The Hudson Valley real estate market is still strong, but it’s evolving like the rest of the country.
While the Hudson Valley continues to be a desirable location because of the natural beauty and a lifestyle people crave, we’re seeing some shifts that sellers need to be aware of to maximize their outcome.
Most of my buyers & sellers over $600,000 are not facing bidding wars as in the past few years.
Homes listed between $350,000 to $600,000 are experiencing bidding wars if the home is priced competitively in the Mid-Hudson Valley, and Westchester & Putnam Counties are seeing a downtrend in prices while inventory levels remain low.
Here’s a quick look at the Hudson Valley Real Estate Market and what to keep in mind:
Months Supply of Inventory is Increasing. The lower Hudson and Mid-Hudson Valley areas have lower inventory levels and are in a seller’s market. This generally leads to competitive bidding and higher selling prices.
Areas north of Poughkeepsie & Newburgh are slowing down and are more of an even market if not a buyer’s market.
Median Days on Market: Homes are still selling relatively quickly, indicating robust buyer interest and a dynamic market.
Sold to List Price Percentages: Homes are selling very close to their asking price, empowering sellers in negotiations. Buyers are still not able to negotiate for concessions or ask for huge discounts from inspections, but that will likely change as the year progresses.
It’s crucial to understand that the market is changing right now. While we’re still in a seller’s market in “most” of the Hudson Valley, we’re observing a slight decline in median home prices in some areas compared to recent peaks.
This means the days of automatic bidding wars and significantly over-asking offers might be settling down in the next few months, and a strategic approach is more important than ever.
To ensure a Hudson Valley home is a prime candidate for a quick and successful sale in this evolving landscape, here are three critical factors:
Condition of the Home: Buyers are discerning. A well-maintained, updated, and show-ready home will always stand out and command a premium, even in a shifting market.
Location of the Home: Proximity to desirable amenities, charming towns, or scenic views in the Hudson Valley continues to drive buyer interest.
Pricing the Home Correctly: This is more crucial than ever. While demand is still high but starting to level off, overpricing in a market where values are seeing a slight decline can lead to longer days on market and eventual price reductions.
The Hudson Upstate Team and I can help you navigate the Hudson Valley real estate market and make informed decisions for your home.
Curious about your home’s current value today and how these market shifts impact your specific property?
Download my complimentary seller’s guide today & book a quick call to discuss your home one-on-one.
Carlin Felder | Licensed Real Estate Salesperson, the Hudson Upstate Team at eXp Realty NY
📱 Call or Text: 845-554-7345 to get the convo started
📨 Email: carlinfelder@gmail.com if you are shy
🏢 777 Westchester Ave Suite 101, White Plains, NY 10604
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