Westchester Sets Record For Median Single-Family Home Prices: HGAR

HUDSON VALLEY, NY — Median sales prices for single-family homes continued to rise in June, while sales were down in all counties in the market area, according to the latest report by the Hudson Gateway Association of Realtors, based on data supplied by OneKey®MLS.

“Limited supply and strong demand continue to be the driving forces in our markets right now, particularly for single-family homes,” said HGAR CEO Lynda Fernandez.

Westchester County once again reached a new record high for the median single-family home price — $1,031,500. That's a 12.7 percent increase over last June's median home price of $915,000, HGAR reported.

Putnam County posted the highest price gain of 19.2 percent, bringing its June 2024 median sales price to $590,000, as compared to last year’s median price of $495,000.

The decline in sales was sharpest in Orange County at 26.9 percent, followed by Putnam, which posted a 16.9 percent fall-off in sales activity.

Inventory of single-family homes plummeted across the region.

Meanwhile, closed sales in the condo markets were down or flat while prices rose.

Westchester’s condo and co-op median prices increased by about 3.3 percent and 15 percent, respectively to $511,000 and $215,000. In Rockland County, the median condo price rose 5.8 percent to $399,000 and the co-op median rose 5 percent to $126,000.

As the month ended, a number of positive economic reports clearly showed inflation is cooling and analysts are now expecting the Federal Reserve to begin cutting rates by as early as its sessions in September, Fernandez said.

The 30-year fixed-rate mortgage averaged 6.92 percent in June, according to Freddie Mac and ended the month at 6.86 percent.

“We expect lower interest rates and higher levels of inventory to help stabilize pricing and to generate more home sales in future months," she said.