2024 Year in Review: An Industry Coping with Dramatic Changes

The year 2024 in the real estate sector was highlighted by controversy and radical change on the national level as the National Association of Realtors reacted to scandal and later announced a landmark $418-million settlement in the broker-commission litigation. For the remainder of the year, the industry learned and implemented practice changes mandated by the settlement.

On the state and local levels, the real estate industry coped with high demand, low inventory and volatile interest rates as the Federal Reserve tried to battle inflation, which by the end of the year included three rate cuts with promises of several more in 2025.

The first major change in 2024 on an association basis was the conversion of Real Estate In-Depth from a print publication to an all-digital format and the launch of realestateindepth.com. HGAR, which had published a monthly print news publication since 1926, decided that its membership required more timely news delivery and heralded the new platform as “more robust, intuitive, versatile, and cost-effective.” HGAR CEO Lynda Fernandez stated in her December 2023 column: “Most importantly, it will allow our members and subscribers the ability to better access and leverage the content and information to use with contacts and clients.”

The following are some of the major news stories covered in Real Estate In-Depth (https://realestateindepth.com/) in 2024.

January 2024

• Developments in the ongoing fallout from sexual harassment allegations leveled against former NAR President Kenny Parcell took a surprising turn when NAR President Tracy Kasper resigned on Jan. 8 over a blackmail threat she received to disclose a “past personal, non-financial matter unless she compromised her position at NAR.” (see https://realestateindepth.com/breaking-news-nar-president-kasper-resigns-over-blackmail-threat-sears-takes-over-as-association-president-immediately/). Later in the month, Kevin Sears stepped into the role of NAR President for the 2024 term. (see https://realestateindepth.com/kevin-sears-steps-into-role-as-nar-president/)

• On the local front, Regeneron Pharmaceuticals acquired the former Avon Global Innovation Center in Suffern for $138 million for its research and development functions. (see https://realestateindepth.com/regeneron-pharmaceuticals-buys-avon-complex-in-suffern-plans-to-spend-138-million-on-new-r-d-complex/).

• A confluence of economic headwinds that included high interest rates, inflation, low for-sale inventory, as well as international conflicts and domestic political discord, took their collective toll on the residential real estate sales market in the New York metropolitan area, according to the Fourth Quarter and Full-Year 2023 Residential Real Estate Sales Report released by the Hudson Gateway Association of Realtors. (see https://realestateindepth.com/regional-home-sales-decline-sharply-in-ny-suburban-markets-in-2023-for-sale-inventory-remains-low/).

February 2024

• In a gala event held at the Opus Westchester in Downtown White Plains on Feb. 1, Carmen Bauman was installed as the 2024 HGAR President and the association’s 2024 Executive Officers and Directors were sworn into their respective terms of office. (see https://realestateindepth.com/carmen-bauman-installed-as-2024-hgar-president/).

• At a press conference, New York Gov. Kathy Hochul announced that the City of White Plains was this year’s Downtown Revitalization Initiative Mid-Hudson Region honoree and will receive $10 million in economic development funding. In addition, the governor reported that two Orange County communities—the villages of Highland Falls and Montgomery received $4.5 million each from the $100-million NY Forward program. (see https://realestateindepth.com/breaking-news-white-plains-granted-10-million-in-downtown-revitalization-funding-by-new-york-state/).

• A little over two weeks after the Westchester County Board of Legislators approved the measures, Westchester County Executive George Latimer signed the bills into law authorizing a total of $5.7 million in bond financing for land purchases would seed the development of two affordable senior housing projects in Ossining and Yonkers. (see https://realestateindepth.com/westchester-county-executive-latimer-signs-bills-to-fund-land-deals-for-affordable-senior-housing-developments-in-ossining-and-yonkers/). Westchester County also announced the launch of a $100-million affordable housing development fund. (see https://realestateindepth.com/westchester-launches-100-million-fund-to-help-finance-shovel-ready-affordable-housing-projects/).

March 2024

• The Hudson Gateway Association of Realtors Commercial Investment Division held a vibrant and well-attended roundtable discussion on multifamily ownership best practices that offered a frank and sometimes brutal assessment of how rising costs and compliance to New York City and New York State’s rent regulations are impacting landlord’s bottom lines. (see https://realestateindepth.com/navigating-the-difficulties-of-the-multifamily-market/)/

• The National Association of Realtors announced an agreement had been reached that it stated would end litigation of most of the claims brought on behalf of home sellers related to broker commissions. NAR agreed to changes to its commission structure as part of the settlement terms, including putting in place a new MLS rule prohibiting offers of broker compensation on an MLS and enacting a new rule that would require MLS participants working with buyers to enter into written agreements with their buyers. The agreement would resolve claims against NAR, over one million NAR members, all state/territorial and local REALTOR associations, all association-owned MLSs, and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below. (see https://realestateindepth.com/breaking-news-nar-reaches-418-million-agreement-to-settle-most-broker-commission-cases-agrees-to-commission-rule-changes/).

