Ask Elizabeth: Hudson County Market

The Rakela Team
After years of working in both Seller’s and Buyer’s markets, I’ve learned the unique characteristics of Hudson County’s real estate market which make buying here different than other parts of the country. Due to our market’s distinct traits, I believe it’s a good time to buy, for many reasons: 
  • Hudson County is insulated; we are the last to drop and first to recover and didn’t see the extreme highs and lows as the rest of the country. We also did not experience the double digit growth that most of the US saw during the pandemic and subsequently will not experience the harsh market contraction.  
  • As we’ve seen in recent months, rental inventory is scarce and rental prices are higher than ever.
  • As inventory rises, buyers that have lost multiple bidding wars will now have an opportunity to buy.
  • People are going back to work in New York City and looking for a great community for a home.
  • Rates are unlikely to be lowered anytime soon, so if you plan to buy, now is a great time, otherwise your buying power may be reduced.
  • Because real estate is a long term investment/asset, as well as a basic necessity, demand will always be high. People always need to move!
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The Rakela Team
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