577 $538 +7% $597 -3%
AVERAGE PPSF $608 $582 +4% $632 -4%
Median and Average Price
MEDIAN PRICE AVERAGE PRICE
PRICES 3Q22 3Q21 %CHG (YR) 2Q22 %CHG (QTR)
MEDIAN PRICE $605,000 $585,000 +3% $607,500 -0.4% AVERAGE PRICE $667,912 $634,063 +5% $660,958 +1%
MEDIAN PPSF $577 $538 +7% $597 -3% AVERAGE PPSF $608 $582 +4% $632 -4%
MEDIAN PRICE BY BEDROOM
STUDIO $269,591 $258,000 +4% $291,818 -8%
1 BEDROOM $450,674 $444,348 +1% $488,991 -8%
2 BEDROOM $691,731 $662,094 +4% $727,282 -5%
3 BEDROOM $955,752 $868,173 +10% $894,638 +7%
1-Family Prices
PRICES 3Q22 3Q21 %CHG (YR) 2Q22 %CHG (QTR)
MEDIAN PRICE $617,500 $543,000 +14% $675,000 -9% AVERAGE PRICE $820,317 $668,979 +23% $799,822 +3%
2-4 Family Prices
PRICES 3Q22 3Q21 %CHG (YR) 2Q22 %CHG (QTR)
MEDIAN PRICE $735,000 $725,000 +1% $737,500 -0.3% AVERAGE PRICE $873,132 $841,090 +4% $879,006 -1%
3Q2022 | JERSEY CITY | 6
$800K $640K $480K $320K $160K $0 SALE PRICE
$650 $600 $550 $500 $450 $400 PRICE PER SQUARE FOOT 3Q18 3Q19 3Q20 3Q21 3Q22
AVERAGE PPSF MEDIAN PPSF Price Per Square Foot
3Q18 3Q19 3Q20 3Q21 3Q22
• The number of transactions in the third quarter of 2022 was 197 representing 36% of all Jersey City closings.
• The properties sold 29% faster than the third quarter of 2021 and 4 days faster than all of Jersey City average.
• The median sale
dollar per square foot saw an increase from the same quarter last year.
and
3Q2022 | DOWNTOWN | JERSEY CITY | 7
Downtown
Sales 197 -11% YEAR OVER YEAR Market Share of Sales 36% +1% YEAR OVER YEAR Inventory 221 +19% YEAR OVER YEAR Median Price $840k +4% YEAR OVER YEAR Average PPSF $808 +5% YEAR OVER YEAR 312A 9th St | $1.8M Listing Presented by Sawyer Smith & Leda Duif Days on Market 27 -29% YEAR OVER YEAR
price
average
3Q2022 | DOWNTOWN | JERSEY CITY | 8 Downtown Prices by Property Type Downtown Average Price by Bedroom CONDOMINIUM STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM 3Q22 $477,000 $606,483 $910,834 $1,386,273 CONDOMINIUM 1 FAMILY CHANGE (YEAR-OVER-YEAR) % MEDIAN PPSF AVERAGE PPSF MEDIAN PRICE 3Q22 3Q21 AVERAGE PRICE 3Q22 3Q21 $750K $767.5K +2% $1.150M $1.275M +11% $775 $759 +2% $827.6K $885K $1.258M $1.540M +7% +22% $808 $770 +5% +51% +12% +1% +4% STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM 3Q21 $315,500 $602,300 $878,258 $1,237,571 MEDIAN PRICE AVERAGE PRICE 2-4 FAMILY 3Q22 3Q21 $1.435M $1.875M +31% $1.641M $1.840M +12% MEDIAN PRICE AVERAGE PRICE +16% -15% -3% -4% STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM 2Q22 $412,200 $627,652 $944,919 $1,629,077 CHANGE (YEAR-OVER-YEAR) % CHANGE (QUARTER-OVER-QUARTER) %
The
• The number of transactions in the third quarter of 2022 was 114 representing 21% of all Jersey City closings.
• The properties sold 24% faster than the third quarter of 2021 and 3 days faster than all of Jersey City average.
• The inventory and average dollar per square foot saw an increase from the same quarter last year.
3Q2022 | THE HEIGHTS | JERSEY CITY | 9
Heights
Sales 114 -21% YEAR OVER YEAR Market Share of Sales 21% -10% YEAR OVER YEAR Inventory 206 +75% YEAR OVER YEAR Median Price $710k -2% YEAR OVER YEAR Average PPSF $526 +11% YEAR OVER YEAR 31 Sherman Pl | $1.118M Listing Presented by Leilani Chin Days on Market 28 -24% YEAR OVER YEAR
3Q2022 | THE HEIGHTS | JERSEY CITY | 10 The Heights Prices by Property Type The Heights Average Price by Bedroom CONDOMINIUM 1 BEDROOM 2 BEDROOM 3 BEDROOM 3Q22 $395,250 $506,814 $767,145 CONDOMINIUM 1 FAMILY CHANGE (YEAR-OVER-YEAR) % MEDIAN PPSF AVERAGE PPSF MEDIAN PRICE 3Q22 3Q21 AVERAGE PRICE 3Q22 3Q21 $650K $594.8K -9% $640K $759K +19% $533 $481 +11% $606K $587.7K $639.3K $747K -3% +17% $526 $475 +11% +3% +34% +13% 1 BEDROOM 2 BEDROOM 3 BEDROOM 3Q21 $294,950 $449,089 $745,730 MEDIAN PRICE AVERAGE PRICE 2-4 FAMILY 3Q22 3Q21 $835K $806K -3% $866K $997K +15% MEDIAN PRICE AVERAGE PRICE +7% -10% -5% 1 BEDROOM 2 BEDROOM 3 BEDROOM 2Q22 $368,571 $563,672 $805,521 CHANGE (YEAR-OVER-YEAR) % CHANGE (QUARTER-OVER-QUARTER) %
•
• The properties sold 13% faster than the third quarter of 2021.
