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Median Selling Price For Single-Family Home In Rockland Rose 12 Percent
In Rockland County, the median selling price for a single-family-homes increased 12 percent to $560,000 from $500,000 in 2020, according to The Hudson Gateway Association of Realtors (HGAR), using data from its OneKey MLS Inc. multiple listing service,
The number of units sold was up 15 percent from 2,333 in 2020 to 2,683 in 2021. There were 728 condos sold in Rockland, a 27.3 percent increase from 2020 and 98 co-ops, a 24.1 percent increase. The number of two- to four-family houses was up 103.3 percent with 122 sold in 2021 compared with 60 in 2020.
However, HGAR also reports that the median sale price for single-family homes in Westchester fell by 0.8 percent in the fourth quarter of 2021, while still showing a 6.1 percent increase for the entire year.
The real estate market stayed heated throughout 2021 but could slow in 2022 because the Fed is expected to raise interest rates in 2022 and inventory remains tight. A city exodus has driven the real estate frenzy in the suburbs and exurbs of New York. It remains unclear how the third wave of COVID, with the Omnicron variant, will impact the market.
HGAR reported that the median selling price in Westchester was $780,000 for 2021 compared with $735,000 for 2020. There were 7,409 single-family homes sold in Westchester in 2021, an 11.2 percent increase from the 6,660 sales in 2020. The number of condominiums sold skyrocketed 33.1 percent from 1,249 in 2020 to 1,662 in 2021. Co-op sales rose 36.3 percent from 1,562 in 2020 to 2,129 in 2021. In the multifamily category of two- to four-family homes, there were 655 properties sold in 2021 compared with 484 in 2020, an increase of 35.3 percent.
The median sale prices for both condos and co-ops in Westchester were up 5.5 percent, at $425,000 and $193,000, respectively. The median price for two- to four-family properties was up 12.7 percent for the year at $675,000.
The largest percentage price increase for single-family homes was found in Sullivan County, where the median price rose 25.3 percent to $244,400 from $195,000 in 2020.
Orange County saw a median sale price increase of 16.5 percent for single-family homes. In 2020, the median price had been $315,000 and it rose to $367,000 in 2021. While the number of single-family home sales in Orange County increased by 11.2 percent for the year to 4,444 units compared with 3,996 in 2020, there was a drop of 20.7 percent in the fourth quarter. The fourth quarter of 2021 saw 1,137 single-family home sales compared with 1,433 in the fourth quarter of 2020.
The number of two- to four-family homes sold in Orange during 2021 was 344, soaring 72 percent above the 200 sold in 2020. Co-op sales were up 77.8 percent with 16 sold in 2021 versus nine in 2020. There were 602 condos sold in 2021 in Orange, a 31.7 percent increase from the 457 sold in 2020.
The median sale price for Orange County condos was $230,000, up 12.2 percent. For co-ops, the price was $88,000, a 46.7 percent increase from $60,000 in 2020. The median sale price of 2-4 family homes went up 25 percent to $298,700.
Putnam County saw its single-family median sale price increase 15.8 percent to $440,000 from $380,000 in 2020. The number of single-family houses sold was up 8.8 percent from 1,262 in 2020 to 1,373 in 2021.
HGAR cited a lack of inventory as a problem in the residential marketplace. Even with the Federal Reserve expected to tighten monetary policy and raise interest rates in the coming months, resulting in an uptick in mortgage interest rates, HGAR said that it expects a strong real estate market to continue into 2022.