Gary Williams, founder of Keller-Williams, has said that the current real estate market is the most confusing he’s ever seen. With recent interest rate hikes and rising prices due to inflation, many expect the market to slow down significantly; yet in Hudson County, we aren’t experiencing this.
Many categories of homes continue to move very quickly. We see a lot of motivated buyers looking for a home, not just an investment; if a good turnkey property comes onto the market, it moves swiftly. Median days on the market for some categories of homes decreased this month, as desirable inventory sold immediately. High end homes also continue to move fast.
We’ve also seen bidding wars for the majority of homes that go into contract which reflects buyers are serious and ready to commit to the right property. Inventory is low which is leading to reduction in the volume of transactions.
With the majority of the workforce returning to the office and the fact that people will always need to move, we believe now is as good a time as ever to buy in Hudson County.