Walter Burns
Key Takeaways:
- Over the course of the year, Hudson County has moved up to the number one spot for total units sold.
- Homes are flying off the market in Hudson County at higher prices than expected, so now is a better time than ever to list your condo.
- As a buyer or seller, you should be well-informed of the current market conditions and know what to expect in the coming months—contact the Living on the Hudson Team to get the personalized advice you need!
Year-Over-Year (YoY) Market Snapshots
Downtown Jersey City YoY Overview
Compared to 2020, Downtown Jersey City experienced an 8.4% increase in total units for sale, a 173.1% increase in under contract homes, and a massive 117.6% jump in total sold listings. The average price per square foot rose by 5.0% to $742, while the median sales price rose by 2.4% to $717,500. Downtown JC’s overall months supply of inventory went down to 3.9 months, which is a sizable 68.1% reduction.
Hoboken YoY Overview
In Hoboken, we saw a 4.2% increase in total units for sale, a 133.3% increase in under contract homes, and a 76.3% spike in total sold listings since last year. The average price per square foot dwindled by just 1.5% to $741, while the median sales price decreased by 9.2% to $672,000. Hoboken’s overall months supply of inventory went down to 1.9 months, which equals out to a 69.8% reduction.
Total homes for sale
Inventory levels have increased throughout Hudson County, especially in communities like Union City and Weehawken. In these areas, we’ve seen a 20% or higher inventory spike in the past six months. The Heights—which saw a 24% decrease—is the only major area that didn’t have any gains.
Homes under contract
Under contract listings have escalated over 100% across all markets, and even more substantially in Hoboken, Union City, Weehawken, Downtown Jersey City, and the Heights.
Sold listings
Unsurprisingly, the number of sold listings across Hudson County has also increased strikingly since last year.
Average price per square foot
The average price per square foot has risen even more in Hudson County. We’ve seen growth in all markets except Hoboken, where prices remain flat yet strong.
Median sale price
Journal Square and Union City saw higher median sales prices 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 your home in Hudson County, now is the time to take advantage of low inventory! The total months supply of inventory dropped by 60% in all markets, which could cause prices to increase. And if you’re looking to buy a home in the area, Journal Square serves as a viable opportunity, with a 6.3 months supply of inventory.
So, what does this mean?
While inventory levels are mixed in most markets, we’re seeing homes go under contract and subsequently sold at a much quicker pace. These trends have resulted in higher pricing and less inventory, which has led to bidding wars and multiple competitive offers among buyers. 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 2.7% decrease in total units for sale, a 24.5% decline in under contract homes, and a slight 2.6% ebb in total sold listings. The average price per square foot rose by 5.7% to $745, while the median sales price dropped by 13.6% to $717,500. Downtown JC’s overall months supply of inventory shot up to 3.9 months, which is a drastic 32.9% increase.
Hoboken MoM Overview
In Hoboken, we observed a slight 3.1% decrease in total units for sale, a 6.0% reduction in under contract homes, and a 5.5% decrease in total sold listings. The average price per square foot rose by 1.4% to $741, while the median sales price dropped by 10.1% to $672,000. Hoboken’s overall months supply of inventory remained the exact same from April to May at 1.9 months.
Total homes for sale
Inventory remained the same or is slightly down in all markets throughout Hudson County.
Homes under contract
Thanks to an unprecedented increase in buyer activity, the number of homes under contract in Weehawken is up by a whopping 70%. Under contract homes stayed level in Union City and Hoboken while going down in all three of the Jersey City markets.
Sold listings
Sold listings stayed the same in Hoboken, Downtown Jersey City, and Journal Square, and we some slight decreases in Union City, Weehawken, and the Heights.
Average price per square foot
We noticed slight gains in average price per square foot in all markets.
Median sale price
The median sales price for homes in the area was all over the place this past month—they were up in Weekhawken and Journal Square, flat in Union City, and down in Hoboken, the Heights, and Downtown Jersey City.
Months supply of inventory (MSI)
The available supply of homes rose drastically in Downtown Jersey City and Journal Square at 30% and 110%, respectively. Inventory levels remained the same or decreased slightly in all other markets.
So, what does this mean?
With active inventory levels and the number of under contract homes decreasing, we expect to see the number of sold listings level off in the coming months. The months supply of inventory has remained low at under three months supply, resulting in quicker sales with multiple offers. So if you’re thinking about selling your Hudson County home or condo, now is the time to take advantage of today’s hot market!
Your Essential Resource for the Hudson County Real Estate Market
Active inventory levels have remained low since 2020, which means there’s still a drastic housing shortage across Hudson County. If you’re ready to take advantage of increased buyer competition and higher prices, it’s time to list your condo with the Living on the Hudson Team!
Not quite ready to move? Request a free estimate of your home’s value to see where you stand in today’s market, or compare your condo to some of the top-selling properties in Hudson County this month. Here at Living on the Hudson, we’d be happy to answer any questions you have about buying, selling, or living in our area’s finest communities.