Interest rates keep going down, prices continue to skyrocket, and there’s never been a better time to make a move in Hudson County! The Gold Coast’s luxury condo market has made a total comeback since the beginning of the year, and sellers can make an outstanding profit by choosing to list before the end of the year.
Still on the fence about buying or selling your condo? Our September market update can provide you with all the numbers you need to know. If you have any questions, feel free to contact the Living on the Hudson Team for more information.
Hoboken Real Estate Breakdown
September 2020 Sales Data
Average Price/Sq. Foot: $717
Total Closed Condo Sales: 74
Average Sales Value: $804,453
Since September 2019, the median sales value decreased by 7.0%, and the average price per square foot saw a 0.3% increase.
In September 2020, the total closed condo sales in Hoboken increased by 17.5% from a year ago.
Room for Negotiation: There is little room for negotiation when it comes to condominiums in the Hoboken area. In September, the average sales price to list price ratio was an impressive 98.1%, which is just .4% lower than previous years.
Downtown Jersey City Real Estate Breakdown
September 2020 Sales Data
Average Price/Sq. Foot: $735
Total Closed Condo Sales: 51
Average Sales Value: $760,206
In the past year, we’ve seen the median sales value decrease by 1.2%, while the average price per square foot saw a 1.5% decrease. Additionally, the total closed condo sales in Downtown Jersey City decreased by 10.5% from a year ago.
Room for Negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In September 2020, the average list price to sales price ratio was 98.0%, which is .2% lower than it was a year ago.
Is Now the Time to Make a Move?
While we did see some decreases last month, certain portions of the Hudson County market actually experienced unprecedented growth last month. Hoboken’s total closed condo sales jumped by nearly 20%—this is fantastic news for current homeowners, especially if you’re thinking about listing soon.
Even if you don’t plan on moving in 2020, you should still stay on the cutting edge of Hudson County’s ever-changing market. 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 our September market update, 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 September.
Want to learn more about our September market update? Leave a comment below or give us a call at 347-448-3766 to talk to a local real estate expert.