2020 Feb 8th

The January Hoboken Condo Results

Hoboken Condo Prices Bounce Back!

We saw a big change in direction last month, with the January sales prices increasing substantially over past months and last year. Note that average size of the condo unit is up 15% over last year. As I said last month, those huge, high-end 3 and 4BR condos are the new Hoboken. Families need space for the kids! There is a bit of a squeeze on inventory and, with not much space left to build, that is likely to continue.

Here are the numbers:

  1. Laura

    Median $ / square foot is way down though, right? $574 vs. $610 / square foot?

  2. Mike Tirozzi

    And the discount is 3.11% which looks to be the highest in over a year.

    So although prices may have bounced back, so have the discounts apparently.

  3. Lori

    I believe the nature of the inventory is what is really changing. Many more huge, new construction, very pricey condos and way fewer little 500 sq. ft. starter homes. It follows the changes in the demographics of Hobokens. No longer a city full of ‘just-graduated and can’t afford the city’ kids. Now its about the parents who don’t want to commute an hour and have several actual kids. Will be interesting to see how it plays out over the next few month.

  4. John Smith

    Lori, to echo your points on the new demographic of Hoboken, I wanted to share some interesting data from today’s Hoboken Preschool information session.

    In 2012/2013, there were 38 classrooms for pre-k

    in 2018/2019, there were 66(!) classrooms for pre-k.

    The program director’s noted they expect the program to reach 70 classrooms for pre-k for 2020/2021.

    Just some really on point data validating Hoboken’s continued growth as a place families are choosing.

  5. lori

    Thanks for that, John. It’s no surprise to me after living in Hoboken for 20+ years. Having free pre-school, good transportation and housing that is more affordable than NYC sure has helped the transformation. Appreciate your contribution.

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