While the National Association of Realtors is reporting that on an annual basis as of the end of December 2024 sales of existing homes fell to the lowest level in 30 years, the Hudson Gateway Association of Realtors (HGAR) is reporting that data from the OneKey MLS show that December single-family home sales experienced double-digit growth in all areas of the lower Hudson Valley.
HGAR says that Sullivan County reported the highest sales gains at almost 50%. Westchester County still held the lead for the highest median single-family home sales price at $911,500, up 6% from last year’s December figure of $860,000.
Rockland County saw the highest growth in condo sales by 67.6%, but Orange County’s median condo prices topped the other regions with a 25.5% increase from $255,000 last December to $319,000 in December 2024.
According to HGAR, co-op sales were down in most areas. Median sales prices for co-ops were mixed, but Westchester’s prices grew 13.1% to $225,000, up from $199,000 in December 2023.
Single-family home inventory declined in all areas except Sullivan County, which saw a 22.6% growth. Condo inventory soared by 73% in Orange County, and 53.2% in Rockland. Orange and Rockland also dominated the inventory increases in the co-op market, with Rockland leading at a 112.5% growth rate, from 8 to 17 co-ops on the market in December. While there are few co-op sales in Orange, the inventory rose by 40% from 5 to 7 co-ops.
“New York City and the Hudson Valley remain two of the most desired destinations in the world, offering an exciting and culture-rich lifestyle and robust job market. We expect to see a more balanced real estate market in most of our service area in 2025,” said Lynda Fernandez, HGAR’s CEO. “While extremely low supply coupled with very high demand persists, increased inventory will allow more housing choices for potential homebuyers throughout the Bronx and New York City, and the lower Hudson Valley.”
In Westchester in December, new listings for single-family homes grew by 15.2% but decreased for both condos and co-ops by 29.1% and 2.1%, respectively. Only the co-op market saw a slight increase in inventory by 2.5%. Inventory for single-family homes declined by 24.3% and 3.8% for condos.
Putnam County’s single-family home sales grew by 15.5% in December, while the condo market saw a decrease in sales by 23.1%. There were no co-op sales reported in Putnam last month. The median single-family home sales price rose by 9% to $566,900, and condo prices by 14% to $382,000. New listings for single-family homes jumped by 33.3%, but condo listings declined by 28.6%.
In Rockland, single-family home sales increased 15.1% in December. Condo sales jumped 67.6%. Co-op sales fell by 12.5%. The condo median sales price had the highest increase at 16.5% to $419,250, while co-op prices rose 6.9% to $140,000. Single-family home prices gained a modest 2.6% to $718,000.
In Orange County, sales of single-family homes grew by 19% in December. Condos saw a 3.2% uptick, but co-op sales declined by 33.3%. Median sales prices for condos rose by 25.5% to $319,000, and 8.9% for single-family homes to $473,000. The co-op market prices declined by 14.5% to $141,000.
Sullivan County’s December sales of single-family homes increased by 49.1%. There were no condo sales reported, and just one co-op sale. While Sullivan’s co-op market is very small, that one sale did represent a huge hike of 188.9% in the median sales price of $130,000, as compared with the December 2023 co-op median sales price of $45,000.
