NY Metro Home Prices Rose 18% In The 1st Quarter Of 2024: Report

HUDSON VALLEY, NY — Home prices in the New York metropolitan area, including Westchester County, saw significant growth in the first quarter of 2024, according to the National Association of Realtors’ latest quarterly report.

Compared to one year ago, the median price for all residential property types in the New York metro area climbed by 18.4 percent to $663,100.

"In the current market, rising prices are the direct result of insufficient housing supply not meeting the full demand," said National Association of Realtors' Chief Economist Lawrence Yun.

The New York metro area ranked within the top 10 in the country for price gains, the report said.

That's because location continues to be important, and the Hudson Valley and New York City continue to be desirable, said Lynda Fernandez, CEO of the Hudson Gateway Association of Realtors.

"It’s no surprise that inventory is at a premium and home prices are reflecting that," Fernandez said.

SEE: Hudson Valley Home Prices Continue to Soar: 'Difficult Challenges'

HGAR reported:

• At the end of the third quarter of 2023, Westchester County experienced a 12.9% hike in sales prices for single-family, condos and co-ops, bringing the overall median price to $630,000. Closed sales decreased by 9.6%, followed by new listings at a 4.3% decline. Pending sales were up 17.2%. Because home sale prices remain high in the county, Westchester’s affordability index was down by 15.7%. As of the end of the first quarter, Westchester had a 2.3-month supply of homes, which is down 20.7% from last year.

Westchester, Rockland and Sullivan counties saw prices rise more than 14 percent from February 2023 to February 2024, HGAR reported.

Among the major U.S. regions, home prices swelled year-over-year 11 percent in the Northeast, 7.4 percent in the Midwest, 7.3 percent in the West, and 3.3 percent in the South, the NAR report said. The national median single-family existing-home price climbed 5 percent from one year ago to $389,400.

“Astonishingly, greater than 90% of the country’s metro areas experienced home price growth despite facing the highest mortgage rates in two decades,” Yun said.

The 30-year fixed mortgage rate ranged from 6.60 percent to 6.94 percent, the report said.

Home prices in Hudson Valley have been rising while inventory levels continue to drop.

"In our current housing market, we have a supply shortage and high buyer demand that has resulted in increasingly higher home prices. The Fed has continued to attempt to cool things off by raising the 10-year treasury which tends to result in the mortgage interest rates following suit," Aaron Velez, HGAR Regional Director, told Patch. "During the most recent Fed meeting, Jerome Powell chose keep rates at the current level potentially signally a gradual rate decline in the future but there is no guarantee of how much or when that may begin to happen. As I always say, buyers should connect with a communicative and trusted real estate broker who will educate them on current market conditions and who can implement strategies that will help them secure their next home."

Low inventory is something Fernandez hopes will change soon.

"Based on pending sales in our region, we’re looking forward to an exciting Spring and Summer market, where we’re predicting that the market will open up a bit more offering additional properties for sale," she said.