In real estate, knowledge is key. Before making a decision to invest in a particular market, it’s important to thoroughly research its current trends. Researching current real estate market trends is the first step to success in the Hudson County market.
Hudson County’s real estate market is known for being competitive. High demand and low inventory have created a seller’s market, and it’s not uncommon for condos to sell above asking price.
To better understand where the market is, let’s take a closer look at what’s happening in the Hudson County real estate market.
Hoboken Real Estate Market Breakdown
Average Sales Value: $774,081
Average Price/Sq. Foot: $710
Total Closed Condo Sales: 65
As a comparison, the average sales value increased nearly 3% since September 2016, and the average price per sq. foot saw a 1.2% increase from this time last year.
In September 2017, only 11 fewer condominiums were sold than the previous year — 76 Hoboken condos were sold in September 2016.
Room for negotiation: There is little room for negotiation in the Hoboken condominium real estate market. In September 2017, the average sales price to list price ratio was 106%, only 6.3% higher than a year ago in September 2016.
Downtown Jersey City Real Estate Market Breakdown
Average Sales Value: $747,780
Average Price/Sq. Foot: $759
Total Closed Condo Sales:47
As a comparison, the average sales value increased 15% since September 2016, and the average price per sq. foot saw a 1.3% increase from a year ago.
In September 2017, the total closed condo sales in Downtown Jersey City decreased by 4 from a year ago, in September 2016.
Room for negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In September 2017, the average list price to sales price ratio was 99.7%, up from 99.6% a year ago.
Stay Up to Date on the Hudson County Condo Market
If you are interested in learning more about monthly real estate trends in Hoboken and Jersey City, consider signing up to receive the Living on the Hudson Condo Sales Report. Every month, I will send you a market snapshot with the most up-to-date sales data on Hudson County real estate.
My emails will include monthly sales data including recent sales, price/sq. ft., and days on market.
Get the Most Out of Your Investment with Walter Burns
If you’re interested in the Hudson County condo market, access recent sales, days on the market stats, and price/sq. ft. information in the Living On the Hudson Sales Report.
To see how much your Hudson County condo is worth in today’s market, request a Comparative Market Analysis today or sign up for a confidential phone review. If you’re considering buying or selling property in New Jersey, contact me, your Hudson County real estate expert, and my team and I will do everything we can to maximize your investment.
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