Hudson Valley Housing Market Outlook 2020: Home Sales Poised to Rebound
Lower listing prices invite buyers to boost the market.
After a soft 2019, the encouraging prediction for the Hudson Valley housing market is “cautiously optimistic,” according to Joseph Czajka, Senior Vice President at the Center for Housing Solutions and Urban Initiatives in Newburgh. Susan Strawgate Code, Associate Real Estate Broker at Houlihan Lawrence in Briarcliff agrees, citing their Q3 2019 report that shows a highly positive trend despite an especially unpredictable turnout during earlier quarters.
In general, the market has finally leveled for buyers coping with the challenges of tax reform.
Most importantly, however, reports Czajka, “homes are more affordable than they have been at any time in the past 30 years, with interest rates at near historic lows.”
According to a Berkshire Hathaway Market Report, 63 percent of Westchester residents believe that now is a good time for a house purchase while the activity throughout Dutchess varies greatly. Median sales of single family homes are up 6.3 percent in Dutchess, and in Southeast Dutchess, median sale prices sharply rose 18.2 percent.
In Putnam, median home sales increased 3 percent on average, continuing its trending strength in listings under $800,000. In listings between $800,000 and $1,000,000, the county experienced an impressive 37 percent growth.
Barbara Carter, Associate Broker at Century 21 Alliance Realty in New Paltz, says Ulster’s performance was greatly welcome and unexpected, with many new listings “kicking in just over the last month or so.”