Pattern for Progress Report: Home prices in Hudson Valley reach all-time highs

According to a new report by Hudson Valley Pattern for Progress, the cost of purchasing a home locally continues to rise, pricing out many prospective buyers.

In 2024, the median price of a home surpassed $300,000 for the first time in all nine Hudson Valley counties. The median price in every county except Greene and Sullivan is over $400,000. Westchester County in 2024 became the first county to surpass the $700,000 mark.

“Homeownership right now is mathematically out of reach for the majority of our neighbors who do not already own a home,” said Adam Bosch, President and CEO of Hudson Valley Pattern for Progress. “This is a statistical fact that we computed in our “Out of Reach” report last year. That means we have a greater proportion of middle-class families seeking out rentals than ever before, putting stress on an already-limited rental stock.”

Home prices began to skyrocket during the COVID-19 pandemic when people left New York City to purchase homes in the Hudson Valley at more than 100 percent of the asking price. This trend has been given an extended life by the continuation of remote work, and by certain investment forces that are compelling people to invest in single-family homes as short-term rentals.

The Patterns reported that the region is producing very little new housing stock for ownership, contributing to higher prices. The cost of land, materials, labor, insurance, and taxes has skyrocketed, making it hard to build a lot of new stock. Meanwhile, interest rates are still relatively high. Many who are in homes they own – including seniors who would like to downsize – are staying in their homes because it is their cheapest option.

Are there any hopeful signs? Not many,” Bosch said. “Right now we have about 55% fewer homes on the market compared to “normal” times before the pandemic.”