Walter Burns
Key Takeaways:
- The Hudson County real estate market is reopening its doors to lots of eager sellers—which means homebuyers could have more choices soon.
- When you partner with Walter Burns, you gain the expertise of a Hudson County extraordinaire, one who will help you maneuver all your real estate moves!
- With the housing market opening back up, you’ll want to be the first through the door—contact the Living on the Hudson Team to discuss your next steps.
Year-Over-Year (YoY) Market Snapchats
Downtown Jersey City YoY Overview
Compared to 2020, Downtown Jersey City experienced a 34.6% decrease in total units for sale, a slim 1.7% increase in under contract homes, and a whopping 107.7% jump in total sold listings. The average price per square foot increased by $70 to $751, while the median sales price also rose by 29.7% to $830,000. Downtown JC’s properties are staying on the market for slightly less time compared to last year, with just a 1.7% drop to 36.8 days on average.
Hoboken YoY Overview
In Hoboken, the total units for sale were nearly cut in half (49.1%), accompanied by a 135.2% surge in total sold listings since last year. The Hoboken housing market saw a modest 2.4% upturn in under contract homes. The average price per square foot increased by 4.6% to $767, whereas the median sales price declined by just 2.3% to $740,000. Hoboken’s condos spent an average of 31.7 days on the market, which is a 24.9% boost from 2020.
Total homes for sale
Looking across the board, inventory levels have decreased in all Hudson County markets, especially in Hoboken at a 49.1% downturn. With inventory levels sitting particularly low, our team has worked with many homeowners to take advantage of Hudson County’s hot sellers’ market and sell their properties at competitive prices.
Homes under contract
The number of under contract listings varies across all markets—under contract listings are up in Journal Square and Weehawken, relatively the same in Hoboken and Downtown Jersey City, and down in Union City and Jersey City Heights.
Sold listings
In tune with Hudson County’s fast-moving market, sold listings in Hoboken and Downtown Jersey City have surged by 135.2% and 107.7%, respectively.
Average price per square foot
The average price per square foot has gone up in almost all Hudson County markets, except in Journal Square and Weehawken, where we saw a slight decrease.
Median sale price
The average sale prices of Hudson County properties are split down the middle—prices are up in Union City, Jersey City Heights, and Downtown Jersey City. On the other half of the market, prices are down in Journal Square, Hoboken, and Weehawken.
Months supply of inventory (MSI)
Are you considering selling your home in Hudson County? We recommend striking while the iron’s hot—with unusually low inventory levels, Hudson County home prices are expected to rise. List your Hudson County condo now to benefit from escalated buyer competition, which will likely lead to profitable bidding wars for sellers.
So, what does this mean?
At the beginning of 2020, Hudson County experienced an influx of new listings. Then, we had a delayed spring market due to the onset of the pandemic. With many homeowners just recently returning to the area, the housing market has struggled to match inventory levels with the newly intense buyer demand.
This year, we are seeing the number of under contract homes and sold units ahead in most markets compared to last year’s statistics. This upturn can be attributed to the impact of the pandemic, and the market reopening this year. The real estate market this July is starting to spark, with more sellers entering the market to offset the inventory shortage—so homebuyers should keep a watchful eye out for their dream homes to surface soon!
Your Indispensable Resource for the Hudson County Real Estate Market
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!