We're going to look back on the 3rd quarter of 2021 in Hoboken real estate market.

What changes have happened, what trends we're seeing, and what you should consider when buying, selling, renting or investing in Hoboken.

𝐇𝐨𝐛𝐨𝐤𝐞𝐧 𝐑𝐞𝐚𝐥 𝐄𝐬𝐭𝐚𝐭𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐔𝐩𝐝𝐚𝐭𝐞!

We're going to look back on the 3rd quarter of 2021 in Hoboken real estate market.

What changes have happened, what trends we're seeing, and what you should consider when buying, selling, renting or investing in Hoboken.

𝐑𝐞𝐧𝐭𝐚𝐥 𝐌𝐚𝐫𝐤𝐞𝐭

We saw inventory go from 350 active rentals on the market at the beginning of the third quarter down to 80 rentals on the market today.

The days on market went from almost mid 20s for rentals, down to less than 10. We averaged around eight days on the market. With that kind of demand, free rent's gone, landlords paying fees are gone, we're seeing places being bid up 10 to 12% over asking prices.

What does this mean for both landlords and renters?

If you're a landlord, this is a time where you could look at increasing rents. On the other hand, if you're a renter, and you're not in a lease that's locked in for the next 6-12 months, take a look at what that means and consider looking at purchasing a property, rather than renting.

𝐒𝐚𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

The sales market was not as red hot as the rental market, but still very strong, and New Jersey as a whole is up by 1%.

Hudson County is up 30% in volume. People started coming back at the end of 2020, but now in 2021 it's been rock solid. People want larger, more space, and want a turnkey.

What are some takeaways we can have from this?

1. We're seeing so much demand in higher price points, but strong rental demand across the board.

It might not be a bad idea to invest in some lower priced properties in Hoboken. Take a look at that if you ever wanted to invest or if you're renting right now, and you want to buy and then have an investment later.

2. If you're a seller across any price period, don't put your property on the market is it needs work.

Take the time to do the work, slow down, and find the right contractor. More people are coming back to urban areas, more jobs telling them they need to be in the office two to four days a week, so there is no real rush to hit the top of the market in Hoboken.

Right now, with all the statistics we see, Hoboken has a strong rental market and sales market.

If you have any questions, feel free to reach out to us and we'll see you next month!