The Hudson Valley region is experiencing a significant surge in real estate prices, particularly in Putnam County, where the median price for a single-family home has skyrocketed to $600,000. This marks a staggering 21 percent increase over the past 30 days. In comparison, Westchester County’s median home price now stands at $905,000, reflecting a more modest four percent increase.
The Hudson Gateway Association of Realtors released the latest real estate statistics on Wednesday, revealing noteworthy trends across the region. Rockland County saw an 11 percent growth in single-family home sales, while Orange County’s median price rose by nine percent, reaching $475,000. Sullivan County also experienced a price increase of six percent, with a median price of $345,000.
Despite these rising prices, the number of single-family home sales in Putnam County declined by 22 percent in September, and condominium sales remained flat. Westchester County also witnessed a decrease in sales activity.
Inventory levels have decreased in every county except Sullivan, indicating a tightening market and potentially contributing to the rapid price increases. As demand outpaces supply, potential buyers may face challenges in securing homes in this competitive landscape.
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