City of Newburgh, NY Housing Market

Housing Sales in 2018 – A Rising Trend

Inventory is down & sale prices of single family homes are up!

  A Comprehensive Real Estate Market Analysis for the City of Newburgh, NY

The City of Newburgh, NY housing market is making great progress! 

A promising real estate outlook is on the horizon for Newburgh, NY this spring. The sale of single family homes is on the rise. There are major changes happening in the housing market in the City of Newburgh with both single and multifamily home sales. This trend has increased over the last twelve months as investors are spending more time and money in the area. Not only are investors taking this plunge into the area, we are seeing many new transplants moving in and calling Newburgh home. 

Owners needing to sell are happy as the competition to sell is slim and their is an increased number of buyers looking to be a part of the community. Equity in many Newburgh homes is on the rise. Many thought that they were doomed to a foreclosure or a short-sale as their way out post the bubble are now pleasantly happy with the results. Owner occupied homes are a great sign that the area is blossoming and becoming more prosperous. New businesses are growing, and resulting in more owner occupied homes. Newburgh has a following that has not been seen since I moved in to the area in 1983

Abandoned homes are still part of the landscape in Newburgh. Many years of neglect left homes in disrepair, creating problems for the city. As those properties are finding owners and solutions, the neighborhoods are sprouting some amazing changes. Short sales and foreclosures are fewer and there is even a new construction subdivision near I 84. Believe it or not the demand for owning a home has created this demand. Affordable housing is always welcome in the area. Close proximity to the highway and transportation are a plus for first time home buyers. Not everything in the city is part of the historic district, and contributes to the charm and diverse style of available housing.

Sale Stats for the City of Newburgh – 12 month review February 28th 2017 to March 1st 2018

• Currently 34 Single Family Homes on the market
• 139 Sold Single Family Homes in the last 12 months, up +19.8%
• Median sale price of these homes were $113,75, up +61.3%
• Average sales price was $135,914 up +32.6% from last year.
• Homes on average remained approximately 104 days on the market.
• 51 homes sold under $100,000 
• 55 homes sold between $100,000 to $249,000
• 10 homes sold between $200,000 and $250,000
• 10 Homes sold between $250,000 & $350,000
• 5 Homes sold over $350K in the last twelve months.
• 8 Additional homes sold not listed in the MLS.
• The absorption rate is now at 5.1 months of inventory which is falling from last years 7.7 months of inventory.

SOLD HOME Prices are on the rise

All of Orange County is seeing limited inventory of homes. Newburgh is no exception. Buyers need to be ready, willing and able to pounce on a new listing to find something that works for them. Days on market does vary a bit. Accepted offers come in within days and a buyer can easily be turned down for a showing, prior to the home actually going to contract. A properly price home in great condition will have multiple offers. Interest rates have begun to rise and with more increases predicted this year buyers are looking to find a home before it’s too late.

 

The reduced inventory of homes for sale requires a good deal of dedication from buyers to find a home. Increased amounts of time and effort to search the internet is required. Let us streamline a search for you that works best. Individual search criteria will steam line your search to what you want. Let’s talk so we can see what works best for you. Knowledge of the area and current values are an asset to anyone looking to buy or sell a home. I’m here to help.

Looking to sell your home today? Let’s talk today. Buyers are looking and with inventory low, selling now is great timing. You need information on what homes are selling in the area and current pricing.

City of Newburgh, NY

City of Newburgh, NY Housing Market Update

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City of Newburgh, NY ~  Housing Market Update 2018

Active MLS Listings include, single family homes, multi- family homes, condos, and co-ops. I can help you streamline a search specific to your taste, budget and location. Home searching is made easy by County, City or Town, School districts, Style, Age and price point to name a few.

I am your local Orange County, NY real estate agent that is ready to guide you every step of the way.

What Homes Sold in Newburgh, NY 2018?

published by: your real estate expert Janis Borgueta Key Properties of the Hudson Valley as a community service in Newburgh NY. To receive more real estate information please subscribe to this blog. Looking to buy a new home? Search the MLS for New Homes in Newburgh NY. You can contact Janis at (845)-527-7115 or find her on