house sales

Monsey’s Median House Price Is Second-Fastest Appreciating Community In Hudson Valley

Real Estate

Nyack’s Residential Market Shows Strength According To Property Shark Report

Rockland County had the third-highest median sale price growth in the Hudson Valley according to a report by Property Shark that analyzed the trajectory of Hudson Valley’s residential sales from 2014 and 2018 in Dutchess, Orange, Putnam, Rockland, Ulster and Westchester counties.

Haverstraw closed 2018 with a $255,000 median – 29% higher than in 2014.

Boosting its 2014 median by $119,000, Monsey was the second-fastest appreciating Hudson Valley community in terms of dollar amount growth. The Rockland County market posted a $590,000 median sale price in 2018. While sales activity shrunk 14% in Monsey, Nyack saw 60% more sales close last year than five years prior, with a $114,000 boost in its median.

Nyack had the third-highest median sale price growth – posting a $610,000 median in 2018.

Adjusting 2014 medians for inflation, Property Shark found the median sale price contracted in 45 of the 116 Hudson Valley hamlets, towns and cities. While 66 markets – 57% – experienced growth, most of their medians went up by less than 10%. In fact, medians grew by 20% or more in only eight Hudson Valley markets; of these, only two climbed by more than 30%. The median sale price remained unchanged in five markets.

The most significant price growth took place in Dutchess County’s Stanford, where the median sale price jumped 36%, closing 2018 at $329,950. Stanford’s median growth was also accompanied by a 17% spike in sales activity. The second-highest growth rate was recorded in Beacon, another Dutchess County market. Its sales activity was also on an upward curve, strengthening 35%.

Looking at the Hudson Valley’s price growth from a dollar amount perspective, the leader was Westchester’s Rye. Its 9% growth rate translated to $151,000 – the largest dollar amount growth – bringing Rye’s 2018 median sale price to $1,850,000. That appreciation also made it the most expensive Hudson Valley community and ranked Rye’s 10580 zip code as the 59th most expensive in the nation.

Two-Thirds of Orange Markets See Medians Slide, While Rockland Sales Activity Ramps Up

Westchester County provided the 28 highest median sale prices in Hudson Valley, Orange County saw medians drop in two-thirds of its markets, and Rockland County was the location for more than half of the 10 fastest-appreciating markets in the Hudson Valley.

Rockland County’s top growth rate was 29%, recorded in Haverstraw, which was also the third-fastest appreciating Hudson Valley market. Rockland’s Monsey also stood out with its median appreciating 25%, as did Nyack at 23%. Pomona and Spring Valley were also among the 10 fastest-growing residential markets in the Hudson Valley, boosting their medians by 20% and 19%, respectively.

Putnam County’s top sales activity growth took place in Patterson, which was 54% more active last year than it was in 2014. Patterson was also the county’s fastest-appreciating market, both in terms of growth rate – 18% – and dollar amount – $44,000. Despite being the only Putnam County market in our analysis where the 2018 median was lower than five years prior, Philipstown easily remained the most expensive market, posting a median of $510,000. When adjusting for inflation, that translates into a 6% contraction compared to its 2014 figure.

Conversely, Orange County stood out for its sweeping price contractions. Of the 16 Orange County markets in our analysis, only five had higher medians last year than they did in 2014 and two-thirds underwent negative growth. While Blooming Grove’s 17% median hike was the county’s highest, Deerpark’s 27% drop was the most significant median sale price contraction across the entire Hudson Valley. Moreover, sales activity slowed across the county, without exception.

Westchester Commands Highest Medians, Ulster Boasts Most Affordable Markets

Dutchess County asserted itself with Stanford and Beacon – the leaders of price growth in the Hudson Valley; Union Vale and Dover Town, also in Dutchess County, were the leaders of sales activity growth in the Hudson Valley. Stanford and Beacon were Dutchess County’s top markets for price growth in terms of dollar amount, as well, but Rhinebeck Town and its $390,000 median were the county’s priciest.

Unsurprisingly, Westchester County claimed the most expensive markets in the Hudson Valley. When considering 2018 medians, Westchester was home to the 28 most expensive markets in the entire Hudson Valley and the only five markets where the median surpassed the $1 million mark – although Scarsdale’s $999,999 median nearly made it. This is not unexpected, considering its proximity to New York City and its much larger population. Despite this, the county’s highest growth rate – 18%, recorded in Buchanan and Peekskill – was only the 11th highest in the Hudson Valley.

Ulster County’s priciest community was Woodstock at nearly $340,000, but the most significant growth rate took place in Kerhonkson, where the median climbed 24%. But, Ulster County’s top growth rate in sales activity was a much more impressive 86%, recorded in affordable Ellenville. Here, 90 miles from New York City, the 2018 median was a comfortable $93,700.

Browse the table below for the full picture of the Hudson Valley’s residential price evolution:

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Municipality County 2014 Median Sale Price (Inflation-Adjusted) 2014 Sales Activity 2018 Median Sale Price 2018 Sales Activity 2014-2018 Median Sale Price Evolution 2014-2018 Sales Activity Evolution
Stanford Dutchess $242,875 29 $329,950 34 36% 17%
Beacon Dutchess $254,109 103 $335,000 139 32% 35%
Haverstraw Rockland $197,403 25 $255,000 43 29% 72%
Monsey Rockland $470,910 222 $590,163 192 25% -14%
Kerhonkson Ulster $162,095 56 $201,400 53 24% -5%
Nyack Rockland $496,449 77 $610,000 123 23% 60%
Pleasant Valley Town Dutchess $228,953 84 $276,000 83 21% -1%
Pomona Rockland $445,092 54 $535,950 100 20% 85%
Spring Valley Rockland $395,875 216 $470,000 309 19% 43%
Patterson Putnam $238,167 92 $281,750 142 18% 54%