Walter Burns
Key Takeaways:
- Hudson County condos are receiving multiple offers and often for well over their listing prices—so now is a worthwhile time to list your home.
- It’s important to know how much homes in Hudson County are selling for, and even more importantly, the value of your own property.
- As a buyer or seller, it pays to be thoroughly educated on the current market conditions—contact the Living on the Hudson Team to learn more about what you can expect moving forward!
Year-Over-Year (YoY) Market Snapchats
Downtown Jersey City YoY Overview
Compared to 2020, Downtown Jersey City experienced a 4.3% decrease in total units for sale, a 41.3% increase in under contract homes, and a monumental 252% jump in total sold listings. The average price per square foot rose by 11.5% to $784, while the median sales price also increased by 14.8% to $855,000. Downtown JC’s overall months supply of inventory went down to 3 months, which is a significant 51.3% reduction.
Hoboken YoY Overview
In Hoboken, we saw a 24.5% decrease in total units for sale, a 40.7% upturn in under contract homes, and a substantial 132.1% surge in total sold listings since last year. The average price per square foot increased by just 0.5% to $762, while the median sales price dropped by 6.6% to $780,000. Hoboken’s overall months supply of inventory went down to 2 months, which equals out to a 62.6% reduction.
Total homes for sale
Overall, inventory levels have decreased or stayed the same throughout Hudson County—and homes are continuing to sell at a notably rapid pace. With inventory levels sitting unusually low, we’ve worked with many homeowners to take advantage of Hudson County’s hot market and sell their homes for top-notch profits.
Homes under contract
Under contract listings have expanded across all markets, especially in Hoboken, Weehawken, Downtown Jersey City, and Journal Square.
Sold listings
On par with Hudson County’s piping hot market, the number of sold listings across the area has spiked by 100% or more in all markets!
Average price per square foot
The average price per square foot has remained the same or gone up in all markets, except in Journal Square where we saw a slight decrease.
Median sale price
Journal Square and Hoboken saw lower median sales prices compared to May 2020. All other areas experienced no change or slight increases.
Months supply of inventory (MSI)
Are you thinking about selling your home in Hudson County? If so, now is the perfect time to take advantage of low inventory! The total months supply of inventory dropped substantially in all markets, which will likely cause prices to rise. List your Hudson County condo now to benefit from heightened buyer competition and intense bidding wars, which are leading to increased sales prices.
So, what does this mean?
Compared to Hudson County statistics from this time last year, the real estate market this June is still very strong. With most markets skewed toward sellers, homes are selling at quicker paces and often at or above their listing prices. These trends have resulted in multiple offers being made at higher prices, creating an ultra-competitive market overall.
Your Essential Resource for the Hudson County Real Estate Market
Active inventory levels have remained low since 2020, which has caused an extreme housing shortage across Hudson County. If you’re eager to take advantage of increased buyer competition and higher prices, then 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!