While wages have risen 15.7% in the same time frame, they haven't kept pace with borrowing costs.
In July, inventory saw small gains in some counties, but the market is still tight overall.
The analysis projects substantial traffic growth in the corridor over the next 30 years, due both to proposed development and long-term population trends.
Market dynamics continue to reflect high competition at the entry level and slower movement in the luxury tier.
WHITE PLAINS—The Hudson Gateway Association of Realtors released its June 2025 housing report today, revealing continued price growth and evolving inventory conditions across the Hudson Valley and surrounding areas. Based on data from OneKey MLS, the report shows that while some areas are seeing increased options for buyers, prices remain high—especially in Westchester, which has crossed a historic threshold with the single-family median price climbing to the $1.2-million threshold.
“The median price of a single-family home in Westchester surpassed $1 million for the first time in 2025, reaching $1.2 million, up 14%, underscoring the region’s continued appeal despite affordability concerns,” said Lynda Fernandez, CEO of HGAR. “We’re also seeing double-digit price increases in Putnam and the Bronx, while sales activity remains strong in Rockland and Orange counties.”
She continued, “Inventory is showing modest improvement in some areas, but it’s not keeping pace with demand—especially for move-in ready homes under $500,000. Buyers are shifting strategies, expanding their search radius, and exploring alternative property types. In this evolving market, Realtors are more important than ever in helping consumers adapt and succeed.”
With 30-year mortgage rates hovering near 6.75% in June, buyers remain rate-sensitive, increasingly exploring townhomes, co-ops, and peripheral markets to stretch their purchasing power, the HGAR report stated. Nationally, pending home sales in May rose 1.8% month-over-month and 1.1% year-over-year, according to NAR. Locally, HGAR’s region reflects similar resilience, with select counties such as Rockland and Orange posting strong sales growth despite affordability challenges.
Market dynamics continue to reflect high competition at the entry level and slower movement in the luxury tier. Homes priced under $500,000 remain in high demand and are in short supply, leading to multiple offers and quick sales. Higher-priced homes, especially above $1 million in Westchester and Rockland, are seeing longer days on the market and more negotiation room. Inventory trends remain uneven, with some counties experiencing growth, while others still face tight conditions.
A balanced real estate market typically reflects 6 months to 9 months of inventory—enough supply to meet demand without favoring buyers or sellers. Markets below that threshold, like most of HGAR’s region, continue to lean toward sellers, while areas approaching or exceeding that range, such as the Bronx, offer buyers more leverage and negotiating room.
The median price for a single-family home hit $1.2 million (+14%). Closed sales rose nearly 5%, showing that buyers remain engaged despite price pressures. Condo and co-op prices also rose 4% and 5.5% respectively, though sales dipped slightly. Days on the market in Westchester County dropped to just 19 in June, underscoring the continued competitiveness of the market. Inventory is also still constrained, with only 2.7 months of supply, down from last month. Sellers are well-positioned, especially with updated, move-in-ready homes. There were 909 new listings in June, up slightly year-over-year. While Westchester remains a seller’s market, markets like the Bronx with 7.4 months are nearing balance, offering buyers more negotiating power.
Putnam’s single-family median price jumped to $612,000 (+10%), while closed sales dropped nearly 9%. Condo prices fell slightly (-3.3%), and sales dipped by 12.5%. With 3.6 months of inventory, buyers are gaining more leverage, though demand for move-in-ready homes remains strong. There were only 127 new listings in Putnam, down nearly 9% year-over-year. Days on the market rose to 24, up 9%.
Single-family home prices rose to $785,000 (+5.4%), and sales climbed 7%. Condo prices held steady, but co-op prices dropped nearly 24%. Interestingly, co-op sales rose by 17%. With 3.6 months of supply, this market is becoming more balanced, offering buyers increased choices while maintaining seller momentum. There were 338 new listings in Rockland, up 10.5%.
Orange continues to attract value-driven buyers. The median single-family home price rose to $459,900 (+3.3%). While condo sales declined by 31%, prices remained stable. Inventory sits at 3.8 months. Orange remains a popular choice for first-time buyers and those priced out of neighboring counties. There were 416 new listings in June, and days on the market were up nearly 4% at 28.
The median single-family price rose to $351,500 (+2.6%), while closed sales fell nearly 8%. Known for its second-home market, Sullivan remains sensitive to mortgage rate fluctuations, but opportunities remain for buyers seeking seasonal properties or long-term investments.
In the Bronx, co-ops have become increasingly attractive to first-time buyers, contributing to a 15% year-over-year rise in the median price, even as inventory builds. Bronx home prices climbed to $680,000, +8%. Closed sales declined by 15%, but new listings rose 12%, indicating a growing supply. Months of inventory for co-ops and condos alone rose to 9 months, up 1.1% year-over-year. There were only 134 new listings in The Bronx, down 11%.
While prices remain strong, shifts in inventory and buyer behavior are creating a more nuanced market. Sellers should focus on presentation and pricing, while buyers can benefit from increased options and potentially more favorable contract terms.
“Whether you’re buying or selling, it’s no longer just about speed, it’s about strategy,” Fernandez added. “Today’s market requires a more calculated approach. Buyers need to understand which areas offer the best value and be prepared with financing in place, while sellers must price competitively and ensure their homes stand out in a growing pool of listings. Navigating these complexities takes more than luck—it takes local insight, real-time market knowledge, and negotiation expertise. That’s where HGAR Realtors make the difference, helping clients make confident, informed decisions every step of the way.”
Editor’s Note: The full June 2025 housing report, including interactive charts and county-level data, is available at www.hgar.com.
While wages have risen 15.7% in the same time frame, they haven't kept pace with borrowing costs.
In July, inventory saw small gains in some counties, but the market is still tight overall.
The analysis projects substantial traffic growth in the corridor over the next 30 years, due both to proposed development and long-term population trends.
The ever-so-slight improvement in housing affordability is inching up home sales.
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