Q4 2022 Market Report
HOBOKEN
5-Year Overview
2022 2021 %CHG (YR) 2020 %CHG (YR) 2019 %CHG (YR) 2018 %CHG (YR)
CLOSED SALES 942 1,225 -23% 822 +15% 854 +10% 921 +2%
DAYS ON MARKET 29 37 -23% 39 -26% 40 -28% 35 -19%
MEDIAN CONDO SALE PRICE $760,000 $720,000 +6% $708,000 +7% $725,000 +5% $740,000 +3%
AVERAGE CONDO SALE PRICE $905,989 $817,346 +11% $786,115 +15% $836,303 +8% $862,782 +5%
MEDIAN CONDO PPSF $768 $717 +7% $704 +9% $699 +10% $716 +7%
AVERAGE CONDO PPSF $794 $733 +8% $720 +10% $713 +11% $732 +8%
MEDIAN 1 FAMILY SALE PRICE $2,225,000 $1,830,000 +22% $1,754,500 +27% $1,776,500 +25% $1,780,000 +25%
AVERAGE 1 FAMILY SALE PRICE $2,341,159 $1,916,299 +22% $1,822,700 +28% $1,851,466 +26% $1,864,484 +26%
MEDIAN 2-4 FAMILY SALE PRICE $1,750,000 $1,620,000 +8% $1,800,000 -3% $1,450,000 +21% $1,500,000 +17%
AVERAGE 2-4 FAMILY SALE PRICE $2,014,818 $1,825,047 +12% $1,802,235 +13% $1,640,935 +24% $1,685,635 +21%
Despite the Federal Reserve raising interest rates in the second half of the year, Hoboken saw a healthy gain in property value with a steady demand from buyers and a sharp decrease in inventory in the second half of 2022. The number of transactions fell by 23% from 2021.
The properties sold at a record pace of just 29 days on average in 2022.
The Hoboken real estate market again exhibited its resilience to economic fluctuations and national market trends. In 2022, the average dollar per square foot in Hoboken’s condominiums increased by 8% from 2021 to $794. The median sale price for single-family houses impressively increased by 22% and the median sale price for 2–4 family buildings increased by 8% from 2021.
4Q2022 | JERSEY CITY | 2
The fourth quarter was challenging for sure. With a sharply decreased inventory and rising interest rates, the market saw less transactions. However, the prices held across the board in Hoboken.
In the fourth quarter, the number of transactions decreased by 45% from the same quarter in 2021 and by 40% from the previous quarter. The number of new deals also decreased in the fourth quarter by 62% from the same quarter a year ago and by 50% from the previous quarter. The sales volume decreased accordingly to $152.7M in the fourth quarter, a decrease of 36% from a year ago and a decrease of 44% from the previous quarter.
The properties which closed in the fourth quarter of 2022 stayed on the market for 32 days on average, 3 days shorter than the same quarter in 2021.
The inventory decreased sharply by 45% from the same quarter in 2021 and by 40% from the previous quarter. The decreased inventory kept the demand high. The median price rose by 13% from the fourth quarter of 2021 and by 2% from the third quarter of 2022. The average sold price per square foot in condominiums increased by 7% from the same quarter a year ago and increased by 1% from the previous quarter.
4Q2022 | HOBOKEN | 3
SALES | PAGE 4-5 INVENTORY | PAGE 6 PRICES | PAGE 7 NOTABLE SALES | PAGE 8 Contracts Signed 97 -62% YEAR OVER YEAR -50% QUARTER OVER QUARTER Closed Sales 149 -45% YEAR OVER YEAR -40% QUARTER OVER QUARTER Inventory 119 -54% YEAR OVER YEAR -45% QUARTER OVER QUARTER Days on Market 32 -9% YEAR OVER YEAR +23% QUARTER OVER QUARTER Median Price $830K +13% YEAR OVER YEAR +2% QUARTER OVER QUARTER Average PPSF $795 +7% YEAR OVER YEAR +1% QUARTER OVER QUARTER The CorcoranSS Report | 4Q | 2022 | Hoboken Overview
Sales
• During the fourth quarter of 2022, the sales volume decreased by 36% from the same quarter last year and by 44% from the third quarter.
• The number of transactions was down by 45% from the same quarter last year and by 40% from the previous quarter this year.
• The number of new contracts signed in the fourth quarter also decreased by 62% from the same quarter last year and 50% from the previous quarter.
• Properties stayed on the market only for 32 days average this quarter.
