The real estate market is still quite active and third-quarter residential sales are significantly up over the same period for 2020. Experts agree the response to COVID-19 continues to drive interest in suburban living as buyers seek more space and leave urban settings.
According to OneKey Multiple Listing Service, Rockland County sales increased by 5.6 percent to 715 units from 677 units in Q3, 2020. Median sales price increased 13.5 percent to $579,000 from $510,000 in 2020.
Residential sales figures for all counties in the Hudson Valley, except Sullivan County, rose third quarter year-to-date. The median price of a single-family home rose in every county.
Sales and prices have enjoyed a trajectory that industry experts say not likely to be sustainable.
Experts predict price increases will moderate and additional product will come on the market, which will sustain a strong market in the near term. We are already seeing a decrease in the hysteria that gripped city dwellers in the midst of the first year of Covid pandemic, but the genie is out of the box , and demand remains quite strong to make the move out of cities for the suburbs.