• For the second year in a row, more than 100 members of the Hudson Gateway Association of Realtors traveled to Albany to convene with state lawmakers to discuss such topics as the state’s housing crisis, Good Cause Eviction, fairness in cooperative transactions, insurance discrimination, broker fees, etc. Approximately 110 HGAR members participated in the New York State Association of Realtors’ Annual Lobby Day program on March 27. (see https://realestateindepth.com/more-than-100-hgar-members-traveled-to-albany-to-meet-with-hudson-valley-nyc-state-lawmakers/).

April 2024

• Gov. Kathy Hochul and leaders of the Senate and Assembly agreed to a “conceptual agreement” on key priorities in the estimated $237-billion Fiscal Year 2025 New York State Budget. Included in the framework are some provisions of the controversial ‘Good Cause” eviction legislation, as well as a replacement for the 421a tax incentive in New York City. (see https://realestateindepth.com/governor-legislators-reach-agreement-on-framework-of-budget-deal/).

• The Mid-Hudson Forensic Psychiatric Center in New Hampton, which at one time was slated for closure, will in fact remain open and have its operations significantly expanded. The New York State Dormitory Authority on April 26 issued a bid to construct a new Forensic Hospital on the campus located off Route 17M in Orange County. (see https://realestateindepth.com/nys-issues-bid-on-300-m-project-at-mid-hudson-forensic-psychiatric-center-campus-in-new-hampton/).

• Millennials have surged ahead to become the largest group of home buyers, marking a significant shift in the housing market's demographic landscape, according to a report from the National Association of Realtors. (see https://realestateindepth.com/study-millennials-reclaim-position-as-largest-group-of-home-buyers/).

May 2024

• Real Estate In-Depth reported exclusively that in advance of public scoping open houses scheduled on May 15 in the Town of Wallkill and May 16 in Central Valley for the “State Route 17 Mobility & Access Improvement Project” also known as the Route 17 expansion project, the New York State Department of Transportation and the Federal Highway Administration provided significant detail on their three preliminary study concepts involving improvements or expansions possible for the roadway in Orange and Sullivan counties. (see https://realestateindepth.com/exclusive-nysdot-spells-out-route-17-expansion-study-construction-concepts-in-federal-register-filing/).

• National Association of Realtors Chief Economist Lawrence Yun forecasts that interest rates will fall in the long term, 2024 existing-home sales will rise to 4.46 million (up 9% from 4.09 million in 2023) and 2025 existing-home sales will increase to 5.05 million (up 13.2% from 2024)—with further gains in eight of the next 10 years. (see https://realestateindepth.com/nars-yun-predicts-falling-long-term-interest-rates-rising-existing-home-sales-in-2024/).

• The New York State Gaming Commission in a recently released projected casino approval timeline by Executive Director Robert Williams cited the need for environmental reviews as a factor in delaying the Request for Applications. While casino industry leaders and advocates had hoped for a decision by the New York State Gaming Commission on the award of up to three downstate casino licenses sometime this year, it now seems clear the awards will likely come by the end of 2025. (see https://realestateindepth.com/nys-gaming-commissions-new-timeline-sets-downstate-casino-decision-at-years-end-2025/).

June 2024

• The need for more affordable housing was at the crux of discussions at a Hudson Valley Economic Development Powerhouse Roundtable, presented by HGAR’s Commercial & Investment Division. Panelists called for local governments to consider more creative zoning options that could increase workforce housing while reducing job-related stress for both employers and employees. (see https://realestateindepth.com/hgar-cid-panel-discusses-reimagining-zoning-to-create-more-affordable-housing/).

• The Hudson Gateway Association of Realtors, along with six other Realtor associations, held the 3rd Annual Diversity, Equity & Inclusion (DEI) Summit at the Newark Liberty International Airport Marriott. HGAR teamed up with the National Association of Realtors, the New York State Association of Realtors, the New Jersey Realtors, the North Central Jersey Association of Realtors, the Greater Bergen Association of Realtors and the Greater Rochester Association of Realtors to create the two-day presentation. (see https://realestateindepth.com/seven-realtor-associations-host-3rd-annual-dei-summit-in-newark/).

• A little more than three weeks before the controversial tolling program was to go into effect, New York Gov. Kathy Hochul announced she was putting New York City’s congestion pricing program on “indefinite pause.” While the governor cited the costs of the plan as one of the reasons for her decision, some critics say politics played a critical role in her ruling that at the very least will delay the implementation of congestion pricing until after the November election. (see https://realestateindepth.com/gov-hochul-puts-nyc-congestion-pricing-on-indefinite-pause-at-11th-hour/).

