If you survived the Hudson Valley real estate market in 2023, please mark yourself safe on Facebook. Facebook only reserves those Safety Checks for incidents such as an earthquake, hurricane, mass shooting or building collapse. But our area saw a collective 25% drop in sales for 2023, and to me that deserves a hashtag or something.
Sales Decline:
23.7% down in Westchester; 26.1% down in Putnam; 25.7% down in Rockland; 25.5% down in Orange; 25.8% down in Sullivan and 19.8% down in the Bronx. #Yikes! Sales volume down, but prices up. Westchester single family prices up 4.3% to $850,000; Putnam down 1% to $485,000; Rockland up 3.6% to $660,000; Orange up 6.3% 420,000; Sullivan up 5.7% to $280,000, and the Bronx down 2.7% to $605,000. But hey, who needs to sell or buy a home anyway? It's not like it's a basic human need or anything! The decline is just a tiny speed bump in the grand scheme of life.
Low Inventory:
Low inventory is still the name of the game. That's just the housing market keeping you on your toes. It's like a game of tag, you’re it and the house is Usain Bolt. But guess what? You're a pro seeker, and you'll catch that dream home sooner or later!
Regional Variations:
From Bronx County to Rockland County, it's like a real estate buffet with different flavors of chaos. But variety is the spice of life, right? So, whether you're braving the Bronx or rocking in Rockland, know that you're in for a unique experience. Amidst all this chaos, there's a glimmer of hope. The housing market is like a game of secret Santa that occasionally surprises you with a goodie. Be ready to seize the opportunity when it comes your way because, trust me, it will!
Interest Rates:
2023 interest rates started off at 3%, got as high as 8%, and eventually settled to around 6.75% at the end. NAR Chief Economist Lawrence Yun said, "I believe we've already reached the peak in terms of interest rates… The question is when are rates going to come down?" Yun forecasts 2024 will see interest rates between 6-7% by the spring buying season and anticipates that more sellers will enter the market.
The key to surviving this real estate rollercoaster is knowledge. Be an informed buyer or seller. Stay connected with local experts, and don't be afraid to ask questions. After all, knowledge is power, and you've got AskHollingsworth.
Photo Source: realestateindepth.com