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Keller Williams City Life Realty

Your First Hudson County Condo Market Update for 2021

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!
January 2021 Data for Hoboken

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.

January 20201 Data for Jersey City

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.

About Walter Burns

Walter Burns is a licensed New Jersey Realtor since 2002 and he specializes in luxury living in the hottest New York Metro area communities including the prestigious New Jersey Hudson River waterfront areas of Hoboken, Jersey City, Bayonne, Union City, Weehawken, West New York, Guttenberg, North Bergen, Cliffside Park, Edgewater, and Fort Lee. Walter's mission, desire, and goal is to assist all parties in accomplishing their real estate goals, as well as to empower his clients through exceptional service, creating extraordinary results. Having been mentored by several of the top 100 Realtors and Developers in the United States and Canada, he graduated from Rowan University and currently resides in Hoboken. Walter is part of Keller Williams City Life Realty. NJAR Circle of Excellence Sales Award, 2009-2018. Google

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