Walter Burns
Key Takeaways:
- After a competitive year, the Hudson County condo market is starting to change in August 2021—and buyers could gain some leverage soon.
- Thinking about buying or selling your condo? Trust Walter Burns to help you succeed in the Hoboken and Jersey City markets!
- Be sure to check out our other new blog post, which details the highest selling condo buildings in August.
Year-Over-Year (YoY) Market Snapshots in August 2021
Hoboken YoY Overview
Compared to 2020, Hoboken experienced a 56.5% decrease in total units for sale, a slim 5.5% increase in under contract homes, and a 22.1% jump in total sold listings. The average price per square foot increased by 5.7% to $758, while the median sales price also rose by 16.9% to $830,000. Hoboken’s properties are staying on the market for slightly more time compared to last year, with a 28.7% jump to 47 – 48 days on average.
Jersey City YoY Overview
In Downtown Jersey City, the total units for sale were nearly cut by 41.7%, accompanied by a 51.9% surge in total sold listings since last year. The Downtown JC housing market saw a stellar 51.9% upturn in under contract homes. The average price per square foot increased by 6.6% to $758, whereas the median sales price declined by just 2.9% to $747,500. Jersey City’s condos spent an average of 45 days on the market, which is a 64.3% 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 56.5% downturn. In total, the area only had 720 active listings during August 2021. As inventory continues to decrease, we’d love to help condo owners take advantage of Hudson County’s hot sellers’ market and sell at top dollar.
Homes under contract
The number of under contract listings varies across all markets. Hoboken saw a slower rate of increase, while Downtown JC’s under contract listings hopped by an impressive 51.9%. Depending on where you live, now could be the right time to list.
Sold listings
In tune with Hudson County’s fast-moving market, sold listings in Hoboken and Downtown Jersey City have surged by 22.1% and 1.6%, respectively. Based on these stats, Hoboken’s market is moving at a faster pace than JC’s.
Average price per square foot
The average price per square foot has gone up in almost all Hudson County markets—however, they’re now increasing at a slower rate overall.
Median sale price
The average sale prices of Hudson County properties are split down the middle—prices are up in Hoboken, but they’ve decreased slightly in Downtown Jersey City. This falls in line with the other stats, putting Hoboken ahead of other local markets.
Months supply of inventory (MSI)
Are you considering selling your home in Hudson County? If so, don’t wait much longer. As the average days on the market starts to increase, we could see an overall shift towards buyers. We recommend listing your condo before the playing field becomes a bit more balanced.
So, what does this mean?
As we enter the final quarter of 2021, we’re finally noticing a market shift here in Hudson County. Over the last few months, we’ve seen the average days on the market increase, and homes are selling at a slightly slower rate than normal. As inventory begins to recover on a month-over-month basis, buyers could experience a new window of opportunity in a less competitive market.
So, what does this mean for sellers? Strike while the iron is hot! There’s never been a better time to list your Hudson County condo, and we’d love to provide concierge-style service from start to finish. Be sure to check out the resources on our site, including to-the-minute sold data reports and a free home value estimator.
Want to Succeed in Hudson County’s Hot Market?
Request a free estimate of your home’s value to learn where you stand in today’s market, or compare your condo to some of the top-selling properties in Hudson County during August 2021. 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!