Median Single-Family Home Sales Prices Rise by Double Digits In The HV

HUDSON VALLEY, NY — Median sales prices for single-family homes saw double-digit increases in every county in May, with Westchester County reaching a new high, according to the latest report from the Hudson Gateway Association of Realtors.

“Due to strong demand and limited supply, home prices are continuing to rise in our area, ensuring the value of owning property and wealth creation for homeowners in the lower Hudson Valley,” said Lynda Fernandez, HGAR CEO .

The report, based on data supplied by OneKey® MLS, reflected varying performance for inventory, with Westchester, Putnam and the Bronx declining, while in Rockland, Orange and Sullivan new listings were on the rise.

"New listings are increasing in half of our region, pointing to more homes coming onto the market, while rising pending sales signal an increase in future closed sales," Fernandez said.

Westchester's median sales price in May was $980,000 — a 16.3 percent increase over last year.

In Putnam County, the median sales prices for single-family homes increased 13.5 percent to $565,000 – up from $498,000 in May of 2023.

Single-family homes experienced a 19.5 percent growth in median sales prices to $776,000 in Rockland County.

However, Orange County only saw a slight boost in the median sales price to $442,500, which is 2.9% higher than last year.

Prices rose in the condo and co-op markets as well. In Westchester, the condo market also saw a 9.8 percent hike in the median sales price to $499,500. In the co-op market, the median sales price grew by 10.1 percent to $205,000.

Rockland co-ops were the big winners when it came to price increases — the market realized a 158.4 percent gain on median sales prices to $307,500, up from just $119,000 in May of 2023. Condos saw a 49.2 percent increase in median sales prices to $472,500, as compared to $316,750 last year.

In Orange County, condos saw a 21.4 percent increase in the median sales price to $312,509 – up from $257,500 last year. Single-family homes also got a boost in the median sales price to $442,500, which is 2.9 percent higher than last year.

Only Westchester saw a slight increase in closed sales for single-family homes, with a 4.6 percent gain.

Sales were down in all other areas with Putnam County’s single-family home sales taking a dip of 29.2 percent.