'Wild' Real Estate Market Continues Hot In Lower Hudson Valley

HUDSON VALLEY, NY — In a hot, hot real estate market, home sales and home prices continued to rise in the lower Hudson Valley in the second quarter.

The 2nd Quarter 2021 Real Estate Sales Report from the Hudson Gateway Association of Realtors, which came out Tuesday, shows what the writers called "a remarkable recovery from the depths of the Covid-19 crisis a year ago." Orange, Putnam, Rockland and Westchester counties experienced strong gains in the number of sales as well as higher median sales prices.

"Right now the market is still ... you can almost say wild," Roberta Bangs, HGAR Regional Director in Rockland County, told Patch. "Everything sells as quickly as it gets on as long as the price is within reason."

It's not a statistical anomaly caused by the coronavirus pandemic shut-down.

Comparing unit sales between the second quarter of 2021 to the second quarter of 2019, Westchester County sales increased 16.25 percent, Orange increased 13.7 percent, Putnam increased 27.27 percent and Rockland increased 33.86 percent.

This chart shows total residential sales in the second quarter, 2018-2021.

Prices rose the most in Orange County, as the median sale price for a single-family residential unit jumped 20.8 percent to $360,000 (from $298,000 one year ago).

The median price for single-family houses in Westchester County rose 17.6 percent to $835,000 from $710,000 last year. The median sale price for a single-family residence increased in Putnam County by 23.3 percent to $442,000 (from $358,400), and in Rockland County by 15.8 percent to $550,000 (from $475,000).

The hot market extends past single-family homes. Sales of condominium units increased in all four counties — by 97 percent in Westchester year over year — and co-op sales in Westchester also rose.

Co-op sales had lagged for the past year but rebounded. "It is likely that this rebound can be attributed to the dearth of choices in other housing types as well as the fact that co-ops remain an affordable alternative, at a median sale price of $190,000 (identical to the median co-op price in the 2nd quarter of 2020) in Westchester County, for first-time buyers and other potential purchasers unable to afford rising single-family home prices," the report said.

HGAR officials think all the activity cannot be ascribed to people moving out of New York City, "a trend which may well have been overstated," they said, because the New York City residential market is also showing signs of a strong recovery.

Perhaps the pandemic accelerated the natural migration of homeowners who might otherwise have delayed home purchasing and selling decisions, they said.

"It's getting more and more difficult for people to get into the market," Bangs said. "We've become a very pricey suburb."

She said the market looked to continue busy at least through the end of the year, even though inventory is low.

"I always advise young people who ask my opinion that the best time to get in is right now," she said. "It's kind of hard to determine because we don't have a crystal ball, but so far rates are still low."