In the Jersey City downtown area 56 listings out of a total of 227 went under contract, with a market absorption rate of 4 as of November 2024. A market’s performance is determined by its absorption, that is the length of time it takes for a listing to be sold over a specific period of time.
As of November, 25 of a total of 91 listings in Journal Square went under contract. The absorption rate was 3.6.
In Jersey City Heights area the absorption rate was 6.25 this month. So far only 12 listings went under contract of the 75 active listings.
The lowest absorption rate for Jersey City was in West Bergen. Of 45 active listings 24 went under contract, making the market absorption 1.9.
An absorption rate of 7 to 12 is considered a buyer’s market. A rate of 1 to 5, a seller’s market. A rate of 6 is considered a normal market.
To find our more about your specific market area let’s connect. Call Janice Hall at 201.232.8577.
