The year ended on a high note for the housing market in the Hudson Valley, and as Houlihan Lawrence notes in its Q4 Market Report, “We’re entering a new decade with hope that the stronger sales we saw in the fourth quarter will continue.”
Ron Garafolo, former president of Hudson Gateway Association of Realtors (HGAR), agrees. “The Hudson Valley real estate market should remain very solid in 2020…with demand still very positive and supply at historically low levels.” According to Garafolo, along with a tremendous amount of development in Orange County, the outlook for the future is extremely bright.
In fact, Zillow’s Home Value Index characterizes Orange County’s “market temperature as very hot,” citing the region’s 5.0 percent climb in home values over the past year, with the prediction that they will continue to rise 2.9 percent within the next year.
At the same time, HGAR’s data shows that while Sullivan County saw a 2.4 percent drop in sales, and Westchester dipped slightly to just under 1.0 percent, Rockland saw increased sales at 5.5 percent.
The Elliman Report Q4 shows encouraging news: although Putnam’s sales decreased by only 0.6 percent, its inventory increased by 10.3 percent; in Dutchess, sales have dramatically jumped 16.7 percent despite a 1.8 percent decline in inventory.
What’s next for 2020? Look ahead to great opportunity, thanks to higher inventory, an improved value landscape for motivated buyers and word from the Federal Reserve that interest rates will remain low.