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Hudson Valley Residential Price Evolution 2014-2018: Prices Contract in 39% of Hudson Valley Markets

Key Takeaways:

  • Stanford leads Hudson Valley price evolution with 36% median growth.
  • Deerpark undergoes biggest price contraction at 27%.
  • Sales activity more than doubles in Union Vale and Dover Town.
  • At $1.85 million, Rye has the highest median sale price in the Hudson Valley.

Located on the doorstep of one of the most dynamic real estate markets in the world and home to a number of New York City’s inner suburbs, we were curious to see the Hudson Valley’s recent price evolution. Analyzing all residential sales in 2014 and 2018 in Dutchess, Orange, Putnam, Rockland, Ulster and Westchester counties, we found a mix of trends.

Adjusting 2014 medians for inflation to home in on pure price trends, we found that the median sale price contracted in 45 of the 116 Hudson Valley hamlets, towns and cities we analyzed. While 66 markets – 57% – experienced growth, most of their medians went up by less than 10%. In fact, medians grew by 20% or more in only eight Hudson Valley markets; of these, only two climbed by more than 30%. The median sale price remained unchanged in five markets.

Stanford and Beacon Grow Median by More Than 30%

The most significant price growth took place in Dutchess County’s Stanford, where the median sale price jumped 36%, closing 2018 at $329,950. What’s more, Stanford’s median growth was also accompanied by a 17% spike in sales activity. The second-highest growth rate was recorded in Beacon, another Dutchess County market. Its sales activity was also on an upward curve, strengthening 35%.

Not to be outdone, Rockland County was the setting for the third-highest median sale price growth in the Hudson Valley: Haverstraw closed 2018 with a $255,000 median – 29% higher than in 2014.

Looking at the Hudson Valley’s price growth from a dollar amount perspective, the leader was Westchester’s Rye. Its 9% growth rate translated to $151,000 – the largest dollar amount growth – bringing Rye’s 2018 median sale price to $1,850,000. That appreciation also made it the most expensive Hudson Valley community and ranked Rye’s 10580 zip code as the 59th most expensive in the nation.

Boosting its 2014 median by $119,000, Monsey was the second-fastest appreciating Hudson Valley community in terms of dollar amount growth. Specifically, the Rockland County market posted a $590,000 median sale price in 2018. While sales activity shrunk 14% in Monsey, Nyack saw 60% more sales close last year than five years prior. However, Nyack stood out not for its dynamic sales market, but for a $114,000 boost in its median. As such, in terms of sheer dollar amount, Nyack had the third-highest median sale price growth – posting a $610,000 median in 2018.

Union Vale and Dover Town Sales Activity More Than Doubles

Sales activity in 2018 matched 2014 levels in two markets and contracted in 46 markets. In particular, it accelerated in 68 Hudson Valley markets, 43 of which saw sales appreciations of 20% or more last year. In fact, 14 markets closed 50% or more sales in 2018 than five years prior. Of these, six markets turned up their sales activity by 85% or more.

Dutchess County’s Union Vale was the leader of sales activity expansion with a 127% growth rate, followed by the 103% increase in sales observed in another Dutchess community: Dover Town. While the latter also saw its median tick up – albeit by a mere 5% – Union Vale’s median was down 4% compared to 2014.  Rockland County’s Stony Point rounded out the podium with a 99% increase in sales; its median was up 8% over its 2014 level.

Two-Thirds of Orange Markets See Medians Slide, While Rockland Sales Activity Ramps Up

The six counties analyzed for this report presented a varied picture: Westchester County provided the 28 highest median sale prices in Hudson Valley, Orange County saw medians drop in two-thirds of its markets, and Rockland County was the location for more than half of the 10 fastest-appreciating markets in the Hudson Valley.

