Q3 2018 Market Brief

As the summer months come to an end, the 3rd quarter saw overall healthy sales activity across Hudson County with Bayonne as a standout performer. Sales revenue across the board this quarter mostly maintained with a very slight drop of less than 1%. Volume of transactions also followed a similar pattern with a decrease of 1% since Q2 while average and median sale prices both saw a subtle increase of 3%. In addition, we saw an 11% increase in active inventory since last quarter. These patterns demonstrate that good properties are trading and while the market will take some time to process the supply coming to market, continued growth is expected over the near term. As interest rates continue to rise, buyers should act quickly and capitalize on historically low rates as well as take advantage of the new product hitting the market.

Note: The third quarter of 2018 saw the official tax rate announced for Jersey City, and at 1.48%, lower than original estimates.