New York Metro Area Home Prices Increased by Almost 20% in First Quarter of 2024

White Plains, NY (April 2025) A contingent from the Hudson Gateway Association of REALTORS® (HGAR) will travel to Albany on April 29 for the annual Lobby Day, an essential opportunity for REALTORS® to engage directly with New York State lawmakers and advocate for policies that impact real estate professionals, property owners, and renters across the Hudson Valley and beyond. As trusted experts on the front lines of the housing market, HGAR members play a critical role in shaping smart, sustainable policy. This year, they are leading the charge on key legislative priorities, including the First-Time Homebuyer Savings Account Program, which would allow future homeowners to set up tax-deductible savings accounts for the purchase of a home. “Supporters say the initiative would provide much-needed financial relief for first-time buyers struggling to enter an increasingly competitive market,” said Alex Roithmayr, HGAR’s Government Affairs Director. REALTORS® will also be advocating for broader housing solutions such as expanded workforce and affordable housing, zoning reforms, and incentives to accelerate commercial-to-residential conversions, including the legalization of accessory dwelling units (ADUs) and basement apartments. “Lobby Day is not just a day of meetings, it’s a powerful reminder that REALTORS® are a voice for property rights, housing opportunity, and economic growth,” added Roithmayr. “When REALTORS® show up, lawmakers listen.” In addition, HGAR is supporting legislation that would require written buyer representation agreements between brokers and homebuyers. This measure would ensure greater transparency and clarity for consumers by outlining the scope of services provided by their real estate professionals, reinforcing trust and professionalism in the transaction process. On the fair housing front, HGAR members are also advocating for reforms to co-op housing procedures. Specifically, they are pushing for legislation that would require co-op boards to adhere to standardized timelines for reviewing applications and to provide written explanations for any denials, steps designed to reduce discrimination and increase accountability. Recognizing that housing discrimination continues to persist, HGAR is further backing initiatives aimed at combating bias in home appraisals, particularly racial disparities in property valuations. Strengthening oversight and enforcement in this area is essential to achieving equity in homeownership. HGAR has consistently led the state in REALTOR® participation at Lobby Day, reflecting the organization’s deep commitment to advocacy. “With New York’s housing crisis continuing to dominate legislative discussions, HGAR members should be eager to make their voices heard in Albany,” added Roithmayr. “As REALTORS®, we are uniquely positioned to advocate for smart, fair policies that make homeownership more attainable and equitable for all New Yorkers.” The Hudson Gateway Association of REALTORS® is a not-for-profit trade association consisting of over 13,000 real estate professionals doing business in Manhattan, the Bronx, Westchester, Putnam, Rockland, and Orange counties. It is the second largest REALTOR® Association in New York, and one of the largest in the country.

White Plains, NY (April 2025) The Hudson Gateway Association of REALTORS® (HGAR’s) Fair Housing Committee along with Westchester Residential Opportunities (WRO) is kicking off Fair Housing Month with the launch of a two-part series for Fair Housing in Action. The first presentation, “Navigating the Source of Income Discrimination,” features a panel of experts from around New York state who will discuss the essentials of avoiding source of income discrimination and also offer updates on the state of the law. It will be held virtually on Thursday, April 24, from 10:30 AM to noon. Registration is open to HGAR members and non-members by visiting www.hgar.com/events . The panel will also explore recent issues with the interpretation of the law, enforcement highlights and compliance strategies for handling source of income in housing deals. The event is geared toward real estate professionals, landlords and community advocates and will include identifying sources of income discrimination, key legal updates on source of income laws, best practices to avoid discrimination in housing transactions and promotion of equal opportunities for all renters. “This is a great opportunity for not only the Realtor community but potential homeowners, renters, landlords and sellers to get a comprehensive look at this important topic,” said Freddimir Garcia, HGAR DEI Officer. “We have put together an exciting and informative program to set the tone for Fair Housing Month.” Panelists include: Brent Meltzer, Chief of the Housing Protection Office, New York State Attorney General; Zach Zeliff, Chief of Staff, Senator Rachel May; and Carole McCann, Broker/Owner, Hudson Heritage Realty. Andrew Smith, WRO Deputy Executive Director, will be moderating the panel. Smith has been part of WRO’s fair housing department since 2017 and has coordinated both fair lending and fair housing testing programs for WRO. Prior to joining WRO, he was a corporate partner with the law firm Simpson Thacher & Bartlett LLP in New York City, specializing in leveraged buyouts and other mergers and acquisitions. Smith holds a BA from Brown University and a JD from Columbia Law School. The Hudson Gateway Association of REALTORS® is a not-for-profit trade association consisting of over 13,000 real estate professionals doing business in Manhattan, the Bronx, Westchester, Putnam, Rockland, and Orange counties. It is the second largest REALTOR® Association in New York, and one of the largest in the country.

