The Hudson Gateway Association of Realtors (HGAR), using data from its OneKey MLS Inc. multiple listing service, reports that the median sale price for single-family homes in Westchester fell by 0.8% in the fourth quarter of 2021, while still showing a 6.1% increase for the entire year.
HGAR said that the median selling price in Westchester was $780,000 for 2021 compared with $735,000 for 2020. There were 7,409 single-family homes sold in Westchester in 2021, an 11.2% increase from the 6,660 sales in 2020. The number of condominiums sold jumped 33.1% from 1,249 in 2020 to 1,662 in 2021. Co-op sales shot up 36.3% from 1,562 in 2020 to 2,129 in 2021. In the multifamily category of two- to four-family homes, there were 655 properties sold in 2021 compared with 484 in 2020, an increase of 35.3%.
The median sale prices for both condos and co-ops in Westchester were up 5.5%, at $425,000 and $193,000, respectively. The median price for two- to four-family properties was up 12.7% for the year at $675,000.
The largest percentage price increase for single-family homes was found in Sullivan County, where the median price rose 25.3% to $244,400 from $195,000 in 2020.
Orange County saw a median sale price increase of 16.5% for single-family homes. In 2020, the median price had been $315,000 and it rose to $367,000 in 2021. While the number of single-family home sales in Orange County increased by 11.2 % for the year to 4,444 units compared with 3,996 in 2020, there was a drop of 20.7% in the fourth quarter. The fourth quarter of 2021 saw 1,137 single-family home sales compared with 1,433 in the fourth quarter of 2020.
The number of two- to four-family homes sold in Orange during 2021 was 344, soaring 72% above the 200 sold in 2020. Co-op sales were up 77.8% with 16 sold in 2021 versus nine in 2020. There were 602 condos sold in 2021 in Orange, a 31.7% increase from the 457 sold in 2020.
The median sale price for Orange County condos was $230,000, up 12.2%. For co-ops, the price was $88,000, a 46.7% increase from $60,000 in 2020. The median sale price of 2-4 family homes went up 25% to $298,700.
In Rockland County the single-family median sale price increased 12% to $560,000 from $500,000 in 2020. The number of units sold was up 15% from 2,333 in 2020 to 2,683 in 2021. There were 728 condos sold in Rockland, a 27.3% increase from 2020 and 98 co-ops, a 24.1% increase. The number of two- to four-family houses was up 103.3% with 122 sold in 2021 compared with 60 in 2020.
Putnam County saw its single-family median sale price increase 15.8% to $440,000 from $380,000 in 2020. The number of single-family houses sold was up 8.8% from 1,262 in 2020 to 1,373 in 2021.
HGAR said that lack of inventory continues to be a problem in the residential marketplace. Even with the Federal Reserve expected to tighten monetary policy and raise interest rates in the coming months, resulting in an uptick in mortgage interest rates, HGAR said that it expects a strong real estate market to continue into 2022.
HGAR said, “The economy of the Hudson Valley continues to improve and grow more vibrant which bodes well for real estate. It is likely that price increases will moderate and additional product will come on the market, which will sustain a strong market in the near term.“
