Jersey City Home Sets Record WIth $4.4 Million Sale

As the year nearly comes to a close, another New Jersey record has just been smashed.

55 Mercer Street sold for $4.4 million, the highest price for a single-family home in Jersey City. The previous record holder was 124 Sussex Street, which sold for $4.15 million.

Located on a double lot, 55 Mercer Street comes with an attached garage and swimming pool. The 4,500-square-foot home has four bedrooms and three-and-a-half bathrooms. Upstairs, there is a fully turfed roof deck.

The buyer came from Jersey City, but Compass agent Diana Sutherlin, who brought the buyer, said she’s seen many interested buyers come from Manhattan or Brooklyn, seeking more space.

“A trend in the last three or four years has been either extending some of the brownstones — this one was a double wide lot — and just building much larger houses that are more like suburbia,” Sutherlin said.

Patrick Southern of Coldwell Banker represented the seller.

Other sales to break New Jersey records this year include a Hoboken penthouse — Unit #12IJ at 1500 Hudson Street, also known as 1500 Washington Street — that kicked off the year with a record-breaking $4.2 million sale along with a penthouse at 75 Park Lane, which traded for $5.7 million, smashing Jersey City’s record for the priciest condo sale.

Though rising mortgage rates have slowed certain segments of the market, such as first time homebuyers, Sutherlin said the luxury market in Jersey City remains active thanks to cash buyers.

“The really high end, the luxury buyers are out in droves right now. And they have a lot of cash,” Sutherlin said. “It’s almost like two different markets going on at the same time.”