Rockland County Market for Single-Family Homes on the Rise Despite Overall Housing Market Struggles So Far in 2023

Rockland Daily Staff

According to the first quarter report from the Hudson Gateway Multiple Listing Service, the first quarter of 2023 shows a drop in overall residential sales throughout the Hudson Valley. 

The data for Rockland, Westchester, Putnam, and Orange counties shows a struggling housing market as inventory levels for single-family homes, condominiums, co-operatives, and 2-4 family multi-family homes continue to drop when compared to last year at this time.

Although overall sales declined 38 percent in Rockland County, single-family homes saw the most significant increase in the median sale price of $625,000, a 4.3 percent jump, making it a sellers market.

Median sale prices for single-family homes in Westchester are $760,000, $450,000 for Putnam County, and $394,500 for Orange County.

According to the report, the overall struggles for the housing market are due to high-interest rates, inflation, predictions by some economists of an impending downturn or recession, and, most recently, buyer confidence being shaken by the recent banking crisis.

It is hoped that the traditional spring selling season will accelerate the sluggish market. 

Photo Credit: Flickr