It’s no secret that real estate has been rebounding over the past few months as a direct result of consumers moving out of metropolitan areas to less densely populated areas. This has been fantastic for REALTORS®, especially when it comes to the Northeast and Mid-Hudson Valley home sales. The surge of sales has allowed the market to recover at an alarming rate, as well as see its highest level of home sales since the housing boom in 2006. The Northeast, in particular, has seen the highest rate of sales within the country over the past three months.
Homes sales have risen 10.4% this past summer compared to summer 2019. As people start to enter back into the workforce, and mortgage rates remain at historic lows, this has made buying real estate more favorable, versus renting or in buying in previous years, especially in less densely populated areas. Lawrence Yun, the NAR’s chief economist reports that this buying trend will likely continue for the rest of the year. As people are able to continue working from home, and likely to continue for the foreseeable future, single family homes, condominiums and townhouse sales will likely continue to be popular properties, especially with first time home buyers in attractive areas to work from home. Median home sale prices have also increased, with a current average of around $310,000, versus $278,000 in August 2019.
The Northeast has rebounded well, with home sales jumping 13.8%, up 5.7% the previous year, and a median home price of $349,500, up 10.4% from August 2019. The biggest factor that will predict sales is inventory, as there is much more demand versus supply. New construction of homes will be crucial in order to fill the demand of consumers rethinking their lifestyle amid the pandemic.
Surging home sales is also a major factor in helping boost the economic recovery of the United States. As the country’s economy suffered greatly in the earlier months of 2020, the healthy real estate market shows that consumers are getting back to work and able to spend money once again. Particularly for the Hudson Valley, as we see an increase of consumers moving up here, this will also help stimulate the local economies and the small businesses that suffered in the beginning part of the year. Businesses related to home renovation, construction will likely benefit from the surge, as well as local restaurants, retail stores, local banks and additional local businesses.
This is great news for REALTORS® in the Mid Hudson Valley area. As a desired location that offers a healthy lifestyle, while still within easy driving distance to New York City, this area will likely continue to be a top destination for consumers to relocate, as they can easily work from home, have access to great schools, fantastic restaurants, lots of outdoor recreation, which is all highly valued during a pandemic. Based on this, it’s expected for the Mid-Hudson Valley home sales market to continue to boom.
If you’re in the market to relocate to Ulster County, make sure you connect with local REALTORS® to help you make your transition to the area as seamless as possible. The UCBR website offers a plethora of information regarding the area, home buying and selling, and how to best connect with a REALTOR® that is right for you. Visit our website or contact us for more information.