White Plains, NY (March 2024) The Hudson Gateway Association of REALTORS® (HGAR), in collaboration with multiple other U.S. REALTOR® associations from New York to San Fransico, will present the 4th Annual “Choose Your Brew with Ireland” free virtual Global event on Thursday, March 27, from 10 to 11 AM via Zoom . This dynamic trans-Atlantic conversation will celebrate the vibrant real estate partnerships between Ireland and the U.S. HGAR joins the Austin Board of REALTORS® Global Business Alliance, Atlanta REALTORS®, Greater Boston Association of REALTORS®, Mainstreet Organization of REALTORS® (Chicagoland); and the San Francisco Association of REALTORS® in offering this presentation, along with the Institute of Professional Auctioneers & Valuers (IPAV) in Dublin, Ireland. Founded in 1971, IPAV is an association representing over 1,400 members who are licensed auctioneers, property services providers, valuers and estate agents throughout Ireland. The event is open to all REALTOR® Association members across North America and Ireland who are seeking to discover the secrets to international real estate trends, investment opportunities and strengthened global connections. The event will also feature a showcase tour of markets and properties throughout Ireland. To register, please visit www.hgar.com/events . “We are thrilled to be part of this exciting collaboration again this year, and we look forward to insightful guidelines on expanding global real estate business opportunities for our members to Europe and beyond,” said Lynda Fernandez, HGAR CEO. Following a welcome and introduction of panelists, the program will feature a presentation by Pat Davitt, CEO, IPAV. Davitt will address key trends in Ireland’s real estate market as well as insights into economic and demographic factors that shape the industry. A virtual tour of residential properties will follow, focusing on properties in the entry-level, mid-range and luxury divisions. Later, Frank McManus, NAR Global Ambassador to Ireland and the United Kingdom, will moderate a Q & A session for panelists. The Hudson Gateway Association of REALTORS® is a not-for-profit trade association consisting of over 13,000 real estate professionals doing business in Manhattan, the Bronx, Westchester, Putnam, Rockland, and Orange counties. It is the second largest REALTOR® Association in New York, and one of the largest in the country.

(NOTE: Link to ALL regional reports: Market Data | Hudson Gateway Association of REALTORS® Scroll down to 2025 Market Stats) White Plains, NY (March 2025) Median sales prices of single-family homes in the Bronx and the lower Hudson Valley all experienced increases in February, and Putnam County led the way with a 13.4% gain. Putnam’s new median stands at $535,000, as compared to $467,500 in February 2024. Orange County homes presented a close second place, with median prices rising by 12.5% to a new high of $478,500, over $425,000 last year. Sullivan County’s condo median prices, meanwhile, soared by almost 60% to $150,000, over just $95,000 in February 2024. Reviewing February’s closed sales of single-family homes, only Rockland County and The Bronx saw gains of 7.1% and 4.2%, respectively. Sales in all other regions declined, with Sullivan County taking the biggest hit at 31.4%. Rockland County held first place in closed condo sales with a 66.7% increase. In all other regions, condo and co-op sales declined, with The Bronx condo sales plummeting by 47.6 percent. Inventory for almost all property types was mixed across the region. Sullivan County’s single-family home inventory grew by 1.9% and The Bronx, by 1.7%. Sullivan, which rarely offers condos, experienced an inflated 500% growth rate in condo inventory, from just one last year to 6 last month. New listings declined in most regions, with the exception of The Bronx, showing a 20.4% increase for single-family homes and a 7.4% hike for co-ops. Today’s report by the Hudson Gateway Association of Realtors (HGAR) is based on data supplied by OneKey® MLS. “We continue to experience greater demand than supply for housing in the Hudson Valley, a reality that continues to drive increases in home values," said Lynda Fernandez, HGAR CEO. "Higher interest rates and low inventory will continue to impact sales activity and affordability, particularly for first-time and lower-income consumers." Bronx County Sales of single-family homes in the Bronx saw a slight uptick at 4.2%, while sales of condos dropped by 47.6% and co-ops by 4.3%. Still, median sales prices for all property types increased, with co-ops in the lead with a 34.3% jump to $235,000, as opposed to $174,924 last