The Hudson Valley housing market remains strong in 2024, with property values rising in Dutchess, Orange, and Westchester counties, despite economic uncertainty in other areas. This report analyzes housing trends at the local, regional, and national levels, providing buyers and sellers with valuable insights to guide their next steps.

December 2024 Report

The Hudson Valley area and its three major counties, Dutchess, Orange, and Westchester have seen slight to moderate housing market changes in December 2024 when comparing it to last month and the same period last year (December 2023). All three counties have seen an increase in the median sale price and continue to sell around the same amount of homes each month with minor fluctuations.

 

Dutchess County

 

Prices

Dutchess County has seen a moderate increase in the median sale price this month (December 2024), with the new average house costing now $475,000, representing a significant 9.2% increase compared to December 2023. This is indicative of a moderate increase in market demand.

Market Dynamics

Houses continue to sell more quickly compared to last year, with Dutchess County in December 2024 reporting 48 days on the market on average. This is a 14-day decrease from December 2023. When comparing it to last month (November 2024), the county has seen a 9-day increase in the median days on the market, which might be a result of the busy holiday season (Redfin).

Competition

New local listings have continued to decline overall, with condos showing the sharpest decrease of 57.9% compared to December 2023. This is the same with single-family homes, showing a 17.5% decrease in new listings compared to the same time last year (One Key MLS). Of the current market, condo homes saw a 2.9% decline in the list-to-sell price, while single-family homes have seen a minimal increase of 0.4%. This demonstrates a significant decline in condo home competition and a moderate-to-slight decline in single-family home competition with minimal changes in the final sale price.

Sales

As for the number of homes sold in Dutchess County, Redfin reports a 7.5% increase compared to December 2023, going from 224 to 246 homes sold in December 2024. Comparing it to November 2024, this month saw a 71-home increase, going from 175 to 246 homes sold. This is indicative of significant growth in the overall market demand.

 

Orange County

 

Prices

According to Redfin, “In December 2024, Orange County home prices were up 4.9% compared to last year, selling for a median price of $430K.” This time last year, the average sale price was $410,000 which makes this a 4.9% increase year-to-year. Overall, Orange County seems slightly better than Dutchess County in terms of the average cost of homes. This is slightly above the national average, which is $427,430 as of December 2024.

Market Dynamics

The market continues to maintain a similar pace with only a 1-day decrease in selling homes compared to December 2023. The median days on the market are 43, which is a 2-day increase compared to November 2024, going from 41 to 43 days on average (Redfin). This demonstrates minor fluctuations in Orange County market dynamics but establishes overall stability when looking at yearly trends.

Competition

New listings in Orange County, New York have decreased by 7.5%, which is on trend with November 2024 showing a similar decline (OneKey MLS). Compared to Dutchess County, condo homes in Orange County have seen a significant increase in new listings at 42.9% from December 2023. Condo homes have also seen a 1.2% increase in list-to-sell price, indicating slightly stronger levels in seller negotiations.

Sales

The number of houses sold in Orange County, New York has increased by 17.5% compared to December 2023, going from 269 to 316 houses sold (Redfin), which is a 47-home increase. This is reinforced when comparing houses sold this month to November 2024, which was a 49-home increase, going from 265 to 316. All of this indicates robust market activity within the New York state county.

 

Westchester County

Prices

As the most expensive county in the Hudson Valley region, Westchester County in December 2024 saw a median sale price of $723,000, which is up by 4.9% compared to the same time last year (Redfin). 

Market Dynamics

Westchester County homes in December took the same number of days to sell when comparing the report from the same time last year. This number is the same when looking at the average days on the market from November 2024, which is and was 31 days (Redfin). This strongly indicates market dynamic stability within the Westchester County area.

Competition

According to OneKey MLS, new listings in Westchester County in December 2024 have increased by 15.2% compared to the same period last year. Both condos and co-op homes have dropped, with condos showing a staggering 21.5% decrease in new listings this month while co-op shows a moderate 5.3%. Overall, the list-to-sell price has improved slightly across the board, reporting a 1.1% increase. All of this is indicative of fluctuations in market competition within the Hudson Valley region.

Sales

As of December 2024, 653 homes were sold in Westchester County, which is up by 10.5% compared to the same time last year (Redfin). In November 2024, 511 houses were sold, totaling a staggering 142 increase in homes sold within the past month, indicating a large growth in market activity.

