Walter Burns
As we continue to navigate the uncertain days ahead, both buyers and sellers alike are questioning the state of the Hudson County market. While it’s impossible to predict the future, we did see some surprising trends last month that could help us forecast what the rest of 2020 holds.
Want to learn more about the latest March market stats? We’ve compiled all the numbers you need to know in one place, and we’ve even broken the data down by neighborhood.
Ready to learn more? Here’s your Hudson County market update:
Hoboken Real Estate Breakdown
March 2020 Sales Data
Average Price/Sq. Foot: $713
Total Closed Condo Sales: 65
Average Sales Value: $834,516
Since March 2019, the median sales value decreased by 3.4%, and the average price per sq. foot saw a 2.3% decrease.
In March 2020, the total closed condo sales in Hoboken increased by 27% from a year ago.
Room for Negotiation: There is little room for negotiation when it comes to condominiums in the Hoboken area. In March, the average sales price to list price ratio was an impressive 97.8%, which is just .8% lower than previous years.
Downtown Jersey City Real Estate Breakdown
March 2020 Sales Data
Average Price/Sq. Foot: $744
Total Closed Condo Sales: 42
Average Sales Value: $774,140
In the past year, we’ve seen the median sales value decrease by a mere .4%, while the average price per sq. foot saw a 2.6% decrease. Additionally, the total closed condo sales in Downtown Jersey City decreased by 19% from a year ago.
Room for Negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In March 2020, the average list price to sales price ratio was 98.2%, which is just the same as it was last year.
Additional Hudson County Stats
Looking for more specific stats on your Hudson County community of choice? Here’s how the market shifted in some of our most popular areas from 2019 to 2020.
- Bayonne: Average sales price: $409,395, +8.4% since 2019
- Guttenberg: Average sales price: $385,162, +1.4% since 2019
- Jersey City Heights: Average sales price: $578,841, +3.9% since 2019
- Jersey City – Journal Square: Average sales price: $436,306, -2.6% since 2019
- Jersey City – Bergen Lafayette: Average sales price: $491,371, +20.5% since 2019
- Jersey City – West Bergen: Average sales price: $390,488, +6.3% since 2019
- Jersey City – Greenville: Average sales price: $407,979, +10.4% since 2019
- North Bergen: Average sales price: $389,412, +4.5% since 2019
- Union City: Average sales price: $400,217, -3.8% since 2019
- Secaucus: Average sales price: $469,362, +3.3% since 2019
- Weehawken: Average sales price: $812,789, +7.0% since 2019
- West New York: Average sales price: $449,048, -4.1% since 2019
Is Now the Time to Make a Move?
If you’re feeling a bit uncertain about the market, you aren’t alone—but the March market stats above speak for themselves, and we saw quite a few gains last month. Of course, it’s always wise to speak to a real estate professional before making any major decisions…and our team is always here to answer your questions.
Even if you aren’t buying or selling soon, it’s crucial to keep up with how real estate is changing during these unprecedented times. That’s why the Living on the Hudson Team proudly offers an exclusive Hudson County market update every month. There’s never been an easier way to keep up with the latest trends—and if you have any concerns, we’re just a phone call away.
Your Essential Resource for the Hudson County Real Estate Market
Uncertain times call for a top-notch real estate team, and we’ll be with you through every step of the buying or selling process. Looking for more information on Hudson County’s ever-changing market? Be sure to check out our other blog posts, including our breakdown of the top-selling condos in March.
If you have any questions about how current events are affecting real estate in our area, feel free to reach out in the comments or give us a call at 347-448-3766. Don’t forget to check out our handy search tool to browse the latest listings, too.