New York City Residents Fleeing to Hudson Valley at Record Pace
The mass "exodus" of New York City residents fleeing to the Hudson Valley continues.
The New York State Association of Realtors believes buyer demand will remain high and tight inventory will continue to invite multiple offers and higher prices across much of the housing inventory.
"Low mortgage rates, combined with low supply and high demand for housing, lit a furious fire under home prices. Most homes are barely lasting a week on the market, most are gone within a few days," Keller Williams real estate agent Phil Szumlaski told Hudson Valley Post.
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Mortgage rates fell to a record-low 16 times in 2020, according to the Times Union. The Times Union also believes the "record-breaking" Hudson Valley real estate market is going to continue this spring and summer.
The New York Times reported the exodus of New York City residents moving to the Hudson Valley is making it much harder for Hudson Valley residents to find affordable homes.
"I had a 1,100 sq ft ranch in New Windsor last week have 24 showings in five days with 10 offers, most over the asking price," Szumlaski told Hudson Valley Post.
A recent report from the National Association of Realtors found that Kingston had the fasting rising home sales in the United States as the Ulster County location was on the "receiving end of the exodus" of New York City residents fleeing the city.