Median Home Prices Jumping In The Hudson Valley

HUDSON VALLEY, NY — As the number of houses available for sale continues to shrink, the median price for single-family dwellings continues to rise, according to the Second Quarter report from the Hudson Gateway Association of Realtors.

• In Orange County the median sales price of $250,000 in the second quarter of 2018 showed a 6.4 percent gain over the same period in 2017.
• Rockland saw a 6.2 percent gain over the second quarter of 2017, to a median sales price of $468,750.
• In Westchester County the median sales price was $710,800, up 6.1 percent compared to $670,000 in 2017.
• The one exception was Putnam County where the median price of a single-family residential dwelling rose only 1.4 percent. Putnam's small market size means a single transaction can skew the data.

Available inventory dropped sharply other than in Westchester: 9.5 percent in Putnam, 8.1 percent in Orange
and 4.1 percent in Rockland County. That's affecting the number of sales. In Orange, Rockland and Westchester, sales were down for single-family houses, condos and co-ops.

The report's prognosticators ended on a hopeful note:

It is too early to determine what effect the recently passed tax reform law may be having on sales,
which remain at historic highs. New construction, still attractive mortgage rates and a vibrant Hudson
Valley economy continue to point to prospects for a good year, despite headwinds created by chronic
low inventory.

Image via HGAR