4Q22 4Q21 %CHG (YR) 3Q22 %CHG (QTR)
CLOSED SALES 149 272 -45% 249 -40%
SALES VOLUME $152.7M $239.8M -36% $273.9M -44%
CONTRACTS SIGNED 97 254 -62% 195 -50%
DAYS ON MARKET 32 35 -9% 26 +23%
4Q2022 | HOBOKEN | 4
400 320 240 160 80 0 40 32 24 16 8 0 NUMBER OF CLOSED SALES DAYS ON MARKET Closed Sales CLOSED SALES AVERAGE DAYS ON MARKET 300 250 200 150 100 50 0 Contracts Signed NUMBER OF CONTRACTS SIGNED
4Q18 4Q19 4Q20 4Q21 4Q22 4Q18 4Q19 4Q20 4Q21 4Q22
CONTRACTS SIGNED
Condominium Sales
Days on Market by Price Range
4Q22 4Q21 %CHG (YR) 3Q22 %CHG (QTR)
CLOSED SALES 139 256 -46% 222 -37%
SALES VOLUME $129.7M $213.5M -39% $207M -37%
DAYS ON MARKET 30 35 -14% 25 +20%
1-Familly Sales
4Q22 4Q21 %CHG (YR) 3Q22 %CHG (QTR)
CLOSED SALES 4 8 -50% 17 -76%
SALES VOLUME $9.7M $14.3M -32% $41.6M -77%
DAYS ON MARKET 16 27 -41% 33 -52%
2-4 Family Sales
CLOSED SALES 6 8 -25% 10 -40%
SALES VOLUME $13M $11.9M +10% $25M -48%
DAYS ON MARKET 79 41 +93% 30 +163%
UNDER $400K
$400K TO $700K $700K TO $1M $1M TO $1.5M $1.5M TO $2M $2M+
4Q22 45 days 30 days 23 days 35 days 31 days 63 days
4Q21
UNDER $400K
$400K TO $700K $700K TO $1M $1M TO $1.5M $1.5M TO $2M $2M+
53 days 35 days 31 days 46 days 21 days 38 days
Days on Market by Bedroom Type
CHANGE
4Q21 4Q22 4Q21 %CHG (YR) 3Q22 %CHG (QTR)
CHANGE (YEAR-OVER-YEAR) % 4Q22 4Q21 37 days
4Q21
4Q2022 | HOBOKEN | 5
STUDIO 1 BED 2 BED 3 BED
(YEAR-OVER-YEAR) % 4Q22
4Q22 28 days 30 days 27 days 38 days 64 days 39 days 32 days STUDIO 1 BED 2 BED 3 BED -8% -33% +8% -23%
+174% -54% -10% 0% -7% -34%
4Q2022 | HOBOKEN | 6 4Q22 4Q21 %CHG (YR) 3Q22 %CHG (QTR)
119 261
216 -45%
$400K
STUDIO 1 BEDROOM 2 BEDROOM 3+ BEDROOM STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM 7 1 13 3 44 36 111 66 51 75 83 142 23 31 36 11 16 13 13 Breakdown of Active Listings BY ASKING PRICE RANGE BY BEDROOM TYPE 4Q21 4Q21 4Q22 4Q22 CHANGE (YEAR-OVER-YEAR) % 4Q22 4Q21 -46% -33% -34% -11% -14% +26% -25% -20% -31% -23% 360 315 270 225 180 135 90 45 0 NUMBER OF UNITS 53 0 14 28 42 56 70 0 25 50 75 100 125 0 20 40 60 80 100 0 25 50 75 100 4Q18 4Q19 4Q20 4Q21 4Q22 Inventory ACTIVE LISTINGS 4Q20 4Q19 4Q18 INVENTORY 353 256 396
INVENTORY
-54%
Inventory • Inventory fell sharply during the fourth quarter with 54% fewer properties on the market from the same quarter last year and 45% fewer properties from the third quarter of this year. UNDER $400K $400K TO $700K $700K TO $1M $1M TO $1.5M $1.5M TO $2M $2M+ UNDER $400K
TO $700K $700K TO $1M $1M TO $1.5M $1.5M TO $2M $2M+
Condominium Prices
Prices
• The sale prices remained strong in the fourth quarter with 13% increase in median price and 16% in average price from the same quarter a year ago. There was a 2% increase in median price and 7% decrease in average price from the previous quarter.
• The median price for 2-4 family homes increased by 49% from the same quarter last year and by 10% from the previous quarter.
• The median dollar per square foot in condominium sales saw a 8% increase from the same quarter last year and a 3% increase from the previous quarter.