Rockland County’s top growth rate was 29%, recorded in Haverstraw, which was also the third-fastest appreciating Hudson Valley market. Rockland’s Monsey also stood out with its median appreciating 25%, as did Nyack at 23%. Pomona and Spring Valley were also among the 10 fastest-growing residential markets in the Hudson Valley, boosting their medians by 20% and 19%, respectively.

Putnam County’s top sales activity growth took place in Patterson, which was 54% more active last year than it was in 2014. Patterson was also the county’s fastest-appreciating market, both in terms of growth rate – 18% – and dollar amount – $44,000. Despite being the only Putnam County market in our analysis where the 2018 median was lower than five years prior, Philipstown easily remained the most expensive market, posting a median of $510,000. When adjusting for inflation, that translates into a 6% contraction compared to its 2014 figure.

Conversely, Orange County stood out for its sweeping price contractions. Of the 16 Orange County markets in our analysis, only five had higher medians last year than they did in 2014 and two-thirds underwent negative growth. While Blooming Grove’s 17% median hike was the county’s highest, Deerpark’s 27% drop was the most significant median sale price contraction across the entire Hudson Valley. Moreover, sales activity slowed across the county, without exception.

Westchester Commands Highest Medians, Ulster Boasts Most Affordable Markets

Dutchess County asserted itself with Stanford and Beacon – the leaders of price growth in the Hudson Valley; Union Vale and Dover Town, also in Dutchess County, were the leaders of sales activity growth in the Hudson Valley. Stanford and Beacon were Dutchess County’s top markets for price growth in terms of dollar amount, as well, but Rhinebeck Town and its $390,000 median were the county’s priciest.

Unsurprisingly, Westchester County claimed the most expensive markets in the Hudson Valley. When considering 2018 medians, Westchester was home to the 28 most expensive markets in the entire Hudson Valley and the only five markets where the median surpassed the $1 million mark – although Scarsdale’s $999,999 median nearly made it. This is not unexpected, considering its proximity to New York City and its much larger population. Despite this, the county’s highest growth rate – 18%, recorded in Buchanan and Peekskill – was only the 11th highest in the Hudson Valley.

Ulster County’s priciest community was Woodstock at nearly $340,000, but the most significant growth rate took place in Kerhonkson, where the median climbed 24%. But, Ulster County’s top growth rate in sales activity was a much more impressive 86%, recorded in affordable Ellenville. Here, 90 miles from New York City, the 2018 median was a comfortable $93,700.

Browse the table below for the full picture of the Hudson Valley’s residential price evolution:

MunicipalityCounty2014 Median Sale Price (Inflation-Adjusted)2014 Sales Activity2018 Median Sale Price2018 Sales Activity2014-2018 Median Sale Price Evolution2014-2018 Sales Activity Evolution
StanfordDutchess $242,875 29 $329,950 3436%17%
BeaconDutchess $254,109 103 $335,000 13932%35%
HaverstrawRockland $197,403 25 $255,000 4329%72%
MonseyRockland $470,910 222 $590,163 19225%-14%
KerhonksonUlster $162,095 56 $201,400 5324%-5%
NyackRockland $496,449 77 $610,000 12323%60%
Pleasant Valley TownDutchess $228,953 84 $276,000 8321%-1%
PomonaRockland $445,092 54 $535,950 10020%85%
Spring ValleyRockland $395,875 216 $470,000 30919%43%
PattersonPutnam $238,167 92 $281,750 14218%54%
BuchananWestchester $311,029 21 $367,500 2218%5%
PeekskillWestchester $267,483 156 $315,000 25018%60%
Blooming GroveOrange $235,385 152 $275,000 10017%-34%
WoodstockUlster $292,627 98 $339,500 6616%-33%
ClintonDutchess $304,503 46 $350,000 4915%7%
OlivebridgeUlster $213,987 25 $245,500 2815%12%
Hastings on HudsonWestchester $732,101 90 $839,000 6915%-23%
Cortlandt ManorWestchester $371,534 208 $425,000 25314%22%
KentPutnam $249,829 122 $283,640 14814%21%
HamptonburghOrange $318,840 43 $360,000 2313%-47%
ArdsleyWestchester $649,984 73 $725,000 6512%-11%
PelhamWestchester $765,002 145 $850,000 12411%-14%
Rhinebeck TownDutchess $352,971 105 $390,000 9110%-13%
GarnervilleRockland $306,268 50 $337,000 7110%42%
Mohegan LakeWestchester $323,655 57 $354,500 7410%30%
HartsdaleWestchester $567,064 115 $620,000 999%-14%
HawthorneWestchester $513,568 45 $561,500 469%2%
YonkersWestchester $426,903 481 $465,000 5719%19%
RyeWestchester $1,698,518 226 $1,850,000 1999%-12%
West HaverstrawRockland $203,287 23 $219,900 298%26%
MontgomeryOrange $196,868 175 $211,780 898%-49%
Stony PointRockland $357,892 81 $385,000 1618%99%
Putnam ValleyPutnam $320,980 119 $345,000 1307%9%
CarmelPutnam $358,427 308 $385,000 4187%36%
PleasantvilleWestchester $612,536 156 $656,310 1087%-31%
ThiellsRockland $373,899 30 $400,100 337%10%
Mount VernonWestchester $406,842 180 $435,000 2327%29%
Wappinger TownDutchess $267,403 195 $283,847 2476%27%
North SalemWestchester $450,009 47 $477,500 556%17%
West HarrisonWestchester $714,180 44 $757,500 596%34%
Poughkeepsie TownDutchess $230,193 285 $244,000 4316%51%
LarchmontWestchester $1,143,223 232 $1,210,000 1956%-16%
Port ChesterWestchester $596,487 230 $630,000 2296%0%
Dover TownDutchess $196,864 34 $207,239 695%103%
MamaroneckWestchester $815,824 164 $856,250 1325%-20%
New PaltzUlster $288,882 125 $303,000 1295%3%
BlauveltRockland $506,078 34 $530,000 435%26%
Valley CottageRockland $402,830 54 $421,000 795%46%
Hyde Park TownDutchess $201,506 138 $210,500 1984%43%
White PlainsWestchester $583,113 383 $607,000 4094%7%
OssiningWestchester $406,574 171 $420,000 2083%22%
GoshenOrange $375,011 127 $386,610 443%-65%
HighlandUlster $217,832 102 $224,500 1423%39%
Yorktown HeightsWestchester $427,973 309 $439,000 2953%-5%
WallkillOrange $267,671 239 $273,870 1032%-57%
NanuetRockland $440,812 107 $450,000 1352%26%
Washington TownDutchess $322,585 48 $329,000 482%0%
Pearl RiverRockland $422,623 104 $430,000 1122%8%
AccordUlster $280,322 35 $285,000 512%46%
Red Hook TownDutchess $275,508 88 $280,000 952%8%
EastchesterWestchester $721,670 95 $732,500 722%-24%
TappanRockland $467,561 48 $474,500 571%19%
HarrisonWestchester $1,123,429 77 $1,135,000 811%5%
SoutheastPutnam $326,864 161 $329,774 1911%19%
PawlingDutchess $272,619 66 $275,000 851%29%
PoughkeepsieDutchess $189,213 146 $190,275 1801%23%
HurleyUlster $226,826 47 $227,500 540%15%
CornwallOrange $304,931 91 $304,452 400%-56%
