Single-Family House Prices in Rockland County Remain High

By M. C. Millman

Single-family median home prices in Rockland County continued to rise by 12.7%, up an average of $60,659 since May 2021. The median price of a house in Rockland is $538,023, or $271/sqft. Nearby counties are also experiencing a rise in home prices, with an increase of 2.7% in Westchester County, 21.8% in Putnam County, 10.3% in Orange County, 20.3% in Sullivan County, and 11% in Bronx County. 

Home prices continue to rise despite an 11.6% drop in residential sales in the first quarter of 2022 in Rockland County. Such sales include single-family homes, condominiums, co-operatives, and 2-4 family multi-family homes. This is a significant drop. However, sales are still up in Rockland compared to the first quarter of 2020, which experienced a 21.2% increase in sales.

When looking at the month-to-month data, the number of homes sold is up by 8.3% in May 2022 compared to April 2022, according to Rocket Homes. Additionally, If you're buying a home in Rockland County, you could pay more than the asking price, with 62.8% of homes here sold above the asking price last month. You can also expect a fast sale, with the average sale time down by 54.1% when looking at May 2021 versus. May 2022. 

Data has shown a rise in people moving away from major metropolises toward smaller, midsized towns and cities, according to UCLA economist Michael A. Stoll. A recent study by former city Comptroller Scott Stringer estimated that roughly 131,000 New York City dwellers permanently left the city from March 2020 to June 2021.

The rise in people moving away from cities, which began during the COVID-19 pandemic, may likely contribute to the prices of homes in Rockland County. Stoll said in a statement, "We're seeing this not only occur because of Americans' desire to leave high-density areas due to risk of infection, but also due to the transformation of how we're able to work, with more flexibility to work remote."