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Union City Real Estate Overview
Welcome to Union City, NJ – a vibrant and evolving real estate market that's capturing the attention of homebuyers and investors alike. As the Hudson Realty Group, we're here to guide you through the nuances of this somewhat competitive market, offering you professional insights with a touch of simplicity and conversation.
As of October 2023, Union City's housing market is witnessing a notable upswing. The median sale price for homes has reached $498K, marking an 11.2% increase from last year. This growth is not just in prices but also in the speed of sales. Homes are now selling after an average of 46 days on the market, a significant decrease from the 77 days last year. This quick turnaround is a clear indicator of the market's vitality and the growing interest in Union City properties.
The Union City market is moderately competitive, with homes typically receiving around 4 offers. The average home sells for about 2% above the list price and goes pending in around 36 days. However, the most sought-after, or "hot" homes, can sell for approximately 6% above list price and go pending in as little as 15 days. This competitiveness speaks volumes about the quality and appeal of Union City's real estate offerings.
Understanding the migration patterns is crucial for both buyers and sellers. Between August and October 2023, 29% of Union City homebuyers looked to move out of the area, while a significant 71% chose to stay within the metropolitan vicinity. This shows a strong local loyalty and a desire to remain within the dynamic environment of Union City.
Interestingly, Union City is also attracting attention from across the nation. Around 3% of homebuyers are looking to move into Union City from outside metros, with notable interest from cities like San Francisco, Cedar Rapids, and Buffalo. Conversely, for those moving out, popular destinations include Miami, Philadelphia, and Washington, D.C.
Union City offers a unique blend of urban living and community charm. With its competitive market, growing interest from nationwide buyers, and a strong inclination for residents to stay within the area, Union City represents both a stable and dynamic choice for real estate investment.
At Hudson Realty Group, we understand that navigating the real estate market can be challenging. Whether you're looking to purchase your dream home in Union City or have further questions about the market, our team is here to provide you with tailored advice and assistance.
Connect with us today to explore the possibilities that Union City's real estate market has to offer!
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With an insider’s view of the market, we know where to find properties that match your wish list and lifestyle. When it’s time to sell, Hudson Realty Group’s comprehensive marketing and organizational expertise help price your property for maximum financial return.
