This Hudson Valley Town Had the Biggest Jump in Home Costs
As housing prices creep ever upwards, locales along the Hudson River see growth in both residential price and sales activity.
Adobe Stock / Watchara
It’s hardly a secret that the Hudson Valley is hot stuff in the real estate market right now. With its proximity to New York City and picturesque riverside communities, the region is just as much of a hotbed for newcomers who are sick of city living as it is for locals who have called the region home for decades.
With this in mind, it comes as no surprise that the Valley’s real estate market is on the up and up. According to a recent report from real estate website PropertyShark, 57 percent of the markets analyzed in the area (including Dutchess, Orange, Putnam, Rockland, Ulster, and Westchester County) experienced growth between 2014 and 2018. Although most of the medians did not jump too much – less than 10 percent for the majority of towns – a select few locales saw residential price increases of 18 percent or more. In Dutchess County, one town even saw a jump of 36 percent between 2014 and 2018, the years analyzed in the report.
Can you guess which town topped the local leaderboard for home sale price?
Photo by PropertyShark
Coming in at number one in the PropertyShark analysis, Stanford saw a 36-percent growth in median sale price to $329,950 at the end of 2018. Beacon followed close behind with a 32-percent increase in residential costs. In third place, Haverstraw in Rockland County welcomed a 29-percent increase in median sale price, ending the period with a $255,000 median cost.
In regard to actual sales activity, select Hudson Valley towns saw marked leaps in market movement. Dutchess County led the way, with Union Vale and the Town of Dover growing at a rate of 127 percent and 103 percent, respectively. Elsewhere, Rockland County’s Stony Point came in third with a 99-percent growth in sales activity.
At the end of the five-year period analyzed, Nyack ranked highest for median sale price with a figure of $610,000 in 2018 (excluding Westchester County). Following close behind it, Monsey closed 2018 with a median price of $590,163. Although Rockland County dominated the charts, Philipstown in Putnam County also broke the $500k mark with a $510,000 average cost. Notably, this figure is actually a six-percent decrease from the median sale price in 2014.
Do you live in one of the top real estate towns in the Hudson Valley? Let us know what you think about local home prices and market movement in the comments.