The Center for Housing Solutions and Community Initiatives, a unit of Hudson Valley Pattern for Progress, released its quarterly Regional Housing Market Report for the Second Quarter of 2021 on Tuesday. The report analyzes trends in the regional real estate market for the nine counties in Pattern’s footprint.
“The second quarter data shows the continuing trends of a strong Seller’s Market. New listings are increasing but the inventory is being sold faster than new listings appear on the market,” said Joe Czajka, Pattern for Progress Senior Vice President for Research, Development, & Community Planning and Executive Director, of the Center for Housing Solutions and Community Initiatives.
New listings in the Hudson Valley were up 28.2% with more than 2,600 homes added to the regional housing market in the second quarter of 2021 as compared to the “pandemic influenced” second quarter of 2020.
While new listings have increased compared to last year, new inventory has not quite returned to pre-pandemic levels. Every county in the region still had fewer new listings added to the housing market during the second quarter of 2021 than during the same period of 2019.
‘The demand for homes priced under $275,000 is sorely needed’
The number of homes for sale continued its downward trend in the second quarter, down 31.1% for the region compared to the same time last year.
The constricted housing inventory and pent up buyer demand continue to force the median sales price up across the region, with every county showing an increase of $55,000 or more in values as compared to the same time last year.
“Our research and analysis provides a strong argument for the increased construction of new single-family homes at all price points,” Czajka said. “As the median prices continue to rise, interest rates remain at historic lows, but wages are not showing signs of substantial improvement. The demand for homes priced under $275,000 is sorely needed in the Hudson Valley.”
The construction of new homes throughout the region remains challenging, as builders face lengthy local approval processes, labor shortages, as well as reluctance by some existing residents and municipalities to accept new development.
About Hudson Valley Pattern for Progress
Pattern for Progress’ Center for Housing Solutions and Community Initiatives is the prime source for regional information and trends in housing in the Hudson Valley. The center conducts research, and produces analyses, drafts housing policy recommendations, provides technical assistance, strategic planning and financial underwriting for public, private, and nonprofit organizations, to identify action items that can address the challenges and issues raised to chart a pathway for success.
The Hudson Valley Regional Housing Report Q2 2021 is available on Pattern’s website:
Hudson Valley Pattern For Progress is a policy, planning, advocacy and research nonprofit that has promoted regional, balanced, equitable, and sustainable solutions for the Hudson River Valley since 1965. Visit Pattern-For-Progress.org. Follow on Facebook, Instagram, and LinkedIn @PatternForProgress and on Twitter @HVPattern.