Dobbs FerryWestchester $727,554 97 $725,000 770%-21%
New CityRockland $492,169 266 $490,000 3080%16%
New RochelleWestchester $652,659 291 $649,500 3640%25%
MiddletownOrange $160,169 182 $159,250 78-1%-57%
WarwickOrange $293,964 282 $292,000 144-1%-49%
Bedford HillsWestchester $631,260 47 $625,341 32-1%-32%
TarrytownWestchester $625,911 119 $620,000 81-1%-32%
CongersRockland $418,611 58 $414,500 70-1%21%
Croton on HudsonWestchester $555,295 114 $549,500 106-1%-7%
ChesterOrange $263,613 111 $258,530 53-2%-52%
East Fishkill TownDutchess $375,814 301 $368,000 406-2%35%
MonroeOrange $326,329 367 $318,125 138-3%-62%
KingstonUlster $166,909 249 $162,500 313-3%26%
ArmonkWestchester $1,061,908 126 $1,033,750 102-3%-19%
ValhallaWestchester $556,365 69 $540,500 44-3%-36%
ElmsfordWestchester $406,085 57 $394,375 64-3%12%
IrvingtonWestchester $1,033,435 89 $997,125 66-4%-26%
WallkillUlster $227,254 72 $218,338 115-4%60%
MarlboroUlster $206,497 52 $198,000 80-4%54%
Union ValeDutchess $316,165 30 $303,000 68-4%127%
SaugertiesUlster $195,263 138 $184,955 176-5%28%
PhilipstownPutnam $540,214 126 $510,000 137-6%9%
KatonahWestchester $716,855 121 $675,000 103-6%-15%
TuckahoeWestchester $655,066 74 $615,542 77-6%4%
BeekmanDutchess $304,128 110 $285,000 143-6%30%
NewburghOrange $209,707 373 $196,500 148-6%-60%
La Grange TownDutchess $303,492 153 $282,947 195-7%27%
CrawfordOrange $246,753 72 $230,000 27-7%-63%
SuffernRockland $449,372 144 $418,001 249-7%73%
Briarcliff ManorWestchester $785,865 92 $729,250 100-7%9%
ChappaquaWestchester $909,443 164 $840,000 137-8%-16%
SomersWestchester $601,302 53 $542,000 55-10%4%
PurchaseWestchester $1,337,416 49 $1,194,500 48-11%-2%
OrangeburgRockland $502,333 36 $446,900 52-11%44%
ThornwoodWestchester $620,561 56 $545,000 47-12%-16%
New WindsorOrange $254,425 238 $223,430 113-12%-53%
EllenvilleUlster $106,766 36 $93,700 67-12%86%
WoodburyOrange $385,176 108 $335,500 66-13%-39%
Fishkill TownDutchess $333,731 271 $290,000 235-13%-13%
BedfordWestchester $989,688 78 $854,730 96-14%23%
West NyackRockland $572,548 40 $491,000 76-14%90%
ScarsdaleWestchester $1,171,041 550 $999,999 440-15%-20%
Pound RidgeWestchester $880,020 80 $745,000 87-15%9%
Port JervisOrange $106,848 69 $86,000 29-20%-58%
South SalemWestchester $633,935 52 $500,000 46-21%-12%
Mount KiscoWestchester $821,173 120 $616,000 130-25%8%
BronxvilleWestchester $1,230,422 183 $920,000 142-25%-22%
DeerparkOrange $157,970 52 $115,335 30-27%-42%

Methodology:

For this study, we defined the Hudson Valley as the counties of Dutchess, Orange, Putnam, Rockland, Ulster and Westchester.

To determine the evolution of residential prices, we considered all residential transactions closed in 2014 and 2018 in 116 towns, cities, hamlets and CDPs, taking into consideration single-family homes, condo units and co-op units. All package deals were excluded. In order to ensure reliable price trend data, we set a minimum of 20 sales per year per location.

We individually calculated the median sale price for each location; 2014 prices were adjusted for inflation using the Bureau of Labor Statistics calculator.

Eliza Theiss

Eliza Theiss

Eliza Theiss is a senior writer reporting real estate trends in the US. Her work has been cited by CBS News, Curbed, The Los Angeles Times, and Forbes among others. With an academic background in journalism, Eliza has been covering real estate since 2012. Before joining PropertyShark, Eliza was an associate editor at Multi-Housing News and Commercial Property Executive. Eliza also writes for CommercialEdge. Reach her at [email protected]