• The inventory saw an increase from the same quarter last year.
3Q2022 | JOURNAL SQUARE | JERSEY CITY | 11
Square
Journal
The number of transactions in the third quarter of 2022 was 108 representing 20% of all Jersey City closings.
Sales 108 +8% YEAR OVER YEAR Market Share of Sales 20% +23% YEAR OVER YEAR Inventory 150 +42% YEAR OVER YEAR Median Price $402k -2% YEAR OVER YEAR Average PPSF $382 -0% YEAR OVER YEAR Days on Market 35 -13% YEAR OVER YEAR 489 Mercer St | $1.16M Listing Presented by Sawyer Smith & Selina Vargas
3Q2022 | JOURNAL SQUARE | JERSEY CITY | 12 Journal Square Prices by Property Type Journal Square Average Price by Bedroom CONDOMINIUM STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM 3Q22 $191,813 $260,442 $418,074 $589,750 CONDOMINIUM 1 FAMILY CHANGE (YEAR-OVER-YEAR) % MEDIAN PPSF AVERAGE PPSF MEDIAN PRICE 3Q22 3Q21 AVERAGE PRICE 3Q22 3Q21 $294K $325K +11% $775K $549.9K -29% $383 $374 +2% $343.6K $346K $776.2K $526.9K +1% -32% $382 $382 0% -9% +24% -6% +7% STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM 3Q21 $210,000 $275,861 $391,048 $475,500 MEDIAN PRICE AVERAGE PRICE 2-4 FAMILY 3Q22 3Q21 $800K $795K -1% $845.2K $818.5K -3% MEDIAN PRICE AVERAGE PRICE -6% -3% -29% -20% STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM 2Q22 $203,750 $366,950 $524,213 $609,077 CHANGE (YEAR-OVER-YEAR) % CHANGE (QUARTER-OVER-QUARTER) %
Bergen-Lafayette
• The number of transactions in the third quarter of 2022 was 16 representing 3% of all Jersey City closings.
• The properties sold 60% faster than the third quarter of 2021 and 5 days faster than all of Jersey City average.
• The inventory saw an major increase from the same quarter last year, along with increase in median sale price and average dollar per sqaure foot.
3Q2022 | BERGEN-LAFAYETTE | JERSEY CITY | 13
Sales 16 +33% YEAR OVER YEAR Market Share of Sales 3% +52% YEAR OVER YEAR Inventory 51 +325% YEAR OVER YEAR Median Price $725k +63% YEAR OVER YEAR Average PPSF $428 +3% YEAR OVER YEAR Days on Market 26 -60% YEAR OVER YEAR 191 Halladay St #2 | $786K Listing Presented by Megan Gülick
3Q2022 | BERGEN-LAFAYETTE | JERSEY CITY | 14 Bergen-Lafayette Prices by Property Type Bergen-Lafayette Average Price by Bedroom CONDOMINIUM 1 BEDROOM 2 BEDROOM 3 BEDROOM 3Q22 $435,000 $715,000 $687,500 CONDOMINIUM 1 FAMILY CHANGE (YEAR-OVER-YEAR) % MEDIAN PPSF AVERAGE PPSF MEDIAN PRICE 3Q22 3Q21 AVERAGE PRICE 3Q22 3Q21 $390K $715K +83% - $470K$404 $471 -14% $387.1K $671.7K - $558K +74%$428 $417 +3%+24% +75% 1 BEDROOM 2 BEDROOM 3 BEDROOM 3Q21 $350,000 $409,400MEDIAN PRICE AVERAGE PRICE 2-4 FAMILY 3Q22 3Q21 $727.5K $809.5K +11% $769.3K $741.9K -4% MEDIAN PRICE AVERAGE PRICE +1% +81% -6% 1 BEDROOM 2 BEDROOM 3 BEDROOM 2Q22 $430,000 $395,667 $732,500 CHANGE (YEAR-OVER-YEAR) % CHANGE (QUARTER-OVER-QUARTER) %
West Bergen
• The number of transactions in the third quarter of 2022 was 43 representing 8% of all Jersey City closings.
• The properties sold 13% faster than the third quarter of 2021 and 3 days faster than all of Jersey City average.
