Really interesting piece over at Jersey Digs:
When Pure Properties released their last quarterly market report in January, it was the first time that Downtown Jersey City median rental prices eclipsed those of Hoboken. Now, with the release of Pure’s Q1 2017 report, it appears the dynamic between the two areas continues to shift. This time, however, the shift comes on the sales side.
According to Pure’s Q1 2017 report, over the last quarter, the rental prices in the two areas have balanced back out, tying at $2,600. However, this most recent quarter saw Downtown median sale prices for 1-4 family homes outrank Hoboken for the first time since 1996 when MLS data launched.
Similarly, on the condo side, Jersey City continues to outpace Hoboken. Around the middle of 2016, Downtown condo prices surpassed Hoboken and have since only continued to break away. This strengthening is also the result of strong gains in Downtown while Hoboken’s were more modest. Year-over-year Downtown condo prices rose 12% to a median price of $735,000. In Hoboken, prices rose just 3% to $685,000.