After years of being pegged as Hudson County’s emerging market, a big quarter for appreciation and brisk sales shows momentum is gaining in the Peninsula City.
Emerging Markets Signal Potential Opportunity as Pure Properties Debut ‘South Hudson County Quarterly Report’
Pure Properties has confirmed their status as one of the area’s top-tier agencies with the release of their South Hudson County Quarterly Report — the first of its kind in New Jersey. The report provides detailed insights into each southern Hudson County sub-market.
The numbers show a strong luxury rental and condo market in Downtown Jersey City with no signs of slowing down.
In what shaped up to be a banner year, Jersey City closed 2016 out strong by taking the crown as NYC’s Best Neighborhood in 2016’s Curbed Cup. Now, with the release of Pure Properties’ highly anticipated South Hudson County Market Report, the city has even more to brag about.
A slight decline along the waterfront was offset by solid appreciation in Jersey City's outer neighborhoods.
The pricing dynamic between Hoboken and Jersey City continues to shift. This quarter, it comes on the sales side with Downtown Jersey City townhouses eclipsing Hoboken for the first time.
A Pure Properties market report shows that average sale prices for both homes and condos went up double-digit percentages on the year despite an underwhelming 4th quarter.
The Mile Square City boasted the highest median sales prices in the county during this year’s second quarter, while the Heights saw the largest upticks.
A plateau in home values in Downtown Jersey City and Hoboken has led to an increase in demand for rentals along the two waterfront neighborhoods.
Last quarter’s real estate numbers show The Heights isn’t slowing down, but the same can’t be said for property values in Downtown JC and Hoboken.
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