Quarter One marks one year since the initial Jersey City tax assessments were distributed to homeowners. The revaluation – last completed in 1988 – saw tax assessments in premium markets increase substantially, with Downtown initially experiencing a surge in inventory as well as impaired median sales prices. One year on, we’re watching larger macroeconomic influences work their way through the market; Q1 2019 saw a decline in sales volumes across all eight areas, a trend that has been similarly experienced across the nation. However, with resilient median sales prices continuing to push the markets forward, we’re hopeful that a combination of the warmer sales season and lower interest rates will encourage buyers and sellers within South Hudson County. For more insights and information on new changes and developments throughout each of the eight key Hudson County markets, download the Q1, 2019 market report, courtesy of Pure Properties.