Hudson County, NJ – One of the 5 Hottest Real Estate Markets Right Now
As the real estate market heats up across the country, certain markets have really gone into over-drive. Looking at the most recent data from Realtor.com, some of the hottest regions are the ones you would anticipate to lead the housing recover, but there are also some surprises. Highlighted are five real estate markets where inventory has dropped significantly, leading to a seller’s market and a very competitive environment for buyers.
First a note on understanding how inventory affects home prices. A balanced hosing market has five to six months worth of inventory for sale at any one time. There are two ways to come up with this number.
First, you can measure how many houses sold in a given moth and compare it to how many are actively listed. For example, if 100 houses sold in a given region in April our of 500 listed, you would say there was five months of inventory. The second method is to simply measure how long the average listing has been on the market. For the purposes of this analysis, the second method is used, because it more readily captures a rapidly changing market.
Another region that is difficult to assess based solely on the raw data, the hosing market in the Hudson River Communities of New Jersey has gone into over-drive! As a bedroom community to Manhattan, as well as a vibrant community in its own right, good real estate has always been at a premium. Particularly in Jersey City and Hoboken (a town only one square mile in size), the limited inventory has created an extremely competitive market, with multiple offers and over-bidding on just about every home that hits the market.
If you are a prospective buyer in one of these regions, or many other hot markets across the county, be prepared to act quickly if your ideal property comes onto the market. Put your offer right away and talk to your Realtor about making a “highest and best” offer. Your dream home won’t be on the market for long.
Source: www.realtor.com