February. Condo prices rose by 3.3% to $281,000 and single-family homes by 2.9% to $620,000. New listings for single-family properties grew by 20.4% and 7.4% for co-ops. New listings for condos were down by 10%. Inventory was mixed with a 1.7% gain for single-family homes and 1.1% for co-ops. Condo inventory, however, fell by 36.2% last month. Months of supply for all property types declined by 3.1% to 6.3 months and pending sales decreased by 11.3%. Westchester County Closed sales of all property types in Westchester County declined in February, with condos seeing the biggest drop at 9.1%. Sales of co-ops dropped by 7.9%, and single-family homes by 6.4%. The condo market saw the largest gain in median sales prices at 37.5% to $565,000, over $411,000 last year. Co-op prices rose by 7.8% to $215,000 and single-family home prices by 3.5% to $860,000. New listings for all property types declined. Single-family home listings fell by 15.4%, followed by a 13.1% dip for co-ops and 6.2% for condos. Only condos saw an increase in inventory by 11.7%. Single-family home inventory dropped by 19.1% and co-ops by 12%. Months of supply for all property types declined by 8.7% to 2.1 months and pending sales decreased by 1.3%. Putnam County Putnam County’s sales declined for both single-family homes, by 8.5% and condos, by 18.2%. Concerning median sales prices, Putnam led the region with a 13.4% increase in prices at $530,000 over $467,500 last year. Condo prices saw an even larger hike by 32.3% to $430,000. There were no co-op sales reported in February. New listings for single-family homes declined by 10.7% and by 80% for condos. Putnam typically offers much fewer condo options than other regions, and that decrease translates to just 3 condos coming onto the market in February, as opposed to 15 last year. Inventory for condos also experienced a significant drop of 57.9%, while single-family home inventory declined by 10.4%. Months of supply for both property types decreased by 9.5% to 1.9 months but pending sales rose by 11.5%. Rockland County Rockland’s condo market sales jumped by 66.7% in February, leading the region for the most closed sales last month. Single-family home sales were up by 7.1%. Co-op sales remained flat. However, the co-op market did see the highest gain for median sales prices with a 21.1% increase to $166,500, over $137,500 last February. Condo prices grew by 6.5% to $410,000 and single-family home prices by 5.4% to $780,000. Rockland’s new listings were a mixed bag with a 2.4% increase for condos, a 44.4% decrease for co-ops and no movement either way for the single-family market. Inventory for both condos and co-ops rebounded at 36.5% and 25%, respectively. However, single-family home inventory declined by 3.5%. Months of supply for all property types grew by 4.3% 2.4 months, and pending sales decreased by 3.8%. Orange County In Orange County, condo sales declined by 32.3% in February, followed by single-family homes at 5%. There were no co-op sales reported last month. Median sales prices for both condos and single-family homes grew, with condos advancing by 19% to $345,000 and single-family homes by 12.6% to $478,000. New listings dropped by 39% for condos and 7.7% for single-family residences. Condo inventory picked up by 7.5%, while inventory for single-family homes declined by 6.5% Surprisingly, new listings for co-ops increased by 33.3% last month. Orange County, like Putnam and Sullivan counties, typically lacks large co-op offerings. The county’s condo inventory saw an uptick of 7.5%, while inventory for single-family homes dropped by 6.5%. Months of supply for all property types remained flat at 2.8 months, and pending sales grew by 3.8% Sullivan County Sullivan County’s February sales of single-family homes declined by 31.4%, while condo sales remained flat. However, median sales prices rose significantly for condos – by 57.9% to $150,000, from just $95,000 last year. Single-family home prices increased by 11.5% to $390,000. There were no co-op sales reported last month. New listings for single-family homes declined by 4.8%, while the condo market remained flat. Inventory for single-family homes grew by 1.9% and condos by an inflated 500%, from 1 last February to 6 last month. Months of supply advanced by 3.8% to 5.5 months. Pending sales rose by 17.6% The Hudson Gateway Association of REALTORS® is a not-for-profit trade association consisting of over 13,000 real estate professionals doing business in Manhattan, the Bronx, Westchester, Putnam, Rockland, and Orange counties. It is the second largest REALTOR® Association in New York, and one of the largest in the country.

