Hudson Valley Town Has the Fastest Rising Home Prices in U.S.
The Hudson Valley is known to have a high cost of living, but one Hudson Valley town now has the fastest rising home prices in the country.
According to Bloomberg, Kingston has the fastest rising home prices in the U.S. Kingston was measured amongst 181 metropolitan areas in the U.S. by the National Association of Realtors. An average home in Kingston sold for 18% more this second quarter, compared to last year. To compare, the average home price rose by 4.2% in the U.S. During the first quarter, the prices rose by 7.7%.
Bloomberg reports that the average home in Kingston sold for $276,000 in the second quarter of this year. COVID-19 shutting down most of New York State caused a brief pause in home buying. But by May, buyers came flooding from New York City to the suburbs. Amy Crossfield, a Kingston real estate agent, said that every deal she has had is someone from Brooklyn or Manhattan. Crossfield said there are bidding wars, cash offers, and people putting in offers the same day something comes on the market.
This isn't the first time Kingston has made headlines this year for New York City residents flocking to the area. In April 2020, a report revealed that hundreds of people from NYC had fled to Kingston to escape COVID-19. Roughly 900 people had come to Kingston from New York City and requested an address change to receive their mail in the Hudson Valley.