Is This the Right Time to Sell My Hudson Valley Home?
We hear the questions almost every day. There’s a lot of uncertainty about the real estate market these days, with many people wondering whether now is the right time to sell their home in the Hudson Valley.
What are people asking us? They wonder whether it’s still a seller’s market in the Hudson Valley. They are unsure what to think when they hear that sales are down across Dutchess, Putnam, and Westchester counties. And they don’t know whether interest rates are hurting sale prices.
So here’s our short answer: Now is absolutely the right time to sell your home in the Hudson Valley. Demand is high, inventory is low, and prices are continuing to rise across the region.
If you need some convincing, here’s some of the data we are consulting when we analyze the housing market along the Hudson River Line.
It’s definitely a seller’s market
If you’re a homeowner in Dutchess, Putnam, or Westchester County, over the past few years you’ve seen the value of your property grow at unprecedented levels. Dutchess and Putnam County home prices have seen the greatest increase. According to Hudson Valley magazine, the median sale price in the region has risen 38% since 2019. In Westchester County, where home values are already the highest, the median sale price is up 26%.
But sale prices aren’t the only thing that make it a seller’s market in the Hudson Valley. Homes remain on the market for far less than the national average: the median is about 47 days in Putnam County, 30 days in Westchester County, and 25 days in Putnam County.
And across the board, most sellers are getting close to 100% of the asking price for their homes. For some of the most desirable properties, there are sometimes bidding wars that drive prices up.
Inventory is at an all-time low
You might have heard that home sales in the Hudson Valley are continuing to drop. In Westchester County, for example, they are on pace to reach a 10-year low. When you consider just river towns like Tarrytown, Sleepy Hollow, and Croton-On-Hudson, home sales are down 29% over last year.
That doesn’t necessarily mean there’s a lack of demand, as evidenced by the fact that buyers are snapping up properties almost as soon as are put on the market. It’s a historical low level of inventory.
This is encouraging news for homeowners who are considering putting their property on the market. There just aren’t very many houses on the market at the current time, so theirs will get more attention.
Interest rates aren’t slowing things down
The conventional wisdom is that higher interest rates and volatility in the banking industry keep buyers out of the housing market. That may be true in many parts of the country, but not in the Hudson Valley.
Because there is a limited supply of homes in this region, those who are moving here because of a job, the schools, or the transportation options aren’t being dissuaded by interest rate hikes.
And although interest rates are significantly higher than they were a few years ago, the truth is that they are still far lower than they were at many points over the past several decades.