Hudson Valley housing market remains hot in Q3

Median single-family home price in Westchester rose to $855k


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.

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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.

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