 

Regional Comparison

Living costs and home prices vary widely across the Hudson Valley. Here’s what you need to know when comparing these three counties:

• Out of the three counties in the Hudson Valley area, Westchester is the most expensive, with the average cost of living for a single person being $5,567 per month and the average cost of living for a family being $11,040 per month, while the median sale price in December 2024 is $723,000 (BestPlaces.net).
• Dutchess County and Orange County, on the other hand, are more affordable, with the average cost of living for one person being $4,100 per month in both counties, while the cost of living for a family is $6,300 in Dutchess (BestPlaces.net) and $6,210 in Orange (BestPlaces.net), respectively. The median sale price in Dutchess County is $475,000, and $430,000 in Orange County, making the ladder the most affordable out of the three.

In comparison to New York State as a whole, the Hudson Valley region is doing very well, with the state average cost of living being $5,600 for a single person and $6,600 for a family (BestPlaces.net). Additionally, the state’s typical home price rose 5.3% from December 2023, coming to an average of $530,400 in December 2024 (Redfin). While Dutchess County reports the largest jump in home prices over the past year, it is still under the average price of a home in the state. Only Westchester County seems to be significantly above the state market average, making it the least affordable of the three.

 

National Comparison

Hudson Valley continues to outperform most of the country in terms of home prices, with the national average for a home in the United States being $427,430 as of December 2024, with a 6.2% increase compared to the same time last year (Redfin). This percentage increase is slightly above Westchester County and Orange County, which are both a 4.9% increase, respectively. Hudson Valley’s unique market dynamic is a direct result of its proximity to the Big Apple and growing populations, with New York City reporting 11,125 homes sold in December with over 20 million residents (Wikipedia) while 400,538 houses were sold nationwide across 341 million people (census.gov). Overall, New York State accounts for 2.78% of the houses sold on the market, presenting the Hudson Valley area as a moderately attainable place to live.

 

What This Means for Hudson Valley Housing Market

 

If You’re Thinking of Selling 

Now is a great time to sell your Hudson Valley home. Home prices are up across all counties, with Dutchess County seeing the biggest jump at 9.2%. Homes are selling quickly, too, with Westchester County homes typically selling in just 31 days, while Dutchess County homes take 48 days on average to sell, a 14-day decrease from December 2023.

If You’re Looking to Buy 

While home prices are higher than last year, there’s some good news for buyers. Here are some points to consider:

• Orange County continues to be the most affordable within the Hudson Valley area, with the median sale price being only $3,000 above the national average of $430,000. Additionally, new listings for condo homes in the county have gone up significantly compared to December 2023, a striking 42.9% increase, which means options for prospective buyers.
• While Dutchess County reports the largest increase in the median sale price, a whopping 9.2%, it is still reasonably priced in comparison to Westchester. Since homes are spending more days on the market on average, prospective buyers have more of a chance to make well-informed decisions. 
• Likewise, while Westchester County is the most expensive county in the Hudson Valley region, it does sell more homes on average, reporting a 10.5% increase in the number of houses sold compared to December 2024, establishing a healthy market for potential buyers.

Upcoming Changes

The New York State FY 2025 Budget introduces adjustments that could influence the Hudson Valley housing market. One of the most notable changes is the extension of the 421-a tax incentive program, which is expected to result in approximately 71,000 new apartments in New York City. “My administration is dedicated to addressing the affordability crisis in every part of the State,” stated New York State Governor Kathy Hochul.

The expansion of housing options in NYC may alleviate some demand in the Hudson Valley market. Prospective buyers who had been considering the area might refocus their search on NYC due to improved affordability. This shift could help stabilize the local market, potentially leading to lower home prices and longer listing periods. Nevertheless, Hudson Valley’s appeal as a suburban retreat offering more space and a different lifestyle remains strong, ensuring continued market activity even as NYC sees a surge in new housing developments.

Conclusion

As of 2024, the Hudson Valley housing market remains strong, with property values rising significantly across all counties. Westchester continues to be the region’s most sought-after market, consistently outperforming both state and national trends. Despite higher prices, demand remains strong, and homes are selling quickly in many parts of the region.

While the market remains competitive and highly desirable for suburban living, upcoming state policies—particularly increased housing supply in New York City—may contribute to a more balanced environment. However, the Hudson Valley’s unique blend of spacious living, lifestyle advantages, and close proximity to NYC suggests that demand will remain steady even as these policy shifts take effect.