LOOKING AHEAD TO 2024

Keller Williams experts predict the 2024 real estate market will resemble that of 2023, with inventory potentially opening up by 2025. Forecasts also suggest a rising inclination towards rentals given the current scenario of limited inventory and elevated prices. Usually, the buying/selling and rental markets exhibit a reciprocal relationship — when one thrives, the other tends to lag. However, in Hudson County, the high rental costs challenge the notion that rentals will dominate as the primary mode of client movement in 2024, deviating from some market projections.

2023 in Review

The story of Hudson County’s 2023 real estate market remained consistent: first-time buyers continued to drive market movement, prices remained high, yet inventory levels remained low. As long as rates stay high, homeowners seem inclined to stay put. This region had the most substantial national growth in prices, but coupled with soaring mortgage rates, many potential buyers found themselves priced out of the market. According to Keller William experts, it’s anticipated that when rates edge down towards 5.75, we may see an uptick in available inventory. Until then, the status quo is expected in the real estate landscape. However, there’s a risk in delaying a purchase; prospective buyers might miss out on the advantages of real estate investment. Historical data indicates that buyers who purchased homes during rate peaks in the 1980s fared better in their investments compared to those who waited for rate drops and purchased homes later at lower rates. The latter group caught up to the ’80s buyers only by the early 2000s.

Rental Market

The buyer/seller’s market in Hoboken remains active, although there are signs of a slowdown in the rental sector. Rental inventory is lingering longer, indicating a potential shift. While some experts anticipate a surge in rentals, that trend hasn’t manifested here. The high rental prices in Jersey City and Hoboken have reached a point where potential renters, who previously opted for New Jersey for its affordability compared to NYC, no longer find the cost-saving benefits compelling enough to make the move across the Hudson River.

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