Jersey City ranks among the strongest real estate markets

Jersey City is now one of the strongest real estate markets in New Jersey.  Within the last 30 days 75 condos in Jersey City went under contract, with listing prices ranging from $189,000 to $2,100,000.  With a total of 105 active condo listings in the entire Jersey City area this means that the City now has only 1.4 months supply of inventory.  When real estate inventory drops below 6 months supply it is a sellers’ market, between 6 to 7 months supply it is a normal market, and above 7 months a buyers’ market.  Jersey City inventory has never been this low since 2007 and any home owner that needs to move within the next 12 months should seriously consider putting their house on the market now.  Interest rates will continue to go up and this means that the number of buyers’ who can afford to buy homes will decrease.    There is no telling what the rates will move to in the New Year.   Jersey City condo buyers have got the message, we know this from the increase in bidding wars on each well priced listing.   Jersey City condo owners need to get the message too.   Sell now, don’t wait for Spring.  You may not have such a large pool of qualified buyers looking to buy then.  If you are thinking of putting your Jersey City house on the market call Janice Hall at 201 232 8577.