Just as Jersey Digs is rapidly becoming your “go-to” resource for Hudson County real estate news and information, 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. While these reports have been commonplace in the New York market for years, Pure Properties has introduced this summary to provide homeowners, agents and developers a valuable data-driven analysis of key metrics, trends, and indicators for sales, rentals and developments west of the Hudson River in markets that continue to become more attractive to buyers, and lucrative for sellers and developers.
The report highlights Greenville as the fastest growing area of southern Hudson County with median home prices appreciating significantly year over year. Private and local government revitalization initiatives such as the Berry Lane Park redevelopment (located on the border of Greenville and Bergen-Lafayette) have contributed to the pricing surge, as well as the construction of affordable housing units, new commercial spaces and potential rezoning changes. While still trading significantly below watermark prices set in 2006, the revitalization of these previously underutilized areas of Jersey City is expected to have a continued positive impact on property prices in surrounding neighborhoods over time.
Zeke Ortiz, Pure Properties’ Managing Director and Broker of Record with decades of experience in Hudson County, remains cautiously optimistic about the numbers, saying, “My analysts advise quarterly numbers can be a little misleading. This is particularly true in the Hudson County market where percentage changes are based on overall lower median sales volumes than New York. Having said that, it’s clear to me that certain pockets of Hudson County remain the best value property in the New York Metropolitan area.”
Indeed local experts have long seen value in the region’s most affordable neighborhoods, and while Greenville has seen a large jump in terms of house price appreciation, median prices in Hoboken and downtown Jersey City still dwarf other neighborhoods with prices at $1,850,000 and $1,029,500 respectively—compared to Greenville’s relative bargain of $230,000.
Patrick Southern, Hudson County’s leading agent for eight years and Pure Properties representative, was not surprised, noting, “We are seeing a lot of new buyers entering the Greenville market, one of the remaining neighborhoods for higher CAP rate properties in Jersey City. And while these neighborhoods haven’t yet matched the year-over-year upward trends seen in perennial favorites like downtown Jersey City and Hoboken; continued growth could mark the beginning of a strong recovery and significant opportunities to come.”
Patrick further noted, “What the report highlights to me is that the ‘expensive’ areas of Hoboken and Downtown Jersey City still look very cheap compared to Brooklyn. There is still so much value in Hoboken and Jersey City, this is still a great time to be buying.”
Download the market report directly from the Pure Properties website, and sign up to receive future editions of the report as they are released.