Dutchess County - Real Estate Market Report

Dutchess County Real Estate: Q4 2024 Market Highlights

As we close out 2024, the Dutchess County real estate market has shown resilience and evolution. Whether you're a buyer, seller, or just keeping an eye on the local housing trends, the Q4 2024 Market Report offers insights into how our market has performed over the past year. To view full report, click here.

Market Overview

This quarter saw a noticeable drop in new listings across Dutchess County, with a 15.18% decrease compared to Q4 2023. Despite this, sold listings rose by 5.31%, showing that buyer demand remains strong. The median sold price for all property types increased by 5.58% year-over-year, now at $454,000. The days on market have also improved, dropping by 12.24%, making homes sell faster than they did last year.

Single-Family Homes: A Closer Look

Single-family homes, the backbone of our local market, demonstrated positive trends:

Median Sold Price: Up 5.67% year-over-year, now at $475,000.
Faster Sales: Median days on market dropped to 44 days, a 12% improvement compared to Q4 2023.
Buyer Demand: Sold listings increased by nearly 4%, while new listings saw a 21% decline.

This combination of rising prices and quick sales underlines the competitive nature of the current market for single-family homes.

Condo and Townhome Market Booms

The condo and townhome segment stood out in Q4 2024:

Sold Listings: Increased by 16.81%.
Median Sold Price: Grew by 6.9% to $310,000.
Average Days on Market: A remarkable 26.87% improvement, with properties selling faster.

With more buyers seeking low-maintenance living, this segment remains an attractive option.

Neighborhood Highlights

Beacon: A 5% increase in the median sold price for single-family homes, now at $610,000.
Rhinebeck: A standout performer with a 46% surge in median sold price for single-family homes, reaching $875,000.
Wappingers Falls: Remains steady, with a 13% rise in single-family home sales.

What This Means for Buyers and Sellers

If you're thinking about buying, preparation is key in this competitive environment. With fewer homes available, it’s crucial to have financing in place and act quickly when you find the right property.

For sellers, the numbers are in your favor. Rising prices and reduced days on market indicate that now is an excellent time to list. Buyers are willing to pay top dollar for well-maintained and properly priced homes.

Looking Ahead

As we move into 2025, we anticipate continued demand, particularly in the mid-to-high price ranges. However, with interest rates influencing affordability, buyers and sellers alike should keep a close eye on market trends.

Whether you're considering buying or selling, the team at Berkshire Hathaway HomeServices Hudson Valley Properties is here to guide you every step of the way. Reach out today to discuss how we can help you achieve your real estate goals.