Walter Burns
Are you considering buying a condo on New Jersey’s Gold Coast? Summer is typically the hottest real estate season here in Hudson County—but if current trends hold, we may just see a competitive market through the end of the year. Our August market update features all the numbers you need to know, especially for those looking to buy or sell soon.
Take a look at our August condo stats and let us know if you have any questions. Our team is always on hand to offer trusted real estate expertise!
Hoboken Real Estate Breakdown
August 2020 Sales Data
Average Price/Sq. Foot: $715
Total Closed Condo Sales: 94
Average Sales Value: $811,480
Since August 2019, the median sales value decreased by 5.5%, and the average price per sq. foot saw a 0.7% decrease.
In August 2020, the total closed condo sales in Hoboken increased by 17.5% from a year ago.
Room for Negotiation: There is little room for negotiation when it comes to condominiums in the Hoboken area. In August, the average sales price to list price ratio was an impressive 98.1%, which is .2% higher than previous years.
Downtown Jersey City Real Estate Breakdown
August 2020 Sales Data
Average Price/Sq. Foot: $737
Total Closed Condo Sales: 60
Average Sales Value: $762,859
In the past year, we’ve seen the median sales value decrease by 1.1%, while the average price per sq. foot saw a 1.7% decrease. Additionally, the total closed condo sales in Downtown Jersey City increased by 5.3% from a year ago.
Room for Negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In August 2020, the average list price to sales price ratio was 98.0%, which is .3% lower than 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: $426,956, +2.3% since 2019
- Guttenberg: Average sales price: $404,841, +6.1% since 2019
- Jersey City Heights: Average sales price: $604,713, +1.9% since 2019
- Jersey City – Journal Square: Average sales price: $469,731 -1.3% since 2019
- Jersey City – Bergen Lafayette: Average sales price: $526,079, +9.6% since 2019
- Jersey City – West Bergen: Average sales price: $394,112, +1.0% since 2019
- Jersey City – Greenville: Average sales price: $413,426, +2.9% since 2019
- North Bergen: Average sales price: $428,312, +13.3% since 2019
- Union City: Average sales price: $445,117, +2.8% since 2019
- Secaucus: Average sales price: $467,705, +1.9% since 2019
- Weehawken: Average sales price: $861,809, +12.0% since 2019
- West New York: Average sales price: $502,007, +0.5% since 2019
Is Now the Time to Make a Move?
Based on this month’s stats, it’s clear that Hudson County’s condo market has nearly returned to its pre-pandemic levels. Many communities—such as Weehawken and North Bergen—saw double-digit sales increases. To top it all off, closed condo sales in both Hoboken and Jersey City spiked significantly compared to last year and last month.
Even if you don’t plan on moving soon, it’s always a good idea to keep up with the latest Hudson County real estate trends. The Living on the Hudson Team offers an array of complimentary resources to our clients, including monthly market updates and in-depth buying and selling guides. If you have any questions about our August market update, feel free to contact us for additional information.
Your Essential Resource for the Hudson County Real Estate Market
The Living on the Hudson Team is proud to be your number one resource for buying and selling condos in Northern New Jersey. For more facts about Hudson County real estate, check out our other blog posts, including our breakdown of the top-selling condos for August.
Want to learn more about our August market update? Leave a comment below or give us a call at 347-448-3766 to talk to a local real estate expert.