In October 2024, the median home price in Hoboken experienced a 2.5% decline compared to the same period last year, settling at $828,000. This shift reflects subtle adjustments in the local real estate market, potentially offering opportunities for buyers seeking more competitive pricing. Homes in Hoboken took an average of 30 days to sell, a noticeable increase from the 20-day average in October 2023, indicating a slightly more relaxed market pace. Despite these trends, the number of homes sold saw a year-over-year increase, with 48 properties changing hands in October 2024 compared to 41 in the previous year. This uptick in sales suggests ongoing demand, making Hoboken an area still worth considering for buyers and investors alike.

Hoboken remains a highly competitive real estate market where homes sell quickly, often within 27 days. Many properties receive multiple offers, with some buyers even waiving contingencies to secure their dream home. On average, homes sell for approximately the list price and go under contract in about 27 days. However, "hot homes"—those in high demand—can sell for as much as 3% above the asking price and often go pending in as little as 14 days. This fast-paced environment highlights the need for swift decision-making and a strategic approach when navigating Hoboken’s real estate market.

Hoboken, NJ, remains a seller's market as of November 2024, indicating strong demand from buyers outweighing the current supply of available homes. This market dynamic often leads to increased competition among buyers, with properties selling quickly and, in many cases, at or above the asking price. For sellers, this environment provides an excellent opportunity to maximize returns, while buyers need to act decisively and be well-prepared to navigate the competitive landscape effectively.