Hudson Valley Home Prices Climbed In 2021: Report

HUDSON VALLEY, NY — Residential sales in Orange, Putnam, Rockland, Sullivan, Westchester and the Bronx reached a historic peak in 2021, despite a slowing of sales in the fourth quarter, according to a new report from the Hudson Gateway Association of Realtors.

For the year in the Hudson Valley, Rockland County led with a 19.3 percent jump in residential sales, including condominiums and 2-4-family homes.

Prices also continued to climb.

The largest percentage price increase for a single-family home occurred in Sullivan County with a 25.3 percent jump to $244,400 from $195,000 in 2020.

Orange County has seen consistent increases in single-family median price with a year-over-year increase of 16.5 percent ($367,000 compared to $315,000 in 2020).

Putnam County saw its single-family median price increase 15.8 percent to $440,000, up from $380,000 in 2020.

In Rockland County the single-family median sale price increased 12 percent to $560,000 (from $500,00 in 2020).

Westchester County, with the highest prices in the region, had the smallest percentage increase in median price for the year at 6.1 percent ($780,000 as compared to $735,000 in 2020) and actually experienced a slight decrease (-0.8 percent) in median price for the fourth quarter.

"This may be indicative of price increases beginning to moderate," the researchers said.

Some of the fourth-quarter slowdown in sales can be attributed to the dearth of inventory north of NYC while strong sales in the Bronx were more closely aligned to a return of buyers to the New York City market, the report said.

"While the view of the market in terms of units sold and dollar volume is a positive one, it was a frustrating arena for many buyers who lost homes to higher bidders and for the practitioners dealing with client frustration and disappointment," the report said.

SEE ALSO: 'Wild' Real Estate Market Continues Hot In Lower Hudson Valley