July 2024

• Median sales prices for single-family homes continued to rise in June, with the exception of Sullivan County, which experienced a decline of 5.1%. Westchester County once again reached a new record high for the median single-family home price at $1,031,500 in June—a 12.7%% increase over last year’s median home price of $915,000. Putnam County posted the highest gain of 19.2%, bringing its June 2024 median sales price to $590,000, as compared to last year’s median price of $495,000. (see https://realestateindepth.com/median-single-family-home-sales-prices-in-june-rose-sharply-in-almost-every-region/).

• The New York State Association of Realtors issued a “Broker Flash Update” to its members warning them that a new law enacting new requirements in the independent contractor relationship between the real estate broker and associated licensees goes into effect on Aug. 28. According to the new law, a broker is required to have a written contract between the broker and the independent contractor. (see https://realestateindepth.com/brokers-beware-freelance-isnt-free-act-goes-into-effect-on-aug-28/).

• New York State Lt. Governor Antonio Delgado was among the many dignitaries who joined Westchester Medical Center Health Network’s leadership on July 24 to commemorate the start of construction for the Critical Care Tower at Westchester Medical Center. (see https://realestateindepth.com/westchester-medical-center-begins-work-on-220m-expansion/).

August 2024

• On Aug. 6 the New York City Council’s Committee on Land Use voted to approve the Bronx Metro-North Station Area Study rezoning proposal with modifications. The rezoning will pave the way for the development of thousands of units of new affordable housing and invest in neighborhood infrastructure improvements surrounding new Metro-North train stations to be built or improved in the Bronx as part of the more than $3-billion Penn Station Access Project, which is currently under construction. (see https://realestateindepth.com/city-council-committee-approves-bronx-re-zoning-adams-admin-commits-to-500m-in-improvements/).

• The vision of developers to convert the former site of the White Plains Mall that in the 1970s and 1980s was a thriving property into a multi-tower mixed-use property with nearly 900 apartments is becoming a reality. (see https://realestateindepth.com/650-million-ave-hamilton-green-holds-topping-off-ceremony-in-downtown-white-plains/).

• Real Estate In-Depth contacted five veteran Hudson Valley real estate professionals to get their take on the outlook for the housing market in 2024 and beyond. They were: Leah Caro, Broker/Owner and President of Park Sterling Realty of Bronxville; Crystal Hawkins-Syska, Associate Broker, Keller Williams NY Realty, White Plains; Gail Fattizzi, Regional Manager, ERA Insite Realty, White Plains; Vlora Sejdi, Associate Broker, HomeSmart Homes & Estates, White Plains and Joseph Rand, Chief Creative Officer of Howard Hanna | Rand Realty. (see https://realestateindepth.com/the-pulse-of-the-market-where-is-the-housing-market-headed/).

September 2024

• A review of the 132-page “Scoping Report” for the “NYS Route 17 Mobility and Access Improvements Project” also known as the Route 17 expansion project, reveals that the two build alternatives being advanced by the New York State Department of Transportation for further study would each cost more than $1.3 billion to complete. Both alternatives are centered mainly around expansion/improvements in the Orange County corridor between Exit 130 and Exit 120 of Route 17. (see https://realestateindepth.com/exclusive-nysdot-report-route-17-expansion-alternatives-to-be-studied-will-cost-more-than-1-3-billion-each-to-complete/).

• Approximately 90 members gathered at the Castle Hill YMCA to participate in the Hudson Gateway Association of Realtors Second Annual Bronx County Day held on Sept. 12. The program featured the latest association news, along with legislative initiatives and needs put forth by New York State and New York City political leaders. A lively economic development session followed that highlighted some of the major projects planned for the Bronx in the coming years. (see https://realestateindepth.com/leaders-tout-boroughs-opportunities-and-potential-at-hgars-bronx-county-day-event/).

• Commercial lending experts in the Hudson Valley region believe the lending landscape could be facing some challenges in the current real estate market in terms of additional and potentially more lengthy reviews of loans on the table. Four leading lenders in the commercial industry shared their insights at a panel discussion for the Hudson Gateway Association of Realtors Commercial & Investment Division at HGAR’s White Plains headquarters. (see https://realestateindepth.com/regional-commercial-lending-experts-see-more-analysis-and-red-tape-as-possible-challenges-in-current-lending-environment/).

October 2024

• Sales of single-family homes were on the rise in September in the Bronx, Rockland, Orange and Sullivan counties. Median sales prices of homes also climbed in all six regions, with the Bronx taking the lead with a 12.6% increase over this time last year. The September median sales price stood at $670,000, which is $20,000 more than in August. While Westchester still showed the highest median in the region, it did fall from a record high of $1.118 million in August to $905,051 in September. (see https://realestateindepth.com/single-family-homes-sales-rise-in-the-bronx-and-most-areas-of-the-lower-hudson-valley/).

