Walter Burns
Can you believe we’re getting closer to spring? As winter comes to a close here in Hudson County, we’re gearing up for a busy real estate season—which means now is the time to check out the latest Hudson County update for January. Buyers and sellers alike should have a positive outlook for 2020, especially if you’re in the market for a luxury condo.
If you’re ready to explore the latest condo stats, we’ve already done the hard work for you. Our exclusive updates are the best way to keep up with our area’s competitive real estate market!
Ready to learn more? Here’s your Hudson County update for January:
Hoboken Real Estate Breakdown
January 2020 Sales Data
Average Price/Sq. Foot: $713
Total Closed Condo Sales: 54
Average Sales Value: $844,294
Since January 2019, the median sales value decreased by 1.6%, and the average price per sq. foot saw a 2.5% decrease.
In January 2020, the total closed condo sales in Hoboken increased by
8% 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 97.6%, which is just 1% lower than previous years.
Downtown Jersey City Real Estate Breakdown
January 2020 Sales Data
Average Price/Sq. Foot: $745
Total Closed Condo Sales: 36
Average Sales Value: $768,873
In the past year, we’ve seen the median sales value decrease by a mere 1.5%, while the average price per sq. foot saw a 2.9% decrease. Additionally, the total closed condo sales in Downtown Jersey City decreased by 33% from a year ago.
Room for Negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In January 2020, the average list price to sales price ratio was 98.2%, which is just 0.1% 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 2019 to 2020.
- Bayonne: Average sales price: $407,887, +7.5% since 2019
- Guttenberg: Average sales price: $381,995, +1.8% since 2019
- Jersey City Heights: Average sales price: $577,343, +4.9% since 2019
- Jersey City – Journal Square: Average sales price: $435,729, -1.5% since 2019
- Jersey City – Bergen Lafayette: Average sales price: $477,811, +16% since 2019
- Jersey City – West Bergen: Average sales price: $389,267, +5.3% since 2019
- Jersey City – Greenville: Average sales price: $405,414, +9.5% since 2019
- North Bergen: Average sales price: $384,278, +3.2% since 2019
- Union City: Average sales price: $398,117, -4.3% since 2019
- Secaucus: Average sales price: $471,714, +3.3% since 2019
- Weehawken: Average sales price: $797,884, +2.5% since 2019
- West New York: Average sales price: $441,096, -7.2% since 2019
Is Now the Time to Make a Move?
If you’re thinking about buying a condo on the Hudson, the numbers speak for themselves. Although our market is always competitive, now is absolutely the time to make a move. Low interest rates and prices are fantastic for buyers, and prices are expected to rise in the coming months.
Even if you aren’t planning on moving soon, it’s wise to keep up with the ever-changing Hudson County housing market. Luckily, you won’t have to crunch any numbers yourself—we’re here to do all the heavy lifting for you. The Living on the Hudson Team is proud give our clients a comprehensive Hudson County market update every month, and there’s no easier way to stay up-to-date on the latest real estate trends.
Your Essential Resource for the Hudson County Real Estate Market
The Living on the Hudson Team is proud to approach real estate a bit differently than our competitors. We believe that our clients deserve every advantage in a competitive market—and that’s why we offer you a broad range of comprehensive market tools. Be sure to check out our other blog posts, including our breakdown of the top-selling condos in January.
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. If you have any questions, be sure to peruse our buying resources and give us a call. We’re always on hand to discuss your real estate goals.
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’re excited to put our expertise to work for you.