Dutchess County Real Estate Market Report: Q3 2024

Dutchess County Real Estate Market Report: Q3 2024 Overview

As we review the real estate trends in Dutchess County for the third quarter of 2024, the market continues to showcase dynamic shifts across all property types. Insights from OneKey® MLS data reveal nuanced changes in inventory, sales, and pricing that reflect both challenges and opportunities for buyers and sellers.

Single-Family Homes

Single-family homes remain a cornerstone of the market, with notable metrics shaping the quarter:

• New Listings: Down by 9% compared to the same time in 2023, reflecting tighter inventory levels. However, year-to-date figures show a modest 3.4% increase.

• Median Sales Price: The median price climbed to $700,000, marking a significant 7.7% year-over-year increase and an 8.7% rise year-to-date.

• Days on Market: Homes sold slightly faster, with a 5.5% decrease in the average days on the market.

• Inventory Levels: A 15.2% drop in inventory highlights ongoing supply constraints, contributing to a competitive marketplace.

Condominiums

The condominium segment saw mixed results in Q3 2024:

• New Listings: Declined sharply by 21.3% compared to Q3 2023 and down 3.8% year-to-date.

• Median Sales Price: Held steady with only a 0.2% increase, reaching $500,000.

• Closed Sales: Fell by 15%, mirroring the tighter supply.

• Inventory Levels: A dramatic 30% reduction year-over-year emphasizes the growing scarcity of available units.

Co-Ops

Co-ops faced a more pronounced slowdown during the quarter:

• New Listings: Decreased by 19.3% from the previous year, with an 11.9% decline year-to-date.

• Closed Sales: Down by 21% year-over-year and 10.4% year-to-date, reflecting buyer hesitancy or limited options.

• Median Sales Price: Remained flat at $295,000.

• Inventory Levels: Experienced a sharp 35.9% drop, intensifying the competitive landscape.

Market Trends and Key Takeaways

The Dutchess County market continues to see an upward trend in home prices across most property types, driven by high demand and limited supply. While single-family homes command the highest price growth, condos and co-ops face challenges from dwindling inventory and fluctuating sales activity. Buyers should prepare for a competitive environment, while sellers can capitalize on higher median prices and quick sales.

What Lies Ahead

As we move toward the year-end, market watchers anticipate that constrained inventory will continue to be a defining factor. Sellers may find this an opportune time to list properties, particularly in the single-family segment, where demand remains robust. Buyers, on the other hand, should act decisively and consider working with experienced real estate professionals to navigate this fast-paced market.

Partner with a Trusted Real Estate Expert

For personalized insights and professional guidance in navigating the Dutchess County real estate market, contact me, I’m here to help you make informed decisions in today’s evolving market.