Project Description
For more than a decade, Hudson Valley Pattern for Progress has compiled annual and quarterly reports that analyze the housing market across our region. These reports have allowed us to spot trends, anomalies, challenges, and opportunities within the homebuying market across our nine counties. Our analysis of the regional housing market is part of Pattern’s broader work on housing through our Center for Housing Solutions.
The Hudson Valley home market has transitioned into a new stage. For the first time in more than seven years, the nine-county region has seen three consecutive quarters in which the quantity of new listings and the total inventory of homes for sale both increased. The gains are modest. New listings and the total inventory of homes on the market both grew by about 100 to 200 homes compared to Q3 last year.
This change is noteworthy because the Hudson Valley experienced six consecutive years of rising prices and declining stock for sale on the market. However, we should not expect regional market dynamics to change quickly. Compared to the pre-pandemic market, our region still has less than half the quantity of homes for sale. This supply constriction – along with other forces such as corporate homebuying and remote work – are likely to push home prices higher in the near term.
