|The recent global and national economic challenges have led many to question the state of our local real estate market.|
Absorption rate, which measures the rate at which homes are sold over a given time period, provides insight into whether we are in a Buyer’s or Seller’s market. Absorption rate measures how quickly or slowly homes are sold and is measured by looking at the total number of current active listings and dividing it by the total number of pending sales in the last 30 days. A score between 5 and 6 is considered a neutral market, while anything less than 5 is a Seller’s market, and anything greater than 6 is a Buyer’s market.
The table below reflects Absorption Rate for 1, 2 and 3 BR condos, and 1 and 2+ family homes as of 7/31/22, per Hudson County MLS data. For every type of home in Hoboken, the market is a Seller’s market.