Prices of Single-Family Homes in RC Rise by 15%, while Other Residential Prices Cool Down

By Sarah Morgenstern

The red-hot housing market overall in Rockland County has cooled somewhat from its never-before-seen peaks in 2021, however, single-family median sales prices continued to rise by 15% in 2022’s first quarter.

Rockland County’s single-family homes’ prices, which are $600,000 on average, have increased as more and more homes were sold, the Rockland County Business Journal reported. 

While, in the first quarter of 2019, the number of single-family homes that were bought was 393, it jumped to 609 in the first quarter of 2021, and then dropped to 518 in the past three months. 

The past three months has also seen a lack of inventory of houses going up for sale.

The prices of condominiums, co-operatives, and two to four-family multi-family homes, which are not as much in demand in the area, however, plummeted 11.6% in Rockland County in the first quarter of 2022, compared to last year at this time.

While in the first quarter of 2019, for instance, 118 condominiums were sold in Rockland County, in 2022, 164 condominiums were sold in the area. 

In the same periods, the number of cooperatives sold dropped from 32 to 21, and the number of two-to-four family homes only increased slightly from 20 in the first quarter of 2019 to 28 in the first quarter of 2022.

While the decreases in home prices in the first three months of 2022 may appear noteworthy, the Hudson Gateway Association of Realtors said that real estate prices should only be considered over two-year period.

When comparing the 2022 first quarter residential sales numbers to the first quarter of 2020, residential sales in Rockland County actually increased by 21.2%.