Walter Burns
Happy New Year from all of us at the Living on the Hudson Team! Now that the holiday season is over, it’s time to take a look at the latest Hudson County market stats—and we have some fantastic news to share. Buyers and sellers alike took advantage of some unique real estate opportunities during the end of 2019, and the market is expected to keep growing during the new year.
Looking for all the numbers you need to know without any extra jargon? We’ve done the hard work for you and compiled the most up-to-date stats that you won’t want to miss. It’s the best way to keep up with our area’s competitive real estate market!
Here’s your report on everything you need to know about buying and selling in Hudson County:
Hoboken Real Estate Breakdown
December 2019 Sales Data
Average Price/Sq. Foot: $713
Total Closed Condo Sales: 67
Average Sales Value: $836,519
Since December 2018, the median sales value decreased 3%, and the average price per sq. foot saw a 2.6% decrease.
In December 2019, the total closed condo sales in Hoboken increased by
34% from a year ago.
Room for Negotiation: There is little room for negotiation when it comes to condominiums in the Hoboken area. In December, the average sales price to list price ratio was an impressive 97.9%, which is just 0.9% lower than previous years.
Downtown Jersey City Real Estate Breakdown
December 2019 Sales Data
Average Price/Sq. Foot: $743
Total Closed Condo Sales: 29
Average Sales Value: $767,495
In the past year, we’ve seen the median sales value decrease by just 1.7%, while the average price per sq. foot saw a 3.6% decrease. Additionally, the total closed condo sales in Downtown Jersey City decreased by 21.6% from a year ago.
Room for Negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In December 2019, the average list price to sales price ratio was 98.1%, which is a mere 0.4% lower than last year.
Additional Hudson County Stats
Looking for more specific stats on your Hudson County community of choice? Here’s how the market shifted in some of our most popular areas from 2018 to 2019.
- Bayonne: Average sales price: $410,119. +9.8% since 2018
- Guttenberg: Average sales price: $384,398. +4.1% since 2018
- Jersey City Heights: Average sales price: $581,407. +7.3% since 2018
- Jersey City – Journal Square: Average sales price: $439,989. +0.85% since 2018
- Jersey City – Bergen Lafayette: Average sales price: $479,680. +19.3% since 2018
- Jersey City – West Bergen: Average sales price: $390,303. +6.9% since 2018
- Jersey City – Greenville: Average sales price: $398,372. +7.9% since 2018
- North Bergen: Average sales price: $384,907. +4.3% since 2018
- Union City: Average sales price: $399,145. -2.6% since 2018
- Secaucus: Average sales price: $468,249. +2.7% since 2018
- Weehawken: Average sales price: $791,328. +0.31% since 2018
- West New York: Average sales price: $438,030. -5.9% since 2018
Is Now the Time to Make a Move?
If you’re on the fence about buying or selling in the new year, you may want to pay careful attention to last year’s stats. Despite being in the middle of the real estate “off-season,” the Hudson County market isn’t fluctuating as much as you might expect. Mortgage rates have also remained under 4%, which is great news for anyone that wants to take the plunge into the world of real estate.
Even if you aren’t planning on moving soon, it’s always smart to know the status of the ever-changing Hudson County housing market. Don’t have time to pour over the latest stats? We’re here to do the hard work for you. The Living on the Hudson Team proudly offers a comprehensive Hudson County market update each month—and it’s the simplest way to keep up with all the newest trends.
Your Essential Resource for the Hudson County Real Estate Market
Real estate is more than just a transaction—it’s an opportunity to form lasting connections with clients. The Living on the Hudson Team strives to exceed your expectations and offer a personalized approach to real estate. We’re also proud to offer comprehensive market tools to help you navigate the Hudson County market. Be sure to check out our other blog posts, including our breakdowns of the top-selling condos in December.
Thinking about buying a new condo on New Jersey’s Gold Coast? Our all-in-one search tool allows you to search by features, neighborhoods, and more. Don’t forget to check out our buying resources for more details on how to find the right place for your needs.
Whether you’re buying or selling your home, you’ll know you’re in good hands when you work with New Jersey’s most trusted real estate team. Feel free to reach out in the comments or give us a call at 347-448-3766. We can’t wait to help you achieve your real estate goals.