After years of being dubbed a market to watch, the Peninsula City saw a big jump in sale prices for both homes and condos during 2018’s third quarter, according to Pure Properties. The attention-grabbing numbers were particularly flattering in terms of the average sale price for condos and co-ops, which surged a whopping 57% in the quarter and hit an all-time high, averaging $274,000.
While Bayonne’s statistics in the Pure Properties’ Q4 Report aren’t quite as impressive, they still seem like good news for the city. The average sale price for 1-4 family homes clocked in at $429,000, a modest 3% increase during the quarter. However, that total number represents a 17% jump year on year and continues the upward trend in the city’s home market that’s been happening for quite some time.
Q4 was less kind to condos and co-ops in Bayonne, as some of the huge gains in value were wiped out. Condos sold for an average price of $195,000, a 29% decrease from last quarter’s record-setting numbers. Still, Q4’s average sale price is 11% higher year on year and the low number of properties sold in the quarter might have had an impact. There were just nine total condo transactions this quarter, down over 40% from this time last year.
Rents in Bayonne have remained almost remarkably steady for several quarters now, and Q4 was no exception. They came in at $1,630/month, up 2% for both the quarter and year on year. Rental properties here do seem to be leasing quicker despite prices remaining fairly flat, as listings spent an average of 38 days on the market before finding a tenant, a 13% decrease year on year.
Bayonne is certainly a city that continues to develop and evolve as neighboring Jersey City gets pricier, although much of the construction and planned projects revolve heavily around rental properties. The changes underway in Hudson County’s southernmost city will certainly have an impact on the direction the market takes for homeowners, although whether that means more modest appreciation or huge spikes in property values remains to be seen.
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