AdobeStock/Andy Dean
The demand for local real estate drives rising median prices as property inventory remains low throughout the Hudson Valley.
The third quarter in Westchester, Putnam, and Dutchess Counties exceeded pending sale expectations this year. Although the region still faced challenges due to the evolving health crisis, the housing market fared well as buyers were eager to commit to homeownership.
As was seen at the end of the second quarter, it was a seller’s market. Inventory stayed consistently low, median sale price rose, and demand escalated making the entire Hudson Valley region a hot area.
In Q3, 2,167 single-family homes were sold in Westchester County leading to a 11.7% increase as compared to the same period in 2019, while Putnam saw a 9% increase with 345 homes sold. Northeast Dutchess saw the most dramatic rise in home sales at 45% as compared to Q3 in 2019. Overall, the county sold 745 homes with a 3.9% increase countywide.
The average sale price in Dutchess County came in at $441,995. In Putnam, the average price was slightly lower at $421,219. Westchester County took the lead with the highest average sale price at $1,027,010.
Although buyers were eager to settle down in the Hudson Valley, they did have specific ideas about the type of home and property they were looking to buy into. “Homes on large parcels of land that will accommodate extended family with space for one or more homes are the new ideal,” said Chairman Stephen Meyers and President and CEO Liz Nunan in a recent Houlihan Lawrence report.
Houlihan Lawrence reported that buyers also seemed to pay less attention to commute time to New York City, as many say they plan to continue working from home at least part-time after the danger of the virus has passed. Coupled with the desire to live in lower-density areas, the shrinking importance of commute time has led to a dramatic increase in demand for the Hudson Valley from prospective buyers who previously lived in urban areas.
