The Hudson Valley homes for sale and real estate market statistics (2024)

FAQs

How is the real estate market in upstate New York? ›

Topline. Home values in upstate New York's metropolitan areas have soared faster than any other region in the U.S. so far this year, according to data Zillow provided to Forbes, making it one of several affordable areas outside the biggest U.S. cities where values—and sale prices—are spiking.

Recent Trends in NYC's Home Purchase Market

Based on data from StreetEasy, the median sales price for homes that sold in 2023 was $764K, down about 2% from a record high of $782K in 2022 but back up to $785K in early 2024.

Detroit's rise as the most overvalued housing market in the country is likely due to new household formation, said Ken H. Johnson, a real estate economist in FAU's College of Business.

Manhattan has become a “buyer's market” as prices plummet and inventory soars to a decade high, according to new reports. The average apartment price fell 3.3% to $2 million in the second quarter, according to a report from real estate appraisal and consulting firms Douglas Elliman and Miller Samuel.

The months from March to June are the best time to buy a house in New York. This is due to the higher inventory, increased competition among sellers, and potentially lower asking prices.

Median Home Price

The median price of a home in New York as of April 2024 was $557,500, according to Redfin's monthly housing market data. This is an increase of 6.5% from April 2023, accurately reflecting predicting of continuing appreciation of housing prices in the state.

In the second quarter of 2022, homeownership rates were 53.6 percent in New York and 65.8 percent nationally. In 2021, New York's annual homeownership rate was the lowest in the nation at 55.4 percent. Only two other states have rates lower than 60 percent: California (55.9 percent) and Nevada (59.1 percent).

New York City real estate recovery post-COVID-19. It was previously predicted that New York City real estate recovery from the COVID-19 pandemic wouldn't occur until 2025. Ahead of schedule, the city has seen job rebound, population recovery, and an increase in demand for quality assets.

Buying in Hawaii and California can cost up to 70% or more of local per capita income. Housing costs were usually high in Maui, even before the devastating fires of August 2023. How Much Is My House Worth?

Where are house prices falling most? ›

Local authorities where house prices are falling

Canterbury's followed by the coastal areas of Thanet (down 3.9% or £11,630 to £286,200) and Dover (down 3.8% or £11,630 to £293,400). Prices in Essex are also down, with Tendring, Braintree and Colchester also experiencing falls of around 3%, or £8-10,000.

The most undervalued markets to rent a home are focused in the Midwest, led by Omaha, Nebraska, St. Louis, Oklahoma City, Minneapolis and Indianapolis. You'll save the most buying versus renting a home in Detroit, Philadelphia, Columbia, South Carolina, Chicago and Cleveland.

Location, supply, and demand greatly influence the cost of housing. The breathtaking scenery and limited availability of land puts Hawaii at the top of the list, while prestigious universities contribute to high home prices in Massachusetts.

In 2008, the housing market bubble burst when subprime mortgages, a huge consumer debt load, and crashing home values converged.

From the beautiful scenery and lower prices of upstate New York to the hustle and bustle of the city, there are plenty of reasons to invest in real estate here. If you're thinking of expanding your New York real estate investment portfolio, we have a few ideas for the best places to look.

A variety of factors cause upstate NY to have a lower cost of living, including housing, transportation and taxes. Although New York State on average has a higher cost of living compared to much of the rest of the country, Upstate New York is still more affordable compared to New York City.

The median price of a home in New York as of April 2024 was $557,500, according to Redfin's monthly housing market data. This is an increase of 6.5% from April 2023, accurately reflecting predicting of continuing appreciation of housing prices in the state.

New York City's real estate market is well-suited for investors with a long-term vision. While short-term speculation can yield profits, the city's historical stability and appreciation make it an attractive destination for those looking to hold onto their investments for an extended period.