Walter Burns
As the ongoing global pandemic continues to affect the entire nation, the Hudson County condo market shows no signs of slowing down. Both buyers and sellers alike have started to reenter the market, which means we’re seeing fewer decreases and a lot more real estate activity throughout the area.
Want to learn more about home values and recent sales in Hudson County? Our June condo market update has all the details you should know before you buy or sell. Here’s our breakdown of last month’s trends.
Hoboken Real Estate Breakdown
June 2020 Sales Data
Average Price/Sq. Foot: $711
Total Closed Condo Sales: 50
Average Sales Value: $874,070
Since June 2019, the median sales value increased by .78%, and the average price per sq. foot saw a 2.6% decrease.
In June 2020, the total closed condo sales in Hoboken decreased by 37.5% from a year ago.
Room for Negotiation: There is little room for negotiation when it comes to condominiums in the Hoboken area. In June, the average sales price to list price ratio was an impressive 97.8%, which is just .4% lower than previous years.
Downtown Jersey City Real Estate Breakdown
June 2020 Sales Data
Average Price/Sq. Foot: $742
Total Closed Condo Sales: 22
Average Sales Value: $850,313
In the past year, we’ve seen the median sales value decrease by .09%, while the average price per sq. foot saw a 2.9% decrease. Additionally, the total closed condo sales in Downtown Jersey City decreased by 64% from a year ago.
Room for Negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In June 2020, the average list price to sales price ratio was 97.7%, which is the same as it was a year ago.
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: $415,801, +6.7% since 2019
- Guttenberg: Average sales price: $390,090, +0.28% since 2019
- Jersey City Heights: Average sales price: $587,061, +2.7% since 2019
- Jersey City – Journal Square: Average sales price: $433,600, -2.0% since 2019
- Jersey City – Bergen Lafayette: Average sales price: $501,819, +11.6% since 2019
- Jersey City – West Bergen: Average sales price: $389,989, +3.1% since 2019
- Jersey City – Greenville: Average sales price: $419,169, +11.1% since 2019
- North Bergen: Average sales price: $402,369, +9.5% since 2019
- Union City: Average sales price: $416,620, +3.5% since 2019
- Secaucus: Average sales price: $468,891, -0.31% since 2019
- Weehawken: Average sales price: $845,203, +12.5% since 2019
- West New York: Average sales price: $467,945, +1.2% since 2019
Is Now the Time to Make a Move?
While the global pandemic may not be over yet, we’re seeing quite a few positive trends that indicate a strong market recovery is on the way. Once again, places like Weehawken, Greenville, and Bergen Lafayette saw double digit increases since last year, while overall home prices actually increased despite growing economic uncertainty. So if you’re thinking about buying or selling a condo in Hudson County, now is the time to make a move.
Not ready to enter the market quite yet? Even if you’re still weighing your options, it’s always a good idea to stay up to date with real estate news in your community. The Living on the Hudson Team is proud to keep our clients in the loop with our monthly market updates and in-depth real estate resources. If you have any questions about this June condo market update, just get in touch with us for more details.
Your Essential Resource for the Hudson County Real Estate Market
The Living on the Hudson Team is here to offer you a superior level of service and become your all-in-one resource for our area’s condo market. Be sure to read our other blog posts, including our breakdown of the top-selling condos in June.
You can always reach out in the comments or give us a call at 347-448-3766 to learn more about our June condo market update!