New housing report shows median cost of homes rise in every Hudson Valley county
“Most of our neighbors throughout the Hudson Valley cannot afford to buy a home in the current market.”
The housing market in the Hudson Valley is still in the middle of a pandemic-fueled housing crisis with the median cost of homes in every county on the rise and the inventory options for potential homebuyers remaining low.
According for Hudson Valley Pattern for Progress, a non-profit research and educational organization based in Newburgh: “It is clear that our regional housing market is still feeling the effects of migratory trends that drove record demand and record prices during the pandemic. The preponderance of second homes, short-term rentals, and remote-work residents is also affecting the market.”
The organization’s third quarter local housing report shows that “the median price of a home increased in every county and the Hudson Valley crossed a noteworthy threshold: the median cost of a home was greater than $300,000 in every county for the first time.”
With nearly 9,000 fewer homes on the market in the Hudson Valley now compared to the year before the pandemic, the number of homes sold during the third quarter of 2024 continued to decline across the region. “Our inventory continues to shrink as sales outnumber new listings. The region is not adding much new supply. According to discussions with regional developers, planners, and banks, the vast majority of new residential construction in the Hudson Valley is for rental apartments.
“Most of our neighbors throughout the Hudson Valley cannot afford to buy a home in the current market.”
Read the full report at: https://www.pattern-for-progress.org/wp-content/uploads/2024/12/2024-Q3-Housing-Report-.pdf
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