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Re: Flat Home Values Spur Rental Demand During Hudson County’s First Quarter
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Home away from home
Home away from home


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With all of the excessive building of rentals, there's a glut of rentals. All of the new buildings are offering a few months free and no realtor fee. The rental market is soft for sure.

Posted on: 5/23 18:55
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Flat Home Values Spur Rental Demand During Hudson County’s First Quarter
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Home away from home
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Hudson County heavyweights Hoboken and Downtown Jersey City have historically led the marketplace but haven’t seen any significant rise in property appreciation for some time, and that reality could be what’s driving a shift toward more rentals closing in the waterfront neighborhoods.

The latest market report from Pure Properties shows that homeowners in Downtown Jersey City haven’t witnessed much of a change in their values year-on-year, with the average sale price of a 1-4 family home retreating 1% to $1.416 million during this year’s first quarter. However, that might be somewhat welcome news after the real estate conversation last year focused around a citywide revaluation that walloped Downtown homeowners particularly hard.

https://jerseydigs.com/jersey-city-hob ... te-market-report-q1-2019/

The calendar change to 2019 marked one year since new tax assessments were issued and home price volatility has certainly been less pronounced than anticipated. In terms of 2019’s first quarter, sale prices for 1-4 family homes actually rose 9% from Q4 of 2018, while condo sales settled in at $700,000, a 3% dip both since 2018’s Q4 and year-on-year.

Posted on: 5/21 16:12
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