After a dramatic rise in housing sales in the Hudson Valley as a result of the pandemic, the buying of homes started to decline in 2022, according to a new report.
Compared to 2020 and 2021, housing sales in Westchester, Putnam, and Dutchess Counties showed a decline in 2022, according to a report by the Houlihan Lawrence real estate brokerage from Thursday, Jan. 5.
While sales declined, average sales prices of homes also increased in all three counties, the report said. Houlihan Lawrence officials attributed this to an "unsustainable" volume of sales created by high demand during the height of the pandemic in 2020 and 2021.
"These few market shifts may be the first indicators of a market starting to normalize," said Houlihan Lawrence CEO Liz Nunan.
"As we enter 2023, conditions remain ideal for sellers who properly price their homes, as discouraged yet price-savvy buyers continue to wait for new inventory," she added.
The report included the following data on the 2022 housing markets in each of the three counties:
- Westchester County: Sales decreased by 17.7 percent, while median sales prices increased by 4.5 percent;
- Putnam County: Sales decreased by 22 percent, while median sales prices increased by 11 percent;
- Dutchess County: Sales decreased by 22.7 percent, while median sales prices increased by 5.4 percent.
The increase in sales prices was also caused by demand remaining high while interest rates rose, Houlihan Lawrence officials said. Inventory also decreased throughout the year, they added.
Nunan remains optimistic for 2023, though.
"Our communities across Westchester, Putnam, and Dutchess Counties continue to attract new residents looking to establish new roots and inspire existing residents to move within our towns. We are grateful to our communities and look forward to a successful 2023," she said.
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