It’s been a rollercoaster year for everyone across the globe, especially those thinking about buying or selling their homes this year. A global pandemic and the subsequent economic downturn have caused many to press pause on their real estate goals—but the market just keeps getting stronger every day.
Still thinking about making a move in 2020? My Hudson County market update will give you all the details you need to know.
What You Need to Know About the Hudson County Market Right Now
During March, the busy spring real estate season came to a screeching halt due to COVID-19. Widespread business closures and stay-at-home orders forced many buyers to pause their searches, while a large percentage of sellers pulled their listings from the market.
For a while, both experts and consumers believed that the pandemic could cause a housing crisis akin to what we saw in 2008. But as the months went on, the Hudson County market didn’t crash—in fact, we actually saw a few gains.
While it’s impossible to predict what will happen next, it’s safe to say that we’ve endured the worst of the coronavirus-induced housing market slowdown. And if you’re thinking about buying or selling soon, here are some stats that could sway your decision.
New listings and closed sales were down
During the first half of 2020, we saw a 21% drop in closed sales and a 20.3% decrease in new listings compared to last year. These declines are to be expected, likely due to market uncertainty and stay at home orders.
While these numbers may seem bleak, there’s still a silver lining. Since June, we’ve seen steady increases in sales, and sellers can actually take advantage of low inventory.
Median sales price for condos increases
The median sale price for a Hudson County condo climbed to $539,500 during the first half of the year—that’s nearly $40,000 (or 7.9%) more than it was during 2019! This is fantastic news for all Port Liberte homeowners, and it also shows that real estate is one of the soundest investments you can make in 2020.
Bottom Line: Is now a good time to buy or sell?
It’s hard enough to decide when you should move—but if you throw a pandemic into the mix, you may have more than just a few questions! Based on current data, it’s still a great time to buy or sell, although sellers will still have a clear advantage.
If you’ve lived in your condo for a while, now could be the right time to cash out on your equity. Rising prices and diminishing inventory have created favorable conditions for sellers, particularly in the Port Liberte area.
However, it’s not all doom and gloom for buyers. While competition can be fierce, you may be able to afford more than you might expect. Mortgage interest rates continue to hit record lows, which could save you thousands of dollars on your monthly payment.
Regardless of your current situation, it’s always best to talk to a local real estate expert before making any decisions. For the most up-to-date information on the Hudson County market, just give me a call today! I’d love to help guide you through every step of the process and answer your questions about Port Liberte.
Start Your Next Chapter
Still not sure whether now is the right time to buy or sell? I totally understand—and that’s why I’m here to help. Just get in touch with me, Paul Gulya, for all of your Port Liberte real estate needs. I’m always on hand to lend you my expertise and exceed your expectations!