• The median sale
dollar per square foot saw an increase from the same quarter last year.
and
3Q2022 | WEST BERGEN | JERSEY CITY | 15
Sales 43 -39% YEAR OVER YEAR Market Share of Sales 8% -30% YEAR OVER YEAR Inventory 78 +3% YEAR OVER YEAR Median Price 490k +15% YEAR OVER YEAR Average PPSF $316 +4% YEAR OVER YEAR Days on Market 28 -13% YEAR OVER YEAR 263 Armstrong Ave | $510K Listing Presented by George Haug & Katrina Spiratos
price
average
3Q2022 | WEST BERGEN JERSEY CITY | 16 West Bergen Prices by Property Type West Bergen Average Price by Bedroom CONDOMINIUM STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM 3Q22$188,750 $406,190 $630,000 CONDOMINIUM 1 FAMILY CHANGE (YEAR-OVER-YEAR) % MEDIAN PPSF AVERAGE PPSF MEDIAN PRICE 3Q22 3Q21 AVERAGE PRICE 3Q22 3Q21 $380K $415K +9% $400K $487.5K +22% $317 $294 +8% $358K $394.5K $403.7K $507.7K +10% +26% $316 $305 +4%+35% -28% +6% STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM 3Q21 $272,500 $263,625 $383,082 $467,083 MEDIAN PRICE AVERAGE PRICE 2-4 FAMILY 3Q22 3Q21 $575K $590K +3% $566.3K $600K +6% MEDIAN PRICE AVERAGE PRICE-2% +4% -4% STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM 2Q22 $82,000 $181,667 $424,143 $642,800 CHANGE (YEAR-OVER-YEAR) % CHANGE (QUARTER-OVER-QUARTER) %
• The number of
in the third quarter of 2022 was 66 representing 12% of all Jersey City closings.
• The properties sold 26% faster than the third quarter of 2021.
per square foot saw an increase from the same quarter last year.
3Q2022 | GREENVILLE | JERSEY CITY | 17
Greenville
transactions
inventory,
sale price and average dollar
Sales 66 -8% YEAR OVER YEAR Market Share of Sales 12% +4% YEAR OVER YEAR Inventory 125 +54% YEAR OVER YEAR Median Price 542k +17% YEAR OVER YEAR Average PPSF $390 +27% YEAR OVER YEAR Days on Market 40 -26% YEAR OVER YEAR 62 Randolph Ave | Asking $849K Listing Presented by Megan Gülick
• The
median
3Q2022 | GREENVILLE | JERSEY CITY | 18 Greenville Prices by Property Type Greenville Average Price by Bedroom CONDOMINIUM 1 BEDROOM 2 BEDROOM 3 BEDROOM 3Q22 $319,333 $500,531 $845,557 CONDOMINIUM 1 FAMILY CHANGE (YEAR-OVER-YEAR) % CHANGE (YEAR-OVER-YEAR) % MEDIAN PPSF AVERAGE PPSF MEDIAN PRICE 3Q22 3Q21 AVERAGE PRICE 3Q22 3Q21 $380K $557.5K +47% $395K $333.5K -16% $378 $300 +26% $432.9K $577.5K $393.6K $433.8K +33% +10% $390 $308 +27% +4% +43% +32% 1 BEDROOM 2 BEDROOM 3 BEDROOM 3Q21 $223,312 $378,846 $815,200 MEDIAN PRICE AVERAGE PRICE 2-4 FAMILY 3Q22 3Q21 $599.5K $540K -10% $581.7K $568.6K -2% MEDIAN PRICE AVERAGE PRICE +14% +21% +9% 1 BEDROOM 2 BEDROOM 3 BEDROOM 2Q22 $279,938 $414,383 $775,000 CHANGE (QUARTER-OVER-QUARTER) %
Methodology
METRICS
SOURCE
CLOSED AND CONTRACTS SIGNED figures for the current quarter are based on reported transactions at the time the report is prepared and additional listings may be reported after this time period that can affect this data.
DAYS ON MARKET averages how long a unit takes to sell and is calculated from subtracting list date from contract date. Units on the market longer than three years and shorter than one day are considered outliers and removed from the data to prevent significant skewing.
AVERAGE PRICE PER SQUARE FOOT is the average price divided by the average square footage. This is only calculated from listings that have a reported square footage and includes only condominiums. We have deemed this data less relevant for single and multi-family listings and there is not enough data reported to provide an accurate number for those listings.
MEDIAN PRICE AND PRICE PER SQUARE FOOT are the middle or midpoint price where half of sales fall below and half fall above this number.
INVENTORY is a count of all units with a listing date within the measured time period. These listings were on the market within the quarter but may now be under contract or sold.
Figures in this report are based on publicly reported active, pending, and closed sales information via the Hudson County
Multiple Listing Service. The neighborhood designations are based on the determinations of the MLS Areas. Based on information from the MLS for the period of July 2021 through September 2022 as well as selected data from 2018 through 2022.
DISCLAIMER
Real estate agents affiliated with Corcoran Sawyer Smith are independent contractors and are not employees of Corcoran Sawyer Smith. All material presented herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal notice.
Each office is independently owned and operated.
3Q2022 JERSEY CITY | 19