In this December market update:
- The Hudson County condo market showed no signs of slowing down, even during the historically slow month of December.
- Now is a fantastic time to take advantage of dwindling inventory, high buyer demand, and low interest rates.
- On the fence about buying or selling your condo in 2021? Reach out to the Living on the Hudson Team to discuss your options!
Hoboken Real Estate Breakdown
December 2020 Sales Data
Average Price/Sq. Ft.: $721
Total Closed Condo Sales: 87
Average Sales Value: $786,329
Since December 2019, the median sales value decreased by 5.9%, and the average price per square foot saw a 1.1% increase.
In December 2020, the total closed condo sales in Hoboken increased by 20.8% from a year ago.
Room for Negotiation: There is little room for negotiation when it comes to condominiums in the Hoboken area. In December, the average sales price to list price ratio was an impressive 98.2%, which is .3% higher than previous years.
Downtown Jersey City Real Estate Breakdown
December 2020 Sales Data
Average Price/Sq. Ft.: $735
Total Closed Condo Sales: 59
Average Sales Value: $753,308
In the past year, we’ve seen the median sales value decrease by 1.9%, while the average price per square foot saw a 1% decrease. Additionally, the total closed condo sales in Downtown Jersey City increased by 47.5% from a year ago.
Room for Negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In December 2020, the average list price to sales price ratio was 98.0%, which is .1% lower 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: $429,313, +4.8% since 2019
- Guttenberg: Average sales price: $394,825, +4% since 2019
- Jersey City Heights: Average sales price: $603,957, +4% since 2019
- Jersey City – Journal Square: Average sales price: $490,307, +11.9% since 2019
- Jersey City – Bergen Lafayette: Average sales price: $547,820, +15.9% since 2019
- Jersey City – West Bergen: Average sales price: $415,266, +6.5% since 2019
- Jersey City – Greenville: Average sales price: $437,074, +8.4% since 2019
- North Bergen: Average sales price: $424,485, +10.4% since 2019
- Union City: Average sales price: $427,971, +7.3% since 2019
- Secaucus: Average sales price: $470,211, +0.8% since 2019
- Weehawken: Average sales price: $860,785, +9% since 2019
- West New York: Average sales price: $527,957, +21.2% since 2019
Is Now the Time to Make a Move?
The holidays are typically the slowest season for the real estate market, but we still enjoyed some impressive gains here in Hudson County. Perhaps the most surprising increase occurred in Downtown Jersey City, where we saw a 47.5% jump in total sales. Condo prices in West New York also skyrocketed by an unprecedented 21.2% year-over-year.
Thinking about selling your Hudson County condo in the new year? The Living on the Hudson Team can provide a report that details just how much your property is worth in today’s hyper-competitive market. 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 selling your home during 2021!
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 December.
Want to learn more about our December market update? Leave a comment below or give us a call at 347-448-3766 to talk to a local real estate expert.