Jersey City is the second-most-populous city in the U.S. state of New Jersey, after Newark. It is the seat of Hudson County as well as the county's largest city. As of 2016, the Census Bureau's Population Estimates Program calculated that Jersey City's population was 264,152, with the largest population increase of any municipality in New Jersey since 2010, an increase of about 6.7% from the 2010 United States Census, when the city's population was at 247,597, ranking the city the 77th-largest in the nation.
Part of the New York metropolitan area, Jersey City is bounded on the east by the Hudson River and Upper New York Bay and on the west by the Hackensack River and Newark Bay. A port of entry, with 30.7 miles (49.4 km) of waterfront and extensive rail infrastructure and connectivity, the city is an important transportation terminus and distribution and manufacturing center for the Port of New York and New Jersey. Jersey City shares significant mass transit connections with Manhattan. Redevelopment of the Jersey City waterfront has made the city one of the largest centers of banking and finance in the United States and has led to the district being nicknamed Wall Street West.
After a peak population of 316,715 measured in the 1930 Census, the city's population saw a half-century-long decline to a low of 223,532 in the 1980 Census. Since then, the city's population has grown, with the 2010 population reflecting an increase of 7,542 (+3.1%) from the 240,055 counted in the 2000 Census, which had in turn increased by 11,518 (+5.0%) from the 228,537 counted in the 1990 Census.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in New York-Jersey City-White Plains, NY-NJ, New Jersey. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!
The national average total real estate commission in 2015 was 5.26% *
In New York-Jersey City-White Plains, NY-NJ, New Jersey, you will find the following real estate commissions charged*:
Typical Asking Commission: 6.0%
Competitive Commission: 5.0%-5.5%%
Very Competitive Commission: 4.5%-4.99%
The median existing single-family home price in the Northeast rose 3.2%, to $282,300, in the second quarter of 2017 compared to the the second quarter of 2016. Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:
In the State of New Jersey, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
|New York-Jersey City-White Plains, NY-NJ||$384,500||4.90%|
|New York-Newark-Jersey City, NY-NJ-PA||$414,000||4.70%|
Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home. In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).
In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent. Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”. This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client. This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).
When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.
At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business. These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm. This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in New Jersey.
Sellers who are also buying a home in the same local market have a volume discount advantage. ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home. Be sure to check the box that you are also buying a home locally to receive these better rates.
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As of the 2010 United States Census, there were 247,597 people, 96,859 households, and 57,631 families residing in the city. The population density was 16,736.6 per square mile (6,462.0/km2). There were 108,720 housing units at an average density of 7,349.1 per square mile (2,837.5/km2). The racial makeup of the city was 32.67% (80,885) White, 25.85% (64,002) Black or African American, 0.51% (1,272) Native American, 23.67% (58,595) Asian, 0.07% (161) Pacific Islander, 12.81% (31,726) from other races, and 4.42% (10,956) from two or more races. Hispanic or Latino of any race were 27.57% (68,256) of the population.
There were 96,859 households out of which 27.3% had children under the age of 18 living with them, 35.5% were married couples living together, 18.2% had a female householder with no husband present, and 40.5% were non-families. 30.2% of all households were made up of individuals, and 7.0% had someone living alone who was 65 years of age or older. The average household size was 2.53 and the average family size was 3.20.
In the city, the population was spread out with 21.1% under the age of 18, 10.0% from 18 to 24, 37.6% from 25 to 44, 22.2% from 45 to 64, and 9.0% who were 65 years of age or older. The median age was 33.2 years. For every 100 females there were 97.6 males. For every 100 females ages 18 and older there were 96.0 males.
The Census Bureau's 2006–2010 American Community Survey showed that (in 2010 inflation-adjusted dollars) median household income was $54,280 (with a margin of error of +/- $1,460) and the median family income was $58,533 (+/- $2,116). Males had a median income of $49,582 (+/- $1,968) versus $43,458 (+/- $1,837) for females. The per capita income for the borough was $30,490 (+/- $668). About 15.1% of families and 17.5% of the population were below the poverty line, including 28.1% of those under age 18 and 15.6% of those age 65 or over.
As of the 2010 Census, Jersey City experienced an increase of 7,542 residents (3.1%) from its 2000 Census population of 240,055. Since it was believed the earlier population was under documented, the 2010 census was anticipated with the possibility that Jersey City might become the state's most populated city, surpassing Newark. The city hired an outside firm to contest the results, citing the fact that development in the city between 2000 and 2010 substantially increased the number of housing units and that new populations may have been undercounted by as many as 30,000 residents based on the city's calculations. Preliminary findings indicated that 19,000 housing units went uncounted.
Jersey City is a regional employment center with over 100,000 private and public sector jobs, which creates a daytime swell in population. Many jobs in the financial and service sectors, as well as in shipping / distribution, wholesale and retail.
Jersey City's tax base grew by $136 million in 2017 giving Jersey City the largest municipal tax base in the State of New Jersey. As part of a 2017 revaluation, the city's property tax base is expected to increase from $6.2 billion to $26 billion.