Walter Burns
In this October market update:
- Despite a rocky start, 2020 has proven to be a record-breaking year for Hudson County real estate.
- Low mortgage rates, dwindling inventory, and soaring buyer demand have created ideal conditions for sellers.
- If you’re thinking about buying or selling your condo, there’s never been a better time to move. Contact our team today to take your next steps!
Hoboken Real Estate Breakdown
October 2020 Sales Data
Average Price/Sq. Foot: $718
Total Closed Condo Sales: 85
Average Sales Value: $799,219
Since October 2019, the median sales value decreased by 6.8%, and the average price per square foot saw a 0.13% increase.
In October 2020, the total closed condo sales in Hoboken increased by 39.3% from a year ago.
Room for Negotiation: There is little room for negotiation when it comes to condominiums in the Hoboken area. In October, the average sales price to list price ratio was an impressive 98.2%, which is .4% higher than previous years.
Downtown Jersey City Real Estate Breakdown
October 2020 Sales Data
Average Price/Sq. Foot: $733
Total Closed Condo Sales: 48
Average Sales Value: $758,092
In the past year, we’ve seen the median sales value decrease by .7%, while the average price per square foot saw a 1.6% decrease. Additionally, the total closed condo sales in Downtown Jersey City increased by 2.1% from a year ago.
Room for Negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In October 2020, the average list price to sales price ratio was 98.1%, which is .1% lower than it was a year ago.
Is Now the Time to Make a Move?
We saw some significant gains in the Hoboken condo market last month, which is fantastic news for current homeowners. As buyer activity continues to surge, you may want to consider cashing out on your hard earned equity by listing before the end of the year.
Curious about how much your home is worth? The Living on the Hudson Team would be happy to provide a report that details how much your property has increased in value. We also have plenty of exclusive resources for both buyers and sellers, as well as detailed profiles for Hudson County’s most popular condo buildings. Feel free to reach out to us with any questions you have about today’s ever-changing market!
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 October.
Want to learn more about our October market update? Leave a comment below or give us a call at 347-448-3766 to talk to a local real estate expert.