In September 2024, Jersey City’s real estate market experienced a modest price adjustment, with home prices down 7.2% year-over-year, reaching a median of $635,000. Homes are staying on the market longer, averaging 41 days before sale compared to 33 days last year, indicating a slight cooling in buyer urgency. Sales volume has also declined, with 154 homes sold in September this year, down from 169 in the same month last year. Additionally, the median price per square foot fell to $523, a 6.8% decrease from last year, reflecting broader price softening in the area. This trend points to a shift toward a more balanced market, where buyers may find increased negotiating power as prices adjust and homes remain available longer.

Jersey City’s housing market maintains a moderate level of competition. Homes generally sell within 40 days, with some receiving multiple offers, indicating steady demand. On average, properties sell close to the list price and go pending within about 40 days, reflecting stable market conditions. However, "hot" homes—those in particularly high demand—can sell for around 3% above the list price and often go pending within just 19 days. This mix of quick-turnover properties and homes that require more time on the market suggests that well-priced and desirable listings are attracting competitive interest, while the overall market offers a balanced environment for both buyers and sellers.

Nationwide, 3% of homebuyers looked to relocate to Jersey City from other metropolitan areas, underscoring its appeal beyond the local region. Notably, the largest share of interest came from Gainesville, with additional demand from homebuyers in Visalia and Sheboygan. This interest from diverse areas suggests that Jersey City is attracting attention for its proximity to New York City, urban amenities, and unique lifestyle offerings, drawing buyers from a range of smaller and mid-sized metros seeking the advantages of a vibrant city setting.