Weehawken Market Update
Right now, the Weehawken real estate market is in a great place for buyers. Median sales prices are still down almost 8% from last year, and there continues to be a large supply of unsold properties on the market.
With an average absorption rate of 9.3 months (12 for single family homes, 7 for multi-family homes, 10 for condos and co-ops), that leaves buyers plenty of bargaining power and lots of properties from which to choose. These numbers have dropped significantly from four months ago, when we were looking at an average absorption rate of 13.4 months, with 12 months for single family homes and 17 months for multi-family. This is a strong indication that the market is recovering and prices will only head up.
Here’s the good news for sellers: the number of home sales jumped 111% this year. That’s another indication that the market is heading back up, and soon sellers will have a lot more say at the bargaining table. Median sales prices are still down 8% from last year, but with sales on the rise, we can expect that prices aren’t far behind. Weehawken’s desirable location and proximity to New York City will keep the market heading up, and protect home values from national housing dips.
If you’re interested in exploring properties in Weehawken or elsewhere in NJ, contact your local expert Adele Tamburo at (201) 892-5029 to get started today!
Read current Weehawken NJ homes for sale news or browse current properties on the market on our Weehawken property search.
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