Walter Burns
The Hudson County condo market just keeps heating up as summer comes to a close! We’re still keeping a close eye on how the pandemic has reshaped the real estate industry, but we’re not seeing any signs of a slowdown for the rest of 2020.
Want to learn more about home values and recent sales in Hudson County? Our breakdown of July’s market stats can help keep you in the loop with all of the latest trends. So if you’re thinking about buying or selling soon, here’s everything you need to know.
Hoboken Real Estate Breakdown
July 2020 Sales Data
Average Price/Sq. Foot: $713
Total Closed Condo Sales: 54
Average Sales Value: $814,416
Since July 2019, the median sales value decreased by 5.3%, and the average price per sq. foot saw a 1.5% decrease.
In July 2020, the total closed condo sales in Hoboken decreased by 48.5% from a year ago.
Room for Negotiation: There is little room for negotiation when it comes to condominiums in the Hoboken area. In July, the average sales price to list price ratio was an impressive 98.0%, which is .1% higher than previous years.
Downtown Jersey City Real Estate Breakdown
July 2020 Sales Data
Average Price/Sq. Foot: $738
Total Closed Condo Sales: 37
Average Sales Value: $765,377
In the past year, we’ve seen the median sales value decrease by 1.4%, while the average price per sq. foot saw a 2.6% decrease. Additionally, the total closed condo sales in Downtown Jersey City decreased by 47.1% from a year ago.
Room for Negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In July 2020, the average list price to sales price ratio was 98.0%, which is .1% higher than it was a year ago.
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: $428,081, +3.5% since 2019
- Guttenberg: Average sales price: $397,190, +2.4% since 2019
- Jersey City Heights: Average sales price: $598,497, +0.5% since 2019
- Jersey City – Journal Square: Average sales price: $446,021, -7.7% since 2019
- Jersey City – Bergen Lafayette: Average sales price: $531,964, +12.0% since 2019
- Jersey City – West Bergen: Average sales price: $446,021, +16.2% since 2019
- Jersey City – Greenville: Average sales price: $411,986, +4.6% since 2019
- North Bergen: Average sales price: $420,624, +12.7% since 2019
- Union City: Average sales price: $444,450, +4.8% since 2019
- Secaucus: Average sales price: $467,438, +0.5% since 2019
- Weehawken: Average sales price: $855,404, +12.4% since 2019
- West New York: Average sales price: $496,398, -2.1% since 2019
Is Now the Time to Make a Move?
Based on this month’s stats, it’s clear that the COVID-19 pandemic and subsequent economic slowdown are still impacting the market here in Hudson County. However, not every community in our area has seen significant downturns. West Bergen, North Bergen, Bergen Lafayette, and Weehawken all experienced double digit increases in sales prices, which is fantastic news for current homeowners looking to sell.
On the fence about listing your condo? Even if you’re still weighing your options, it’s always a good idea to stay up to date with real estate news in your community. The Living on the Hudson Team offers an array of complimentary resources to our clients, including monthly market updates and in-depth buying and selling guides. If you have any questions about July’s market stats, feel free to contact us for additional information.
Your Essential Resource for the Hudson County Real Estate Market
The Living on the Hudson Team is proud to be your number one resource for buying and selling condos in Northern New Jersey. For more facts about Hudson County real estate, check out our other blog posts, including our breakdown of the top-selling condos for July.
Want to learn more about July’s market stats? Leave a comment below or give us a call at 347-448-3766 to talk to a local real estate expert.