HGAR bullish on residential real estate for 2022
The Hudson Gateway Association of Realtors (HGAR), using data from its OneKey MLS Inc. multiple listing service, reports that the median selling price of single-family homes in Westchester fell 0.8% in the fourth quarter of 2021 , while still posting an increase of 6.1% for the whole year.
HGAR said the median selling price in Westchester was $ 780,000 for 2021, up from $ 735,000 for 2020. There were 7,409 single-family homes sold in Westchester in 2021, an 11.2% increase from the 6 660 sales in 2020. The number of condominiums sold jumped 33.1% from 1,249 in 2020 to 1,662 in 2021. Co-op sales jumped 36.3%, from 1,562 in 2020 to 2,129 in 2021. In the multi-family category of homes with two to four families, there were 655 properties sold in 2021 compared to 484 in 2020, an increase of 35.3%.
Median condominium and co-op selling prices in Westchester rose 5.5% to $ 425,000 and $ 193,000, respectively. The median price of properties in two to four families rose 12.7% for the year to $ 675,000.
The largest percentage price increase for single-family homes was seen in Sullivan County, where the median price rose 25.3% to $ 244,400, from $ 195,000 in 2020.
Orange County saw a 16.5% median selling price increase for single-family homes. In 2020, the median price was $ 315,000 and it rose to $ 367,000 in 2021. As the number of single-family home sales in Orange County increased 11.2% for the year to 4 444 units compared to 3,996 in 2020, there was a drop of 20.7% in the fourth quarter. The fourth quarter of 2021 saw 1,137 single-family home sales compared to 1,433 in the fourth quarter of 2020.
The number of homes of two to four families sold to Orange in 2021 was 344, surpassing the 200 sold in 2020 by 72%. Cooperative sales increased by 77.8% with 16 sold in 2021 compared to nine in 2020. It there were 602 condos. sold in 2021 to Orange, an increase of 31.7% compared to the 457 sold in 2020.
The median selling price of Orange County condos was $ 230,000, up 12.2%. For co-ops, the price was $ 88,000, a 46.7% increase from $ 60,000 in 2020. The median selling price of 2-4 family homes increased 25% to $ 298,700.
In Rockland County, the median selling price of single-family homes increased 12% to $ 560,000, from $ 500,000 in 2020. The number of units sold increased 15%, from 2,333 in 2020 to 2,683 in 2021. There were 728 condos sold in Rockland, an increase of 27.3%. of 2020 and 98 cooperatives, an increase of 24.1%. The number of houses with two to four units is up 103.3% with 122 sold in 2021 against 60 in 2020.
Putnam County saw its median single-family home selling price rise 15.8% to $ 440,000 from $ 380,000 in 2020. The number of single-family homes sold rose 8.8% to 1,262 in 2020 to 1,373 in 2021.
HGAR said the lack of inventory continues to be a problem in the residential market. Even though the Federal Reserve is expected to tighten monetary policy and raise interest rates in the coming months, leading to higher mortgage interest rates, HGAR said it expects a strong real estate market. continues in 2022.
HGAR said, âThe economy of the Hudson Valley continues to improve and become more dynamic, which bodes well for real estate. It is likely that the price increases will moderate and more products will enter the market, which will keep the market strong in the near term. “