• The Hudson Gateway Association of Realtors, the Long Island Board of Realtors and the Staten Island Board of Realtors jointly staged the first New York City Lobby Day on Oct. 23. Realtors from the three associations met with City Council members and/or staff at City Council member offices at 250 Broadway in Manhattan. (see https://realestateindepth.com/hgar-libor-sibor-hold-first-new-york-city-lobby-day/).

• The Hudson Gateway Association of Realtors changed the format of its 108th Annual Meeting & Members Appreciation Day program this year, opting to hold the business portion of the Annual Meeting virtually on Oct. 22 and its highly popular and informative Member Appreciation Day on Oct. 28 at the Westchester Marriott Hotel. Some of the highlights of the two-day event included the selection of 2024 HGAR award winners, including Realtor of the Year Tony D’Anzica, founder and president of Dynamax Realty of New York City, and Affiliate of the Year Richard Haggerty, CEO of OneKey MLS. (see https://realestateindepth.com/vlora-sejdi-named-2025-hgar-president-danzica-wins-realtor-of-the-year-honor-haggerty-awarded-affiliate-of-the-year/).

November 2024

• The worst of the housing inventory shortage is coming to an end, mortgage rates are stabilizing and job additions are continuing, according to NAR Chief Economist Lawrence Yun. He analyzed the current state of the U.S. residential real estate market and shared his 2025-2026 outlook on Nov. 8 during the Residential Economic Issues and Trends Forum at 2024 NAR NXT, The REALTOR Experience, in Boston. (see https://realestateindepth.com/nar-chief-economist-forecasts-9-increase-in-home-sales-in-2025-mortgage-rates-stabilizing-between-5-5-and-6-5/).

• After putting congestion pricing on pause back in June, New York Gov. Kathy Hochul announced on Nov. 14 a lower daily congestion pricing fee of $9 to help fund the Metropolitan Transportation Authority’s capital plan and reduce congestion and air pollution in Downtown Manhattan. The governor reduced the fee from the original $15 charge that was to be instituted back in June. (see https://realestateindepth.com/gov-hochul-proposes-lower-congestion-pricing-fee-plan-meets-with-mixed-reaction/).

• Realtors and real estate professionals from across the New York metro region and the United States gathered at the Fordham University Lincoln Center campus in Manhattan for the 18th Annual Regional Global Real Estate Summit. The two-day program (Nov. 4-5), was highlighted by a full day of informative presentations and roundtables covering a host of global issues, including marketing and digital media, visas, global real estate trends, remote work opportunities, the outlook for the New York metro region’s economy and global investment and Real Estate Proptech. (see https://realestateindepth.com/hundreds-gathered-for-18th-annual-regional-global-real-estate-summit-in-new-york-city/).

December 2024

• The National Association of Realtors held its annual Real Estate Forecast Summit and the consensus from industry economists that participated in the virtual program was conditions in the residential real estate markets will improve in some key areas in 2025. National Association of Realtors Chief Economist Lawrence Yun began the session by noting that the “worst is over” after the markets experienced difficult sales activity in 2023 and 2024. He predicted that existing home sales will rise between 7% to 12% in 2025 and 10% to 15% in 2026. New home sales volume will rise 11% in 2025 and another 8% in 2026. (see https://realestateindepth.com/nar-realtor-com-builders-mortgage-bankers-economists-expect-home-sales-rates-will-improve-in-2025-2/).

• State and city officials hailed the New York City Council’s passage on Dec. 5 of New York City Mayor Eric Adams’ “City of Yes” zoning proposal that is expected to create 80,000 new homes in the five boroughs and spur billions of dollars in investment. (see https://realestateindepth.com/housing-advocates-hail-city-councils-passage-of-new-york-citys-city-of-yes-zoning-plan/).

• Hudson Gateway Association of Realtors Chief Executive Officer Lynda Fernandez was recently honored for her advocacy efforts on behalf of the real estate community at the 19th Annual Hispanic Business Award Banquet and Scholarship Ceremony of The New York City Hispanic Chamber of Commerce. The event held on Dec. 6 at Maestro’s Caterer’s in the Bronx featured Fernandez being bestowed the chamber’s coveted “Hispanic Advocacy Award.” Fernandez, who has served as HGAR’s CEO since September 2023, was among three NYC Hispanic Chamber of Commerce award winners. She joined HGAR after having served as CEO of the Greater Louisville Association of Realtors. (see https://realestateindepth.com/hgar-ceo-lynda-fernandez-receives-hispanic-advocacy-award-from-the-new-york-city-hispanic-chamber-of-commerce/).