Spotlight: Have Hudson Valley Home Prices Really Settled?

Recent research shows a new dip in Hudson Valley home price increases, but the numbers can be deceiving.

Just last month, local residents were shocked to learn about an astronomical rise in median home costs, especially in Ulster County, NY. Real estate website Redfin had reported a staggering 25.5% increase in median home prices between May 2023 and May 2024. As of publishing, this number has dropped significantly... but why?

Home Price Increase Seem to Be Flattening in the Hudson Valley

At first glance, the numbers seem to be great news for Hudson Valley residents looking to buy a home. In Orange County, NY, Dutchess County, NY and Ulster County, NY, the median home cost has only increased an average of 8.26% in 12 months, nearly a third of the increase reported back in May. Unfortunately, those numbers don't paint the full picture.

Read More: Check Out This Ulster County Mansion’s Astonishing Garages 

Why Have Median Home Cost Increases Reportedly Flattened?

The reason for the massive price increase between May 2023 and May 2024 mostly has to do with a specific dip in home prices in May 2023 (below). Median prices also peaked in May 2024 at $446,250. So how did the yearly median decrease so greatly in such a short amount of time?

Median Home Price Increases in Ulster County, NY

Unfortunately, the answer has less to do with current prices being lower and more to do with a dramatic increase in median home prices from May 2023 to June 2023 (below) that makes the 12-month increase between June 2023 and June 2024 far lower. That means that while the year-over-year percentage increase is much lower than last month, the current home prices haven't dropped significantly.

At 9.8%, Ulster County still has the highest median home price increase over the last 12 months when compared to Orange and Dutchess Counties, although Dutchess County, NY currently has the highest median home price at $460,000. Check out some even more expensive homes below.