A decrease in inventory has led to an increase in the price of homes in the Hudson Valley.
According to the Hudson Gateway Multiple Listing Service, in Westchester, the second quarter median sale price of a single-family house was $670,000, an increase of $20,000 or 3.1 percent over last year`s level. The mean sale price of $900,000 was seven percent more than last year.
Westchester condominiums and cooperatives also enjoyed median price increases of 5.3 percent and 3.9 percent respectively.
Orange County posted a second quarter single-family median price of $235,000, an increase of 5.6 percent from last year. Rockland County’s median price at $441,387 represented a 2.6 percent increase and Putnam County’s median price at $345,000 was a significant 9.9 percent increase over last year.
Prospective homebuyers were operating in a market that has seen reductions in the supply of for-sale housing over the past four years. At the end of 2014, there were 12,153 active listings posted with HGMLS. By the close of the second quarter of 2017, that number has dropped to 8,713 units, a decrease of 28.3 percent.