The Jersey City downtown market and Hudson County rank the best of all New Jersey real estate markets. Jersey City downtown currently has an absorption rate of 1.3, and Hudson County overall 4.5. The absorption rate measures the rate at which the market is absorbing inventory for sale. In other words, given the pace at which buyers are purchasing houses in downtown Jersey City, there is currently only 1.3 months' supply.
The # 2 market is Middlesex County with 5.6, #3 Union 6.2, #4 Essex 6.3, and # 5 Bergen with 6.5. The New Jersey state average is 8.2.
With high demand for houses and limited supply, sellers can, within reason, expect to get top dollars for their house. But sellers who wait to sell should note that the homeowner rate has declined in New Jersey and, as of the end of 2014, was at 9% compared to the nation, which is at 6%.
Interested in selling and not sure if now is the right time? Call me, Janice Hall, at (201) 232-8577.
