Here’s A Quick Hoboken Real Estate Market Update And A Little Bit About What We See Potentially In This Year

What Are We Going To See In Hoboken? I Think We See A Nice Steady Market. Certain Price Points, Certain Types Of Properties Are Definitely Getting Multiple Offers.

What is happening in Hoboken Real Estate Market? https://www.homesbybonk.com/

What's going on, everybody? Jeff Bonk here. Homes By Bonk, eXp Realty here in Hoboken, and wanted to give a quick Hoboken real estate market update and a little bit about what we see potentially happening into the next six to eight months of this year.

Obviously, being realtors here in Hoboken, we do a lot of work to stay on top of trends and stats, but we also talk to a lot of our partners in the suburbs, around the country. I spent a lot of time in a virtual conference this year talking to other agents, seeing what trends they're seeing from around the country because everything is connected even though it is highly specific and local to what's happening in a market, it all kind of stems out.

So a couple of quick things we've seen so far, and then a couple of ideas of where we might be going here. So in Hoboken and in the northeast suburbs in general and across the country, quite frankly, we saw sales pick up really early out of the gate. We saw a strong 2020. Hoboken was a little hit-and-miss for 2020 as COVID really hit this area early, hard.

But it came back strong in the end of 2020, and we really saw 2021 come out of the gates rip-roaring. Buyers were coming back. Not as many renters, which is interesting, which you'll see a trend change over the next few months. We saw a lot of buyers, not many renters.

People started getting news that they were going to be going back to work, and we call it June, July, maybe September, even, or potentially even 2022. And the people that wanted to come back to Hoboken started doing so and started buying condos and townhouses in Hoboken.

In the suburbs around here, we saw strong markets remain there, even though some people might've been moving back to urban areas. We were seeing things continue to stay strong there because of just the utter lack of inventory. And even though there was maybe 20 buyers at one point, now there's 10. Maybe now there's five, still very strong market.

Then over the next coming months, say call it March, April, we saw more inventory come on the market. We saw more people that saw they had to get out of their two-bedrooms in Hoboken or their one-bedrooms in Hoboken. And even if they couldn't find that perfect spot in the suburbs yet, they were willing to start to list their property and sell their property and then figure out the next side of things. So we saw that trend happened for about two, three months. Suburbs stayed strong, same scenario that they've seen for the last 18 months or so now.

 Now in the last few weeks, maybe in the last 30 days, we've seen the rental market start to pick up. Now we have a lot of inventory still in the rental market that needs to get absorbed in Hoboken. But we are seeing rental market, especially big two-bedrooms and three-bedrooms, really starting to get more and more activity on the tenant side.

And the reason for that, I think, is a couple of different reasons. We have people that have sold their houses now in Hoboken who don't have a place to potentially move. They couldn't buy in the suburbs yet, as that market stayed strong, so they're renting a larger two or three-bedroom house here or a condo in Hoboken.

  We also have people that are getting reassigned to jobs. That is continuing to happen. We're coming back to the city one day a week, two days a week, even five days a week a lot of people are being told in the next few months. So they're making that decision. They may not have time to buy, or they may not even want to be here permanently for the next five years.

They might want to be here the next one or two. So we're seeing the rental market from people that potentially weren't coming back that decided to now. And also, people who sold their homes and need a place to go now because they still haven't been able to find things in the suburbs.

  And over the last few weeks, we've still seen that strong suburb market. Maybe a slight cooling. Maybe a little tiny bit as people start shifting back to urban areas, in a little degree. But the lack of inventory coupled with the cost of new construction that are really slowing down developers and builders and making the cost of new construction with lumber and all the raw materials that have gone up so much in price with supply chain, logistics, to get the building materials here, we're seeing suburb markets stay strong.

 So what does that mean? That's where we've come. Where are we going to go? My prediction and this is just a prediction, no crystal ball here, but I think we're going to see a suburban market that stays super strong, just based on that lack of inventory. People don't have places to move up to, so they're not listing their home for sale, which creates, really, a trickle-down effect. New construction is still slow based on what we need. And we just have a lack of available homes for people to move into in the suburban markets that surround New York City and Hoboken here.

 What are we going to see in Hoboken? I think we see a nice steady market. I don't think we see any kind of crazy, crazy feeding frenzy. Certain pockets of the market will. Certain price points, certain types of properties are definitely getting multiple offers, and I think that'll continue to happen. Those are ones with private outdoor space.

Those are ones with that extra third or fourth bedroom, larger space that people still are going to be planning on working at least hybrid models from home. So we're going to see a continued strong market in pockets, and we're going to see a very solid market in some of those other pockets. Even the larger buildings are starting to really get a lot more buyer interest, which is where we saw some of the softest parts of the market mid-COVID and late-COVID in 2020.

 So is that guaranteed? Absolutely not. But is that what the trends that we're seeing so far this year? And what, potentially, we see coming up over the next few months, based on what we're seeing? People go back to work, a lot of people become vaccinated, herd immunity, things opening up, urban areas are really beginning to flourish.

You're seeing a lot of people back in New York City, especially the residential areas, the commercial areas. We'll see what happens over the coming months. And Hoboken has really, really flourished, and Jersey City and all of Hudson County over the last few months, as people have become more comfortable going out, going out to eat, going indoors places as they're vaccinated.

So that's what we're seeing here at Homes By Bonk. I hope this was helpful. If you have any questions at all, feel free to reach out. Anything about your specific situation and what this may mean for your move now or in the future? Feel free to drop us a line. We're always here to help. Thanks, guys. Have a great day.