Skip to main content
Keller Williams City Life Realty

Check Out the Latest Stats with Our February Market Update

The last few weeks have been difficult for everyone in Hudson County, and it’s hard to predict what lies ahead. However, if you’re still thinking about buying or selling your luxury condo, you don’t have to put your real estate goals on hold.

Ready to learn more? Our February market update has all the details you need to know. Here are a few stats to keep in mind:

Hoboken Real Estate Breakdown

February market update for Hoboken

February 2020 Sales Data

Average Price/Sq. Foot: $713
Total Closed Condo Sales: 34
Average Sales Value: $837,189

Since February 2019, the median sales value decreased by 3%, and the average price per sq. foot saw a 2.5% decrease.

In February 2020, the total closed condo sales in Hoboken decreased by
11%
from a year ago.

Room for Negotiation: There is little room for negotiation when it comes to condominiums in the Hoboken area. In February, the average sales price to list price ratio was an impressive 97.8%, which is less than 1% lower than previous years.

Downtown Jersey City Real Estate Breakdown

February market update for Jersey City

February 2020 Sales Data

Average Price/Sq. Foot: $749
Total Closed Condo Sales: 34
Average Sales Value: $771,669

In the past year, we’ve seen the median sales value decrease by a mere 1%, while the average price per sq. foot saw a 2.1% decrease. Additionally, the total closed condo sales in Downtown Jersey City is exactly the same as it was a year ago.

Room for Negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In February 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: $357,304, +7.4% since 2019
  • Guttenberg: Average sales price: $381,678, -0.8% since 2019
  • Jersey City Heights: Average sales price: $541,106, +4.4% since 2019
  • Jersey City – Journal Square: Average sales price: $393,711, -4.6% since 2019
  • Jersey City – Bergen Lafayette: Average sales price: $464,040, +22.0% since 2019
  • Jersey City – West Bergen: Average sales price: $345,924, +5.6% since 2019
  • Jersey City – Greenville: Average sales price: $383,416, +4.0% since 2019
  • North Bergen: Average sales price: $371,090, +6.4% since 2019
  • Union City: Average sales price: $385,069, -7.0% since 2019
  • Secaucus: Average sales price: $437,995, +3.0% since 2019
  • Weehawken: Average sales price: $850,775, +6.2% since 2019
  • West New York: Average sales price: $471,911, -6.4% since 2019

Is Now the Time to Make a Move?

Despite the current situation, many buyers and sellers are still entering Hudson County’s bustling real estate market. Although a decrease in sales is to be expected, it’s still possible to get a great deal on a luxury condo. Sellers will also benefit from less competition, which has the potential to bring prices up.

If you’re feeling a bit uncertain about the future, our team is here to help guide you in the right direction. Our monthly updates make it easy to stay on top of all on the latest numbers—and they can also tell you how the market is doing. And if you ever have any questions or concerns, the Living on the Hudson Team always has the answers you’re looking for.

Your Essential Resource for the Hudson County Real Estate Market

Looking for a real estate team that puts you and your needs first? The Living on the Hudson Team has what it takes to help you buy or sell your condo—and we’re willing to go above and beyond to make sure you’re satisfied. Want to check out our other amazing resources? Be sure to read our other blog posts, including our breakdown of the top-selling condos in February.

Ready to make a move to New Jersey’s stunning Gold Coast? Our all-in-one search tool makes it easier than ever to find just what you’re looking for. You can even search by feature, neighborhood, and property type, which means you’ll only see condos that match your criteria.

Whether you’re buying or selling your home, we’re here to help you navigate the ever-changing Hudson County market. If you have questions or concerns, feel free to reach out in the comments or give us a call at 347-448-3766.

About Walter Burns

Walter Burns is a licensed New Jersey Realtor since 2002 and he specializes in luxury living in the hottest New York Metro area communities including the prestigious New Jersey Hudson River waterfront areas of Hoboken, Jersey City, Bayonne, Union City, Weehawken, West New York, Guttenberg, North Bergen, Cliffside Park, Edgewater, and Fort Lee. Walter's mission, desire, and goal is to assist all parties in accomplishing their real estate goals, as well as to empower his clients through exceptional service, creating extraordinary results. Having been mentored by several of the top 100 Realtors and Developers in the United States and Canada, he graduated from Rowan University and currently resides in Hoboken. Walter is part of Keller Williams City Life Realty. NJAR Circle of Excellence Sales Award, 2009-2018. Google

hudson county condo market update, , , ,