Single-family house prices in HV generally soar compared with national average

While the National Association of Realtors (NAR) was reporting that the median existing single-family home price in the U.S. was $432,700 in June, up 4.1% from June of last year, the Hudson Gateway Association of Realtors (HGAR), based in White Plains, was reporting that median sale prices in some counties in the Hudson Valley were up double, triple and even quadruple that percentage.

“We’re seeing a slow shift from a seller’s market to a buyer’s market,” said NAR Chief Economist Lawrence Yun. “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”

For the Hudson Valley, HGAR CEO Lynda Fernandez said, “Limited supply and strong demand continue to be the driving forces in our markets right now, particularly for single-family homes. We expect lower interest rates and higher levels of inventory to help stabilize pricing and to generate more home sales in future months.”

Sullivan County saw a decline in the median single-family home price, which was down 5.1% to $299,060 from $315,000 a year ago. Sullivan County’s single-family home sales had declined 16.9% in June.

In Westchester County, sales of single-family homes declined by 13.3% in June while the median sales price shot up by 12.7% to a new high of $1,031,500. In June a year ago, the median price for a single-family home stood at $915,000.

The condominium market in Westchester experienced a drop in sales in June of 7.7%, and a 3.3% hike in the median sales price to $511,000. New listings declined for all housing types, with 27.4% fewer condos, 3.4% fewer coops and 3.1% fewer single-family homes being listed for sale.

In Putnam County, single-family home sales suffered a 16.9% decline in June but the median sales price soared by 19.2% to $590,000. Condo transactions were off by 8.3% compared with a year ago and the median price for condos fell by 3.7%.

In Rockland, the single-family home price in June 2024 stood at $720,000, a 7.9% increase from the $667,500 median recorded a year earlier. The median price for condos was up 5.8% to $399,999.

In Orange County, sales of single-family homes in June fell sharply by 26.9%, while the median sale price rose 11.4% to $479,000. The median sale price of a condo in Orange in June of this year was $317,500, down 7.6% from the median price 12 months earlier.

According to the NAR, existing-home sales in the entire Northeast in June 2024 dropped to an annual rate of 470,000 units, a decline of 6% from June 2023. The median price in the Northeast was $521,500, up 9.7% from one year earlier.