Hudson Valley's Hot Summer Market
The suburban properties of Manhattan have always drawn the attention of those looking for more room outside of their New York City apartments. When the pandemic struck back in March, this was never more true.
It's no secret that homes in the counties of Rockland, Orange, Westchester, and Bergen have been flying off the market since Spring. In August, single-family home sale prices were up at an average of 15% compared to August 2019, according to OneKey MLS and New Jersey MLS. Let's take a look county by county.
Micaela Stanaland • Lic. Real Estate Salesperson
ROCKLAND COUNTY
The smallest county in the state outside of the five boroughs, Rockland's proximity to Manhattan drives big demand.
In August 2019, Rockland saw a median sales price of $461,250 for a single-family home. This August? That number jumped over 9% for a median sales price of $503,500.
August 2020:
Data courtesy of OneKey MLS
Wondering what your Rockland property is worth?
ORANGE COUNTY
The furthest from Manhattan of these four counties, Orange still draws a lot of appeal. Larger property sizes and generally lower taxes have more and more people moving to this county every year.
Last August, Orange had a median sales price of $281,250 for single-family properties. This August, sales prices climbed over 17% for a median single-family sales price of $330,000.
August 2020:
Data courtesy of OneKey MLS
Wondering what your Orange County property is worth?
WESTCHESTER COUNTY
The only county of these four that's found on the east side of the Hudson River, Westchester has an appeal of its own.
Westchester's high density of luxury properties and proximity to the city continues to be a big draw for those looking to stay close to Manhattan. This August saw an increase of over $100,000 in the median sale price for single-family homes!
August 2020:
Data courtesy of OneKey MLS
Wondering what your Westchester property is worth?
BERGEN COUNTY
Crossing over New York state lines and into New Jersey, this New York City suburb can't be overlooked!
Bergen County saw the same suburban demand as its New York counterparts. It had the second highest increase in median sales prices of the four counties at a staggering 15.53% - just behind Westchester.
August 2020:
Data courtesy of New Jersey MLS
Wondering what your Bergen property is worth?
With summer coming to an end, schools reopening and the Hudson Valley returning to some sense of normalcy, what will this mean for the real estate market?
My opinion is this: The Hudson Valley will continue to see a strong demand for properties in these four counties. Potential home buyers are going to continue to look for a home with that extra bedroom or outdoor space. Being restricted on where we could go and what we could do made a lot of people realize their living situation didn't really work for them. Mortgage rates are still at historically low levels, making homes more affordable than ever.
If you're curious about buying or selling, or have further questions about the real estate market, let's get in touch!
MICAELA STANALAND
© 2021 Rand Realty
