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The Dutchess housing market surged in the third quarter of 2019, with sales and prices up sharply. Single-family home sales were up almost 4% compared to last year’s third quarter, the largest year-on-year sales increase in over two years. Indeed, the 671 closings marked the largest quarterly total since the third quarter of 2016. Similarly, single-family prices were up sharply, rising over 5% on average and over 7% at the median, with the rolling year average sales price now at its highest level since the fourth quarter of 2008 – at the tail end of the last seller’s market. In contrast, sales in the condo market were down slightly, but only because of a lack of inventory. Demand is still high, as evidenced in the rolling year pricing, with the average price up almost 5% and the median price rising almost 8%. Overall, we believe that the fundamentals of the market remain strong – demand is high, inventory is reasonably available, interest rates are near historic lows, and the economy is solid. Accordingly, we expect that Dutchess will continue to thrive through the end of the year and into 2020.
