We’re halfway through 2021, and the housing market isn’t showing any signs of slowing down. Though some inventory is trickling into the Hudson Valley’s market, it’s still a seller’s game — and now, more than ever, is the time to make a move.
Don’t expect a pricing miracle. “Some Hudson Valley buyers are waiting for something that probably won’t happen: for prices to plummet,” says Candida Ellis, broker and owner at Coldwell Banker Village Green Realty. Spoiler alert: they won’t.
Since June 2019, there has been a 35 percent increase in median sale price in our region, according to Berkshire Hathaway HomeServices (BHHS). They further report that despite the uptick in prices, there is a 53 percent increase in the number of closed sales, year-over-year.
This is a national trend — the National Association of Realtors announced that in May, median sale prices of existing homes rose by 24 percent, the biggest year-over-year increase since 1999. This is not shocking, considering the pandemic shutdowns in April and May of 2020.
All counties in the Hudson Valley showed an increase in single-family home sales and median sales, comparing Q2 2021 to 2020. Rockland and Westchester topped the list in the single-family category, with increases of 68 percent and 53 percent, respectively. For median sales, the big winners were Orange, Columbia, and Greene, with increases over 21 percent.
On the flip side, buyers don’t have to worry about exorbitant prices for the rest of the year. “Sellers are realizing that even in this market, over-ambition in pricing leads to a property being rejected by the market,” says Ellis. All in all, there will be some run-of-the-mill bidding wars and price fluctuation, but there shouldn’t be too many out-of-the-park asking prices.