Path to profit: Why Jersey City condos are competing with Brooklyn brownstones
99 Hudson Street is the tallest building in New Jersey. There are over 780 condos across 79 floors; current availabilities start at $778,000. Photo courtesy of COA 99 Hudson, LLC
I lived in New York City for 15 years and swore I’d never leave. But when my then-fiance and I found ourselves crammed into an Upper West Side studio (along with two rambunctious cats) when the pandemic hit, we knew we had to make a move. And when we came across a $2,600/month one-bedroom apartment in a brand-new luxury building in Jersey City—complete with floor-to-ceiling windows overlooking the lower Manhattan skyline, two outdoor pools, barbecue grills, and a gym—we simply couldn’t resist.
And we weren’t alone in this move: Between 2010 and 2024, Jersey City’s population increased by more than 20 percent, according to a report in Vital City. This is in large part due to the unprecedented housing boom taking place in the Hudson County city. As Vital City points out, in 2024, Jersey City produced 13 new homes per 1,000 residents. By comparison, New York City produced just four.
Witnessing this all first-hand made me realize that when a young professional got priced out of Manhattan 15 years ago, they often moved across the East River to Brooklyn. Now, the borough can be just as expensive. In fact, just this month, the median sales price for Brooklyn homes surpassed $1 million for the first time, according to Douglas Elliman’s Q3 2025 Market Report. Additionally, the average sales price rose nearly 12 percent year over year to $1.38 million, also the highest on record.
This had led many buyers to head west across the Hudson River.
“Most of our Jersey City buyers come directly from Manhattan or Brooklyn,” broker Bill Kowalczuk of Coldwell Banker Warburg tells 6sqft. “They’re drawn to the tree-lined streets, neighborhood parks, and the quick commute into Manhattan. It’s actually faster to reach downtown Manhattan from Jersey City than from many parts of Brooklyn or even the Upper East and West Sides.”
“While property taxes are higher than in New York, buyers recognize the value. Prices are lower, and you simply get more space and quality for your money,” he continues. “We recently sold a 1,400-square-foot duplex in a brownstone with private outdoor space for nearly half of what a comparable home would cost in Manhattan.”
To Kowalczuk’s point, the median Jersey City home price was $671,000 in September 2025, compared to nearly $1 million in Brooklyn.
Michelle Mumoli, a New Jersey real estate broker and team principal with the Mumoli Collective at Compass, recently released an entire YouTube explainer about this trend, noting that it’s not just about cheaper apartments.
“It’s about getting more space, more lifestyle, more long-term value,” she says, stating that, in Jersey City, a buyer gets roughly 1,824 square feet per $1 million, or a median price per square foot of $548. She compares this to Brooklyn, which comes in at about $1,600 to $1,800 per square foot, according to her analysis.
In an interview with 6sqft, Mumoli adds that Jersey City offers more options for a prospective buyer: “You can purchase a condo or a home or a multi-family home, which is untouchable in most parts of Brooklyn for buyers.”
The only caveat is that New Jersey has infamously high property taxes, even compared to New York City.
“But here’s the catch, New York City’s tax system can lead to even higher total payments,” Mumoli explains in her video. “New York City’s median property tax bill is about $9,000 to $10,000 a year, the highest among the 50 biggest metro areas in the U.S. In comparison, a $500,000 or $600,000 property in New Jersey, depending on the municipality, could average anywhere between $10,000 to $20,000 per year.”
However, New Jersey homeowners avoid paying the New York City municipal income tax, which Mumoli says can end up saving you thousands every year.
Jersey City’s real estate boom is also creating a trickle-down effect in the state.
While someone who relocates to Brooklyn may ultimately leave for life in the suburbs in New Jersey, Westchester, Connecticut, or Long Island, those moving to Jersey City tend to stay within the state. (Full disclosure: This is exactly what I did. After living in Jersey City for three years, my husband and I bought a home in Monmouth County.)
“Many clients who initially chose Jersey City for how close it is to Manhattan and how it has more affordable luxury condos compared to Brooklyn are now taking the next step,” shares Daniel Smith, a realtor and team lead at Smith Realty Team. “We’ve seen prices in Jersey City continue to rise, and many families are choosing to cash in their condo equity and trade up for a house in the suburbs where they can get a yard, more bedrooms, and a community feel without losing access to the city.”
“What we’re noticing is that Jersey City has become a stepping stone market,” he adds. “It’s beating out Brooklyn for young professionals and first-time buyers who want the city lifestyle, but it’s also helping the growth of suburban New Jersey as people look for the next stage of their housing journey.”
In fact, as of April, these New Jersey commuter suburbs were ranked among the top 100 hottest real estate markets nationwide:
- #3 Ridgewood: 53-minute train ride to NYC
- #14 Montclair: 45-minute train ride to NYC
- #57 Glen Rock: 54-minute train ride to NYC
- #67 Wanye: 32-minute bus ride to NYC
- #100 Ringwood: 54-minute bus ride to NYC
“The ripple effect is clear: Jersey City isn’t just competing with Brooklyn. It’s changing the game for the future of the suburban NJ market,” Smith concludes.
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