People Leaving NYC for the Hudson Valley Expected to Stop
Tired of people moving to the Hudson Valley? It could stop soon.
According to the New York Post, the "exodus" of people leaving New York City is expected to end soon. They predict the exodus will end as soon as this month, April 2021. More people are staying in New York City at this time than leaving. People leaving New York City were on the rise before the rise of COVID-19 and was accelerated by the global pandemic. People who have left New York City have come to the Hudson Valley in droves for the past year.
With this swarm of people leaving New York City for the Hudson Valley came rising home prices. While the New York Post reports that the numbers leaving NYC for our area are expected to drop, we reported recently that housing prices are expected to continue to rise in the Hudson Valley. In March 2021, we reported Keller Williams real estate agent Phil Szumlaski said, "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."
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, according to an early report we published in March 2021. This previous report also said the New York State Association of Realtors believes that housing demand will remain strong in the Hudson Valley. Like The Real Deal, they also believe supply will be low.
In November 2020, we reported multiple stories of people listing their home for sale and having an offer within 24 hours of it being listed.