Hudson Valley 2023 2nd Quarter Real Estate Market Report

How Is the Housing Market in the Hudson Valley

The first half of 2023 continues to be a difficult time to buy a house in Westchester and the Hudson Valley. The high mortgage interest rates in 2023 have led to affordability issues, causing both buyers and sellers to hesitate. Prospective buyers are finding it difficult to enter the market due to elevated sales prices and higher borrowing costs. On the other hand, potential sellers with low-rate mortgages have delayed their decision to sell, causing the number of homes for sale to decline.  

The imbalance between supply and demand has created intense competition among homebuyers, particularly in the more affordable price range. Homes are selling quickly despite rising sales prices. The number of closed homes are down by over 15% in all the counties compared to a year ago, due to the lack of inventory. The shortage of existing homes for sale has also prompted an increasing number of buyers to turn to the new-home market. As a result, new-home construction and sales have surged in recent months, surpassing expectations. 

Below are the more detailed data for the home sales in the 2nd Quarter of 2023 (the data from April 2023 to June 2023) from OneKey MLS:

• Westchester County Home Prices

• Putnam County Home Prices

• Rockland County Home Prices

• Orange County Home Prices

Westchester County NY Housing Market

There are several important metrics that can help us understand the market trends. One crucial metric in real estate is the Months Supply of Inventory, which measures the number of months it would take to sell all the current homes on the market if no new listings were added. For Westchester County, the months supply of inventory is 2.4, indicating a pretty low inventory level and a Sellers Market. Compared to Q2 in 2022, the supply of inventory then was 3.1 which was already low and considered a sellers market. Usually, a 5 to 6 months of inventory is considered to be a normal or balanced market

The number of closed transaction in Westchester County for Q2 2023 was therefore quite a bit lower than Q2 2022:

• Single-Family Closed Sales were down 24.9 percent to 1,187
• Condos Closed Sales were down 25.6 percent to 316.
• Co-ops Closed Sales were down 27.7 percent to 426.

Next metrics is the Median Days On the Market, this metric reveals the average number of days it takes for a home to be sold. In this case, the median days on the market is 50, which is relatively low. However that is higher than Q2 of 2022, where the median days on the market was 44 days.

Next, let's look at the List to Sold Price Percentage, which compares the final selling price of a home to its original list price. The Q2 percentage is 100.4%, which indicates that, on average, homes are selling for slightly above the initial asking price. This suggests that buyers are willing to pay a premium to secure a property in the current competitive market. Q2 2022 was also a very competitive year, when the List of Sold Price Percentage was 102%

Lastly, we have the Median Sold Price in Westchester County, which represents the middle point of all the sold prices in Westchester County. This figure reflects the midpoint of the price range, indicating that there are homes selling both above and below this price point:

• Single-Family Median Sales Price decreased 4.0 percent to $850,000.
• Condos Median Sales Price increased 5.0 percent to $472,500.
• Co-ops Median Sales Price decreased 8.6 percent to $185,000

Westchester County Housing Prices by School District

Below you can see the latest real estate prices in Westchester County by school district. The housing data includes single family home sales in Westchester County from January to June 2023, as provided by One Key MLS.

If you are interested in looking for homes in Westchester County, New York, you can search for homes for sale in Westchester by school district here, and search for homes for sale in Westchester by towns here.

Westchester County NY 2023 Real Estate Sales Price

Putnam County NY Housing Market

The months supply of inventory of Putnam County is 2.36. This figure represents the number of months it would take to sell all the available properties on the market, given the current pace of sales. A lower number suggests a more competitive Sellers market, where properties may be snatched up quickly.

The 12-month change in months of inventory has experienced a staggering decrease of -29.34%! This means that compared to the same time period last year, there are significantly fewer properties available for sale. For buyers, this means an even more limited selection than last year. 

The number of closed transaction in Putnam County for Q2 2023 was therefore lower than Q2 2022:

• Single-Family Closed Sales were down 16.5 percent to 202
• Condos Closed Sales were down 24.3 percent to 28.
• Co-ops Closed Sales remained flat at 2.

Next metrics is the Median Days On the Market, this metric reveals the average number of days it takes for a home to be sold. In this case, the median days on the market is 59, which is higher than Q2 of 2022, where the median days on the market was 45 days.

