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Though New York City is welcoming back a steady stream of renters and workers, Hudson Valley’s housing market shows no signs of slowing down.
Median prices for single-family homes and the total number of sales soared for nearly every county as the Hudson Valley, according to a report from the Hudson Gateway Association of Realtors.
In Westchester County, 2,377 single-family homes were sold in the third quarter, a 9 percent rise from the same period last year. The median sales price of a home in the county was $855,000, a 5.6 percent increase. Those home prices may increase further, as inventory is just under 1,400 homes, a 33.9 decrease.
A similar story is unfolding in other Hudson Valley counties. In Putnam County, the sale of single-family homes is up 3.4 percent in the third quarter year-over-year. The median price of a single-family home last quarter was $466,500, a 13.3 percent rise from last year.
In Rockland County, there were 5.6 percent more single-family homes sold from 2020’s third quarter and 29.9 percent year-to-date. The median sales price was $579,000 in the third quarter, a gain of 13.5 percent from last year.
Orange and Sullivan counties saw some slightly unique trends when compared to the rest of the region. Total sales in Orange County were up year-over-year by 5.2 percent, but single-family home sales actually dropped 1.3 percent. They have still increased 28.8 percent during the course of the year and the median sales price is $385,000, a 16.7 percent jump from last year.
Meanwhile, Sullivan County was the only one in the region to see sales drop from last year’s third quarter, down 24 percent in the single-family market and 23.4 percent overall. While sales are down, costs remain up, as the $250,250 median sales price of a single-family home marks a 25.8 percent leap from last year.
The rise in sales and tight inventory means the Hudson Valley should remain a sellers market in the Hudson Valley, Richard Ferrari, president of Douglas Elliman’s New York City and Northeast Region, told the Rockland/Westchester Journal News.
“It remains a very strong and active market; it’s probably one of the best times ever for a seller to put their home on the market because the inventory is so tight,” Ferrari told the outlet.
