Walter Burns
In this March 2021 market update:
- The Hudson County market just keeps heating up, especially in communities like Hoboken and Weehawken.
- High prices and low mortgage rates have tempted more buyers and sellers to make a move.
- If you’re on the fence about entering our area’s hot real estate market in 2021, reach out to the Living on the Hudson Team to discuss your options!
Market Share Rankings
- Hudson County ranked number two over the last six months for total volume.
- Hudson County was also number two over the last six months for total units sold, which is an increase from last month.
- Hoboken ranked number two over six months for total volume.
- Hoboken came out in the top spot for total units sold over the past six months.
Year-Over-Year (YoY) Market Snapshots
Downtown Jersey City YoY overview
Compared to 2020, Downtown Jersey City experienced a 9.2% increase in total units for sale, a 133.3% increase in under contract homes, and a 72.9% jump in total sold listings. The average price per square foot rose by 8.9% to $755, while the median sales price dropped by 9.6% to $700,000. Downtown JC’s overall months supply of inventory went down to 2.3 months, which is a sizeable 66.9% reduction.
Hoboken YoY overview
In Hoboken, we saw a 19.5% increase in total units for sale, a 176.5% increase in under contract homes, and a 37% spike in total sold listings since last year. The average price per square foot dwindled by just 2.2% to $720, while the median sales price increased by 3% to $741,500. Hoboken’s overall months supply of inventory went down to 1.6 months, which equals out to a 71.5% reduction.
Total homes for sale
Inventory levels have increased dramatically, especially in communities like Weehawken. Here, we’ve seen a 40% inventory spike since March 2020. The Heights—which saw a 17% decrease—is the only major area that didn’t have any gains.
Homes under contact
Under contract listings have skyrocketed over 100% across all markets. In fact, both Journal Square and Weekhawken are up by a whopping 300% compared to March 2020.
Sold listings
Unsurprisingly, the number of sold listings across Hudson County has also increased quite a bit since last year. Weehawken Heights and Journal Square have seen 100% more sold listings since March of 2020.
Average price per square foot
The average price per square foot has climbed even further in Hudson County. We’ve seen growth in all markets except Hoboken, where prices remain flat yet strong.
Median sale price
Journal Square is the only Hudson County community that saw a higher median sales price compared to March 2020. All other areas experienced no change or a slight decrease.
Months supply of inventory (MSI)
If you’re thinking about selling in Hudson County, now is the time to take advantage of low inventory! The total months supply of inventory dipped by 50% in all markets, which could cause prices to increase.
So, what does this mean?
While inventory levels are up in most markets, we’re seeing homes go under contract at a much quicker pace. These trends have resulted in higher pricing and significantly less inventory. Overall, we’re in a very strong market, and this could be Hudson County’s best year yet!
Month-Over-Month (MoM) Snapshots
Downtown Jersey City MoM overview
In Downtown Jersey City, we saw a 7.7% decrease in total units for sale, a 40% increase in under contract homes, and a whopping 53.7% spike in total sold listings. The average price per square foot rose by 4.1% to $755, while the median sales price dropped by 9.4% to $700,000. Downtown JC’s overall months supply of inventory dwindled to 2.3 months, which is a drastic 42.8% reduction.
Hoboken MoM overview
In Hoboken, we observed a 10.2% decrease in total units for sale, a 45.4% increase in under contract homes, and an unprecedented 75.4% spike in total sold listings. The average price per square foot rose by 6.4% to $720, while the median sales price dropped by just 1.8% to $741,500. Hoboken’s overall months supply of inventory shrunk to 1.6 months, which equates to a 46.9% reduction.
Total homes for sale
We saw more listings come on the market in Weehawken and Union City compared to last month. However, inventory is down in Hoboken and various neighborhoods within Jersey City.
Homes under contact
Thanks to an unprecedented increase in buyer activity, the number of homes under contract in Hudson County increased by 40%.
Sold listings
Sold listings are up in all markets except Union City, where we saw some slight decreases.
Average price per square foot
In Weehawken, the average price per square foot rose by a whopping 70%. We also noticed slight gains in all other markets.
Median sale price
Weehawken’s median sales price jumped by 20% over the last month. However, sales prices are down in all other markets.
Months supply of inventory (MSI)
The available supply of homes has dwindled substantially since February. Overall, we’re seeing 30 – 40% decreases in all markets.
So, what does this mean?
While active inventory levels remain relatively high, under contract and sold properties continue to outpace new listings. These changes have caused overall low supply and increasing prices during March 2021. So if you’re thinking about selling your home or condo, now is the time to take advantage of today’s hot market!
Is Now the Time to Make a Move?
March 2021 proved to be a busy time for the Hudson County real estate market. Weehawken experienced some of the most significant gains—in fact, this iconic neighborhood enjoyed a 300% increase in under contract listings compared to last year! Now is a fantastic time to move, especially if you have quite a bit of equity built up in your home or condo.
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 ever-changing 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 March 2021.
Want to learn more about our February market update? Leave a comment below or give us a call at 347-448-3766 to talk to a local real estate expert.