The List to Sold Price Percentage compares the final selling price of a home to its original list price. The Q2 percentage is 99.4%, which means there is not much room for price negotiations for most of the homes. Q2 2022 was even more competitive, when the List of Sold Price Percentage was 101.9%

Lastly, we have the Median Sold Price in Putnam County, which represents the middle point of all the sold prices in Westchester County. This figure reflects the midpoint of the price range, indicating that there are homes selling both above and below this price point:

• Single-Family Median Sales Price increased 0.9 percent to $487,250.
• Condos Median Sales Price increased 24.5 percent to $342,450.
• Co-ops Median Sales Price increased 12.6 percent to $177,500

Putnam County Housing Prices by School District

Below you can see the latest real estate prices in Putnam County by school district. The housing data includes single family home sales in Putnam County from January to June 2023, as provided by One Key MLS.

If you are interested in looking for homes in Putnam County, New York, you can search for homes for sale in Putnam by school district here, and search for homes for sale in Putnam by towns here.

Putnam County NY 2023 Real Estate Sales Price

Rockland County NY Housing Market

The months supply of inventory of Rockland County in Q2 2023 is 2.1, which indicates that it would take approximately 2.1 months to sell all the available properties on the market at the current pace of sales, which makes it a very competitive sellers market. The market was already very competitive in 2022, with the months supply of inventory of Q2 being 2.8 

The 12-month change in months of inventory has seen a significant decrease of 42.7% compared to the same period last year. This means that there are considerably fewer properties available for sale now than there were last year. 

The number of closed transaction in Rockland County for Q2 2023 was therefore quite a bit lower than Q2 2022:

• Single-Family Closed Sales were down 22.2 percent to 368.
• Condos Closed Sales were down 13.6 percent to 108.
• Co-ops Closed Sales were up 55.0 percent to 31.

Next metrics is the Median Days On the Market, this metric reveals the average number of days it takes for a home to be sold. In this case, the median days on the market is 42, which is relatively low. However that is higher than Q2 of 2022, where the median days on the market was 30 days.

Next, let's look at the List to Sold Price Percentage, which compares the final selling price of a home to its original list price. The Q2 percentage is 100%, which indicates that, on average, homes are selling at the initial asking price. Q2 2022 was also a very competitive year, when the List of Sold Price Percentage was 104.5%

Lastly, we have the Median Sold Price in Rockland County, which represents the middle point of all the sold prices of homes in Rockland County. This figure reflects the midpoint of the price range, indicating that there are homes selling both above and below this price point:

• Single-Family Median Sales Price increased 1.2 percent to $653,000.
• Condos Median Sales Price increased 10.7 percent to $346,400.
• Co-ops Median Sales Price increased 17.2 percent to $119,000.

Rockland County Housing Prices by School District

Below you can see the latest real estate prices in Rockland County by school district. The housing data includes single family home sales in Rockland County from January to June 2023, as provided by One Key MLS.

If you are interested in looking for homes in Rockland County, New York, you can search for homes for sale in Rockland by school district here, and search for homes for sale in Rockland by towns here.

Rockland County NY 2023 Real Estate Sales Price

Orange County NY Housing Market

For Orange County, the months supply of inventory is 2.5, indicating a relatively low inventory level and a Sellers Market. Compared to Q2 in 2022, the supply of inventory then was 3.6 months. The 12-month change in the inventory of homes for sale has seen a significant decrease of 44.7% compared to the same period last year. The lack of inventory has pushed some buyers to consider looking into new construction homes for sale in Orange County.

The number of closed transaction in Orange County for Q2 2023 was lower than Q2 2022 due to the lack of inventory:

• Single-Family Closed Sales were down 17.9 percent to 689.
• Condos Closed Sales were down 19.7 percent to 94.
• Co-ops Closed Sales remained flat at 3.

The Median Days On the Market reveals the average number of days it takes for a home to be sold. For Orange County, the median days on the market was 57. It is higher than Q2 of 2022, when the median days on the market was 45 days.

The List to Sold Price Percentage, which compares the final selling price of a home to its original list price. The Q2 percentage is 98.3%, which means most homes are selling at the initial asking price. Q2 2022 was also an even more  competitive year, when the List of Sold Price Percentage was 102.1%

Lastly, we have the Median Sold Price in Orange County, which represents the middle point of all the sold prices in Orange County. This figure reflects the midpoint of the price range, indicating that there are homes selling both above and below this price point:

• Single-Family Median Sales Price increased 0.1 percent to $415,328.
• Condos Median Sales Price increased 2.7 percent to $282,500.
• Co-ops Median Sales Price increased 8.2 percent to $105,000.

Orange County Housing Prices by School District

Below you can see the latest real estate prices in Orange County by school district. The housing data includes single family home sales in Orange County from January to June 2023, as provided by One Key MLS.

If you are interested in looking for homes in Putnam County, New York, you can search for homes for sale in Orange County NY by school district here, and search for homes for sale in Orange County NY by towns here.

Orange County NY 2023 Real Estate Sales Price