Hudson Valley Town Leads Nation as Local Home Prices Soar
A local town's home prices have gone up more over the past year than any other place in the country.
If you've been looking at local home prices over the past year you may have noticed that things have quickly gone out of control. Small, older homes are being listed for hundreds of thousands of dollars more than they were just 10 years ago, and they're going fast.
The Hudson Valley is a seller's market
Many local residents who've put their homes on the market have found themselves in the middle of a bidding war, with interested buyers making offers above the asking prices. While this is great news for sellers, first-time homebuyers in the Hudson Valley are struggling to find a place they can afford.
While prices have risen throughout the country, the Hudson Valley has seen the biggest jump in the nation. Realtor.com recently reported that the median home price has increased by about 10% over the past year. Here in the Hudson Valley, that number is actually much higher.
The Hudson Valley has become one of the hottest markets in the nation
Home sales have risen to their highest levels since 2006. With so much demand, houses are being snatched up almost immediately at or above the asking price. In fact, the average time a home spent on the market in March was only 18 days.
One of the most in-demand locations in the country is the Hudson Valley, a refuge for city dwellers who were looking for an escape during the pandemic. Whether buying second homes or relocating for a better quality of life, the Hudson Valley has become one of the hottest markets in the nation.
Local town leads the nation with surging home prices
While the rest of the country's home prices rose by an average of 10% over the past year, property in one Hudson Valley town has skyrocketed over three times that amount. Kingston, New York has seen median real estate prices jump 35.5% in just one year. This is the highest increase in the entire country.
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