Walter Burns
Despite the ongoing global health crisis and continued social distancing orders, the Hudson County condo market is still humming along this spring. As we continue to navigate a new normal, both buyers and sellers alike are eager to make a move—which means it’s still a good time to enter the market.
Curious about April’s market stats? Our team has gathered all of the essential numbers that you won’t want to miss, and we’ve even broken the data down by neighborhood.
Here’s your Hudson County condo market update for April:
Hoboken Real Estate Breakdown
April 2020 Sales Data
Average Price/Sq. Foot: $712
Total Closed Condo Sales: 48
Average Sales Value: $822,999
Since April 2019, the median sales value decreased by 5.3%, and the average price per sq. foot saw a 2.6% decrease.
In April 2020, the total closed condo sales in Hoboken decreased by 41% from a year ago.
Room for Negotiation: There is little room for negotiation when it comes to condominiums in the Hoboken area. In April, the average sales price to list price ratio was an impressive 97.9%, which is just .6% lower than previous years.
Downtown Jersey City Real Estate Breakdown
April 2020 Sales Data
Average Price/Sq. Foot: $743
Total Closed Condo Sales: 46
Average Sales Value: $776,216
In the past year, we’ve seen the median sales value decrease by a mere .17%, while the average price per sq. foot saw a 2.8% decrease. Additionally, the total closed condo sales in Downtown Jersey City decreased by 39% from a year ago.
Room for Negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In April 2020, the average list price to sales price ratio was 98.2%, which is actually .1% higher than it was 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: $413,303, +7.5% since 2019
- Guttenberg: Average sales price: $394,864, +2.7% since 2019
- Jersey City Heights: Average sales price: $581,864, +2.5% since 2019
- Jersey City – Journal Square: Average sales price: $436,777, -1.7% since 2019
- Jersey City – Bergen Lafayette: Average sales price: $497,823, +15.8% since 2019
- Jersey City – West Bergen: Average sales price: $390,280, +5.7% since 2019
- Jersey City – Greenville: Average sales price: $409,163, +10.1% since 2019
- North Bergen: Average sales price: $395,101, +6.9% since 2019
- Union City: Average sales price: $410,976, +0.37% since 2019
- Secaucus: Average sales price: $469,813, +2.4% since 2019
- Weehawken: Average sales price: $846,840, +15.0% since 2019
- West New York: Average sales price: $467,500, +1.1% since 2019
Is Now the Time to Make a Move?
Unsurprisingly, we saw a pretty big decrease in sales during the month of April. The global pandemic, a volatile stock market, and economic uncertainty caused many would-be buyers and sellers to put off entering the market. However, we did see some significant increases in April’s market stats compared to last year. Sales prices in Bergen Lafayette, Greenville, and Weehawken all increased by over 10%—that’s fantastic news for property owners in these regions. To top it all off, the total closed condo sales for Downtown Jersey City also saw a steady increase.
Even if you’re putting your real estate goals on hold for now, it’s crucial to keep up with the latest market trends. That’s why the Living on the Hudson Team proudly offers an exclusive Hudson County market update every month. Our group of seasoned professionals has made it easy to keep up with the latest stats—feel free to contact us with any questions you might have.
Your Essential Resource for the Hudson County Real Estate Market
No matter what happens in the world of real estate, you can always count on our team to provide you with the most up-to-date information on Hudson County’s ever-changing market. Don’t forget to check out our other blog posts, including our breakdown of the top-selling condos in April.
If you have any questions about April’s market stats, feel free to reach out in the comments or give us a call at 347-448-3766. And if you’re ready to make a move, our handy search tool can help you browse the latest listings, too.