In this January 2021 market update:
- Although winter is usually considered the slowest season for real estate, Hudson County’s condo market is more competitive than ever.
- Low inventory, soaring buyer demand, and record-breaking interest rates have prompted more buyers and sellers to move.
- 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
January 2021 Sales Data
Average Price/Sq. Ft.: $716
Total Closed Condo Sales: 66
Average Sales Value: $771,241
Since January 2020, the median sales value decreased by 8.6%, and the average price per square foot saw a 0.4% increase.
In January 2021, the total closed condo sales in Hoboken increased by 6.5% from a year ago.
Room for Negotiation: There is little room for negotiation when it comes to condominiums in the Hoboken area. In January, the average sales price to list price ratio was an impressive 98.1%, which is .2% higher than previous years.
Downtown Jersey City Real Estate Breakdown
January 2021 Sales Data
Average Price/Sq. Ft.: $731
Total Closed Condo Sales: 62
Average Sales Value: $749,388
In the past year, we’ve seen the median sales value decrease by 2.6%, while the average price per square foot saw a 2.0% decrease. Additionally, the total closed condo sales in Downtown Jersey City increased by 34.7% from a year ago.
Room for Negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In January, the average list price to sales price ratio was 98.0%, which is .2% 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 2020 to 2021.
- Bayonne: Average sales price: $448,317, +4.5% since 2020
- Guttenberg: Average sales price: $401,591, +4.2% since 2020
- Jersey City Heights: Average sales price: $614,772, +3.4% since 2020
- Jersey City – Journal Square: Average sales price: $501,614, +10.6% since 2020
- Jersey City – Bergen Lafayette: Average sales price: $574,831, +15.5% since 2020
- Jersey City – West Bergen: Average sales price: $423,944, +8.0% since 2020
- Jersey City – Greenville: Average sales price: $444,710, +6.6% since 2020
- North Bergen: Average sales price: $430,698, +9.2% since 2020
- Union City: Average sales price: $453,819, +6.9% since 2020
- Secaucus: Average sales price: $473,085, +0.2% since 2020
- Weehawken: Average sales price: $884,261, +10.2% since 2020
- West New York: Average sales price: $534,960, +15.9% since 2020
Is Now the Time to Make a Move?
January 2021 was a fantastic time for the local condo market. In fact, we saw price increases in almost every major community in the Hudson County area! Weehawken and West New York in particular saw some fantastic gains, while Downtown JC had a surprising uptick in closed sales.
On the fence about selling your Hudson County condo in 2021? The Living on the Hudson Team can provide a report that details just how much your condo 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 in today’s competitive 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 January.
Want to learn more about our January market update? Leave a comment below or give us a call at 347-448-3766 to talk to a local real estate expert.