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Keller Williams City Life Realty

Your May Market Update for Hudson County Condos

As New Jersey begins to reopen, many eager buyers and sellers are reentering the competitive Hudson County condo market. Although we did continue to feel the effects of the ongoing global health crisis this May, we also made some fantastic gains. These signs of recovery are great news for anyone looking to make a move soon!

Curious about home values and recent sales in Hudson County? Our May market update has all the important stats you need to know, especially if you’re thinking about buying or selling in the near future. Let’s take a look at the numbers.

Hoboken Condo May Market Update

Hoboken Real Estate Breakdown

May 2020 Sales Data

Average Price/Sq. Foot: $711
Total Closed Condo Sales: 57
Average Sales Value: $861,531

Since May 2019, the median sales value decreased by 1.2%, and the average price per sq. foot saw a 2.7% decrease.

In May 2020, the total closed condo sales in Hoboken decreased by 56.4% from a year ago.

Room for Negotiation: There is little room for negotiation when it comes to condominiums in the Hoboken area. In May, the average sales price to list price ratio was an impressive 97.9%, which is just .4% lower than previous years.

Downtown Jersey City May Market Update

Downtown Jersey City Real Estate Breakdown

May 2020 Sales Data

Average Price/Sq. Foot: $742
Total Closed Condo Sales: 31
Average Sales Value: $852,569

In the past year, we’ve seen the median sales value increase by .22%, 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 May 2020, the average list price to sales price ratio was 97.8%, 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: $415,552, +7.6% since 2019
  • Guttenberg: Average sales price: $394,703, +2.4% since 2019
  • Jersey City Heights: Average sales price: $588,934, +4.4% since 2019
  • Jersey City – Journal Square: Average sales price: $430,023, -4.1% since 2019
  • Jersey City – Bergen Lafayette: Average sales price: $509,181, +17.4% since 2019
  • Jersey City – West Bergen: Average sales price: $393,332, +6.0% since 2019
  • Jersey City – Greenville: Average sales price: $417,833, +13.0% since 2019
  • North Bergen: Average sales price: $404,664, +9.6% since 2019
  • Union City: Average sales price: $413,406, +1.7% since 2019
  • Secaucus: Average sales price: $474,654, +3.3% since 2019
  • Weehawken: Average sales price: $856,446, +17.7% since 2019
  • West New York: Average sales price: $472,959, +3.2% since 2019

Is Now the Time to Make a Move?

We really started to feel the effects of COVID-19 and the economic downturn during May, but that doesn’t mean you should press pause on your real estate goals. Compared to last month, Hoboken saw a sharp increase in closed condo sales, as well as average sales value. Both Bergen Lafayette and Weehawken also saw price increases of nearly 20%, which is a sign that the market is definitely recovering.

Even if you aren’t planning on making a move soon, it’s still crucial to keep up with real estate news in your community. That’s why the Living on the Hudson Team is proud to keep our clients in the loop and offer the latest Hudson County market stats. If you have any questions about this May market update, feel free to give us a call for more information.

Your Essential Resource for the Hudson County Real Estate Market

When you’re buying or selling a condo in Hudson County, who you work with matters more than you think. The Living on the Hudson Team is here to help you with all of your real estate needs, and we have plenty of resources to help you get started. Be sure to read our other blog posts, including our breakdown of the top-selling condos in May.

You can always reach out in the comments or give us a call at 347-448-3766 to learn more about our May market update!

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

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