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It’s been awhile since our last market update, so we’re excited to bring you the latest news from our real estate market. Statistics show that home appreciation in the Hoboken market has only risen 3% the past 12 months. It’s a lot lower than we’ve seen in the past few years, and although it’s still positive appreciation, it’s something to keep an eye on.
Bidding wars have decreased significantly, and we may be at the beginning of the shift from a seller’s market to a buyer’s market. Only time will tell. The good news is that we are still seeing positive appreciation while buyers are finding it slightly easier to find a home. We don’t think home values are going anywhere negatively, and the current conditions shouldn’t discourage you as a buyer or seller. We’re actually coming into a much healthier market now.
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Our market is doing just fine this summer.
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The suburban market is about one or two years behind us. Things are moving much more quickly there and most homes are going for top dollar after receiving multiple offers. Another thing we’re noticing is that luxury rentals seem to be sticking around longer than we’re used to. The luxury market in general is slow, but that’s good news for buyers. The competition above the $1 million market is low. There’s a lot more room for negotiation.
That being said, our market is doing just fine this summer. If you have any questions or are interested in buying or selling, give us a call or send us an email. We would love to hear from you!
