How is the Orange County, NY Housing Market?
Single Family Home Sales are up in the 3rd Quarter!
Orange County home sales are UP! Sales continue to rise and pricing this quarter is up too. The third quarter tells the story of a housing market that is making some real progress. Pricing is inching its way back and many sellers are getting out from being underwater. Short sales and foreclosures are part of the picture, but those properties are finally moving out of the way and buyers that are lucky enough to find a good deal are moving in.
The information below is for the last three months of single family home sales.
- The 3rd Quarter of 2016 boasts 1026 sold single family homes
- The average sale price of a home during the third quarter $263,422
- The median sale price in the 3rdQ was $245,000 for single family Orange County, NY homes.
- The average days on market was 119 days
- The highest price home sold during this time was $5,350,000
- The lowest home sale was $15,000
- Our current inventory of single family homes is a 9.4 month supply.
- The most popular price point of homes is $350,000 and under for a single family home.
Orange County, NY has been slow to make any real progress for the last few years after the bubble. Affordable housing is not all that easy to find in the lower Hudson Valley, but we are seeing buyers move into the area as we do have some of the best choices currently available. Renting is getting more expensive for commuters and local residents are deciding to take the plunge and purchasing a home. Sellers are happy with the days on market being a bit quicker than in the last few years.
New construction homes for sale are prevalent and in demand. It is hard to find a spec home right now, but there are quite a few new projects starting in different parts of the county. Those homes vary in price point and style. Taxes can be a bit difficult for a first time home buyer on these homes, making them a bit less affordable as a first home. As prices rise, so do the taxes.
- The lowest price single family home is listed at $20,000
- The highest price single family home is listed at $5,500,000
- The current inventory is 2349 of single family homes, down approximately 20% same time last year
The inventory of homes in Orange County, NY is falling. Less homes on the market can quickly change the pricing. While the taxes keep our buyer pool somewhat limited, the pricing of homes is moving up at a health pace. If you need additional LOCAL information, I’m here to help answer questions. Did you know that you can search for a new home by the amount of taxes? Let’s set up your search to work that way. We can also set up the search for a specific location, style, age, size of the home, and the neighborhood or school district you prefer. Let’s find a home that works for your needs and get you ready to move in.
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Housing Market Updates Orange County, NY
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