Outdoor space was especially important to movers to the Midwest, while movers to the Northeast were particularly driven by the need for more square footage and a better work commute.
The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
WHITE PLAINS—While the perfect storm of low inventory, rising interest rates and persistent inflation have certainly had their impact, the lower Hudson River Valley and greater New York City suburban real estate markets have continued to show remarkable resiliency in the second quarter of 2022.
Although the market has, in some instances, slowed compared to the over-heated market conditions of 2021, comparisons to the pre-pandemic market of 2019 show very stable conditions. Median sales numbers in the entire area continued to rise in the second quarter, still fueled by low inventory.
In Westchester County second quarter single-family home sales of 1,583 declined 14.2% compared to the second quarter of 2021. However, when compared to the second quarter of 2019, single-family home sales in Westchester were up 5.5%. Condo sales in Westchester for the second quarter of 2022 were ahead of 2021 by 4.7% and co-op sales were even more robust, coming in 14.8% higher than the 2021 second quarter numbers. The single-family median sale price of $885,000 posted a 6% increase over last year, the condo median sale price of $450,000 was 11.1% higher than 2021, and the co-op median sale price of $203,000 was 6.8% higher than the previous year.
In Putnam County single-family home sales of 243 were down 19.8% compared to the second quarter of 2021, but when compared to 2019, the number of sales were identical. The median sales price of $480,000 was 8.6% higher than the second quarter of 2021. Rockland County experienced a steeper dip, with single family home sales down 22.8% and condo sales down 31.3%, however, when continuing the comparison to the second quarter of 2019, the 2022 second quarter numbers were slightly ahead. The single-family median sales price of $645,000 for the second quarter of 2022 in Rockland County was 17.3% higher than 2021.
In Orange County the second quarter single-family home sales number of 846 was down 12.3% over the 2021 second quarter, and the condo sales number of 119 was off 4.9%. The single-family home median sales price was up 15.3% at $415,000 and the median condo sales price of $275,000 for the second quarter was a 25% increase over the 2021 second quarter. In Sullivan County the single-family sales number of 273 was off 19% over the previous year, but was up more than 25% when compared to the second quarter of 2019.
Focusing closer to the city, the Bronx market continued to impress in the second quarter of 2022, with single-family home sales ahead 19.7% over the second quarter of 2021. The median sales price of $617,500 was 9.3% ahead of last year.
There will continue to be challenges in comparing sales numbers to the pandemic year of 2020, when the market came to a grinding halt in the second quarter, and the post pandemic market of 2021, when pent up demand drastically sped up typical buying cycles.
In conclusion, one has to believe that the significant head winds of a declining stock market, rising inflation, rising interest rates, and the threat of a recession will continue to take their toll on the housing market. However, continued strong buyer demand, low inventory, and a strong labor market appear to be mitigating factors. Also, there have not been any significant price corrections given the current economic headwinds. Depending upon the length and depth of a recession (if there is one), the lower Hudson River Valley and greater New York City suburban real estate markets should continue to demonstrate stability going forward into 2022. So far, the housing market appears to be rising above the perfect storm. Click Here to read the full report.
Data for this report was provided by OneKey MLS, one of the largest Realtor-subscriber-based MLS’s in the country, dedicated to servicing more than 46,000 real estate professionals that serve Manhattan, Westchester, Putnam, Rockland, Orange, Sullivan, Nassau, Suffolk, Queens, Brooklyn, and the Bronx. OneKey MLS was formed in 2018, following the merger of the Hudson Gateway Multiple Listing Service and the Multiple Listing Service of Long Island. For more information on OneKey MLS visit onekeymlsny.com.
That fact that both sales and home prices continue to increase is an indication of the high demand and low supply that exists throughout the New York metro area and lower Hudson Valley,” said HGAR CEO Lynda Fernandez.
“Mortgage rates in Trump’s first term (at 4%) were the good old days. Are we going to go back to 4%? Per my forecast, unfortunately, we will not. It’s more likely that we’ll go back to 6%.
New York City remains a top market for investment for international groups.
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