Hudson County New Jersey Single Family Residences Housing Market Trends For January 2024

1. 📊 Market Update 🏡: In Hudson County, New Jersey, the market is hot! With only 1.79 months of inventory available, sellers are in a great position. The median sold price is $546,080, with homes selling for 100.6% of the list price. If you're thinking about buying or selling, now is the time! #HudsonCountyRealEstate #MarketUpdate #NextHomeNewBeginnings

2. 📈 Looking to buy or sell in Hudson County, NJ? Now is the time! With a -20.8% decrease in months supply of inventory over the last 12 months, the market is moving fast. Homes are selling for 100.6% of the list price, with a median days on market of 31. Contact me, Patrick Rumore, REALTOR® at NextHome New Beginnings, to get started! #HudsonCountyMarketTrends #RealEstateStats #BuyOrSellNow

Reach out to me, Patrick Rumore, REALTOR® at 973-666-0365, for expert guidance in navigating this competitive market. #HudsonCountyRealEstate #MarketTrends

Welcome, buyers and sellers! Let's dive into the exciting world of real estate metrics and uncover the correlation between some key data points.

First up, we have the Months Supply of Inventory, which currently stands at 1.79. This tells us how many months it would take to sell all the available homes on the market at the current pace of sales. A lower number indicates a seller's market, where demand outweighs supply.

Next, let's look at the 12-Month Change in Months of Inventory, which is at -20.8%. This shows a significant decrease in the amount of time it would take to sell all the homes on the market compared to a year ago. This suggests a tightening of the market and potentially rising prices.

Now, onto the Median Days Homes are On the Market, which is 31. This metric gives us an idea of how quickly homes are selling. A lower number indicates a fast-moving market with high demand.

Moving on to the List to Sold Price Percentage, which is at 100.6%. This means that, on average, homes are selling for slightly above their list price. This could indicate strong competition among buyers and a willingness to pay a premium for desirable properties.

Lastly, we have the Median Sold Price, which is $546,080. This is the midpoint of all the sold prices in the market, giving us an idea of the overall price trend. A higher median price suggests a healthy market with increasing values.

In conclusion, the data points paint a picture of a fast-moving market with low inventory, high demand, and rising prices. Sellers may find themselves in a favorable position, while buyers may need to act quickly and be prepared to pay a premium. Overall, the real estate market appears to be vibrant and dynamic, offering opportunities for both buyers and sellers.

If you are thinking of buying, selling, renting, or investing in real estate, Think of Patrick!