This HV County Had The Biggest Property Value Increase
New York house hunters may want to focus on one particular county when looking for the best value for their dollar in the Hudson Valley.
Real estate is a sore subject for many Hudson Valley residents, and the perception of massive price increases across the region has led countless prospective home buyers to call off their search all together. Luckily, while one Hudson Valley county had a hefty rise in home prices over the last year, several others might finally be headed towards a buyer's market.
Biggest Home Price Increases in the Hudson Valley, NY
The real estate Rocket Homes recently published studies looking at median home price increases across the Hudson Valley. Between August 2022 and August 2023, data from sales in Orange, Dutchess, and Ulster counties helped paint a better picture of where it's easiest to purchase a home.
Home Prices in Ulster County, NY
According to the research, Ulster County, NY is the only one of the three counties to be listed as a "neutral" market, meaning it favors neither the buyer or seller. A $7,541 increase in median home price (a 2% change) over the last 12 months combined with the fact that almost 50% of homes were sold below asking price in July 2023 points to a positive trajectory for home buyers.
Home Prices in Dutchess County, NY
While Dutchess County, NY is still listed as a "seller's market", positive news for buyers is that the median price of homes in the area have not increased by any significant amount over the last 12 months. Still, with only 30% of homes being sold below asking price last month means that hopeful buyers may still need to cough up some extra cash.
Home Prices in Orange County, NY
Orange County, NY is still the most difficult for Hudson Valley home buyers. The median home price has risen over $20,000 since August 2022, and July saw 53% of homes being sold over asking price. A small respite for Orange County real estate hopefuls is that the supply of homes seems to be rising, while inventory in Dutchess and Ulster counties have fallen since last month.
Even though the focus may be on a realistic home within your budget, it's always fun to play make-believe, too. Check out the fantastic Orange County, NY castle, complete with pools and a lagoon below, and keep scrolling to see the Ulster County home with a secret tunnel!