4Q22 4Q21 %CHG (YR) 3Q22 %CHG (QTR)
MEDIAN PRICE $810,000 $785,000 3% $800,000 1%
AVERAGE PRICE $1,100,318 $932,653 18% $951,267 16%
MEDIAN PPSF $757 $737 3% $770 -2%
AVERAGE PPSF $787 $750 5% $802 -2%
Median and Average Price
MEDIAN PRICE AVERAGE PRICE
PRICES 4Q22 4Q21 %CHG (YR) 3Q22 %CHG (QTR)
MEDIAN PRICE $810,000 $705,500 +15% $742,500 +9%
AVERAGE PRICE $933,771 $834,024 +12% $933,050 +0.1%
MEDIAN PPSF $777 $717 +8% $757 +3%
AVERAGE PPSF $794 $741 +7% $787 +1%
MEDIAN PRICE BY BEDROOM
STUDIO $665,000 $421,667 +58% $452,214 +47%
1 BEDROOM $530,186 $521,119 +2% $572,556 -7%
2 BEDROOM $883,181 $783,903 +13% $821,737 +7%
3 BEDROOM $1,479,142 $1,418,742 +4% $1,526,671 -3%
1-Family Prices
PRICES 4Q22 4Q21 %CHG (YR) 3Q22 %CHG (QTR)
MEDIAN PRICE $2,487,500 $1,752,500 +42% $2,250,000 +11% AVERAGE PRICE $2,437,250 $1,795938 +36% $2,451,894 -1%
2-4 Family Prices
PRICES 4Q22 4Q21 %CHG (YR) 3Q22 %CHG (QTR)
MEDIAN PRICE $2,125,000 $1,427,500 +49% $1,925,500 +10%
AVERAGE PRICE $2,193,333 $1,492,905 +47% $2,516,000 -13%
4Q2022 | HOBOKEN | 7
$1.2M $960K $720K $480K $240K $0 SALE PRICE
$800 $760 $720 $680 $640 $600 PRICE PER SQUARE FOOT 4Q18 4Q19 4Q20 4Q21 4Q22
4Q22
AVERAGE PPSF MEDIAN PPSF Price Per Square Foot
4Q18 4Q19 4Q20 4Q21
4Q2022 | HOBOKEN | 8
1132
St | $2.2M
517 Garden St | $3.6M Listing Presented by Jon Sisti
Bloomfield
Listing Presented by Joseph Sisti | Sold by Michael Stefano
4Q2022 | HOBOKEN | 9
St | $2.05M
1450 Washington St #319 | $760K
629 Garden
Listing Presented by Jennifer Giattino
Listing
Presented by Irene Perello
Executive and Support Team
Our Talented Team of Experts
4Q2022 HOBOKEN | 10
Sawyer Smith Principal Broker & Founder
Alex Chang Chief Happiness Officer
Katherine Silver Executive VP & Managing Broker
Jon Sisti Managing Broker
Dane Calcagni Executive Assistant & Community Relations
Mark Lawton Agent Coordinator Jaylen Molina Marketing Coordinator Adrienne Doyle Marketing Coordinator
Adriana Saber Alyson Morrissey Amanda Richard Amy DeAngelo Arpita Mendez Bo Dziman Brian Garcia Bruce Goodrich Caisy Falzone Daniel Konuch Daniela DePalma Daniella Storzillo David Domanich David Tucker Desiree Vega Donovan Cain Dylan Mader Einat Shmuel-Hamerman Elizabeth Cain Erin Bailey Francine Lauri George Haug George 'Buz' Keenan Gerard Stier Gregory Gohen Clarence Hampton Heather Levine Holly Kutilek Irene Perello Jacqueline Petruzzelli James Alvarez Janine Berger Jason Flesher Jennifer Giattino Jessica Hoppe Joseph Sisti Johanna Restrepo Katrina Spiratos Kyra Huxel Leda Duif Leilani Chin Liz Montalbano Marge Crimmins Marianne Hee Marie Rodrigues-Oldham Matthew Testa Megan Gulick Meredith Foster Michael Stefano Mildred Bourdoin Nancy Holland Nicholas Newman Preeti Poddar Rachel Kim Raymond Lynch Richard Basili Rita Sisti Ryan Wilman Sean Munroe Selina Vargas Sidney Jackson Stacy Wallace-Albert Stephen Braccioforte Stewart Liebman Syamak 'Mac' Ayoubi Ted Meyer Tien Nguyen Tom Gibbons Yessenia Agudelo Zach Jennings Anat Patishi Not Pictured: Alexandra Petruzella Carin Zaleski Caroline Caulfield Harold Berlowe Lindsay Wiener Meghan Crehan Nicholas Romano Rosemary Caulfield Terry Buckley William Garcia
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 October 2021 through December 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.
4Q2022 | HOBOKEN | 11