White Plains, NY (March 2025) Hudson Valley Pattern for Progress will present key findings from a Microtransit Study, funded by the Hudson Gateway Association of REALTORS® (HGAR) through a grant from the National Association of REALTORS® (NAR), at a virtual ‘Lunch and Learn’ on March 13 at noon. To register for this free event, please click here . The study provided a detailed analysis about the need for public transportation throughout the Hudson Valley and how demand-response microtransit could make transportation available to more people, in more places and more often. "As a Realtor Association, our reason for funding this study was to explore more transportation options for residents living in areas that may not be accessible to major public transportation,” said Lynda Fernandez, HGAR CEO. “Expanding Microtransit options strengthens community connections by providing affordable, flexible transportation, making it easier for people to access jobs, schools, and essential services. By improving mobility, these systems open up new areas for housing development, reduce pressure on urban centers, and offer a practical solution to the housing crisis—ensuring more people can live where they thrive." Microtransit is an emerging approach to transportation, offering on-demand service to commuters. Generally, it involves a fleet of vehicles responding to ride requests within a defined service area. These vehicles are commonly smaller than typical fixed-route buses. Microtransit systems rely on technology to create easy access for requesting rides and ensuring that routes and pickups are handled efficiently in a shared vehicle. The system responds to ride requests as they are received through smartphone apps and telephone calls, and then plans routes, pickups, and drop-offs anywhere within that geographic service area. During the Lunch & Learn on March 13, panelists will explain that the report indicates the Hudson Valley is an ideal area for Microtransit since in parts of the region, public transportation runs infrequently, is too far to access, or does not exist. Many living in the Hudson Valley -- especially the aging population – may not have access to a personal vehicle and thus rely on public transportation. “For those who rely on buses and the like, accessing everyday destinations such as work, school, the grocery store, or medical facilities can be very difficult, time consuming, and may require planning weeks in advance,” the report states. According to the U.S. Census Bureau’s 2022 report, over 14% of Westchester County households do not have access to a vehicle. In Rockland and Ulster counties, that number is almost 10% and stands at 8.6% in Green and Orange counties. Proponents of Microtransit systems believe their flexibility can also provide cost savings, compared to many fixed route systems with low ridership. In addition, Microtransit may be more environmentally friendly, as it relies on smaller vehicles and more efficient routes. It also can improve access for individuals with disabilities. Hudson Valley Pattern for Progress is a nonprofit organization that provides objective research, planning, and educational training throughout the region. Its work identifies civic challenges and promotes regional, equitable, and sustainable solutions to constantly improve the quality of life in Hudson Valley communities. Pattern was founded in 1965 by the region’s academic, business, and nonprofit leaders. It serves a nine-county region that includes Columbia, Dutchess, Greene, Orange, Putnam, Rockland, Sullivan, Ulster, and Westchester counties. Visit Pattern-For-Progress.org. Follow on Facebook, Instagram, and LinkedIn @PatternForProgress, and on Twitter @HVPattern. The Hudson Gateway Association of REALTORS® is a not-for-profit trade association consisting of over 13,000 real estate professionals doing business in Manhattan, the Bronx, Westchester, Putnam, Rockland, and Orange counties. It is the second largest REALTOR® Association in New York, and one of the largest in the country.