Home Prices, Sales Rise In April In The Hudson Valley

HUDSON VALLEY, NY — Closings for single-family homes rose in Orange, Rockland and Westchester counties in April, which officials with the Hudson Gateway Association of Realtors called "a surprising turn of events."

However, sales of single-family homes in Putnam County decreased in April by 32.3 percent.

Meanwhile, the median sales price for single-family homes grew significantly over this time last year.

In Westchester County, the median sales price for single-family homes jumped by 16.4 percent to $870,000. In April 2023, the median was $747,500. In Orange, the median sales price jumped 16.1 percent to$450,000. The median sales prices for single-family homes in Putnam County increased 13.4 percent to $520,000. The single-family home median sales price in Rockland rose 9.7 percent to $735,000.

Price changes were more mixed for condominium sales. In Rockland and Orange counties, condos saw double-digit jumps in median sales prices, while median sales prices for condos in Westchester decreased by double digits. Rockland County’s median priced condo sold for $390,000 – an increase of 12.6 percent.

Demand continues to outpace supply. The inventory of single-family homes on the market in Westchester County saw the largest drop at 25.2 percent.

However, new listings of single-family homes rose in the Bronx, Westchester, Putnam, and Orange counties, while pending sales for all property types increased in every region except Rockland and Orange counties. Westchester showed the highest amount of new single-family listings at 11.3 percent over this time last year, while Putnam County had the highest growth in overall pending sales at 17.6 percent.

Another positive indicator in April was the increase in the number of new listings added to the MLS database, according to the OneKey Multiple Listing Service. OneKey reported 7,636 new listings from Montauk north through the Hudson Valley, which represents the total of single-family, condo, and co-ops, in April 2024 compared to 6,791 reported the prior year.

"While inventory remains low across our region, signs are pointing to a more vibrant spring and summer market with both new listings and pending sales growing,” said Lynda Fernandez, HGAR CEO. "The fact that property sales continue to rise is also a good indicator of the consistent demand for housing in our region.”