Real estate update for Dutchess County NY home sales in July 2022
Analysis of Dutchess County NY Home sales in July 2022
Dutchess County NY home sales in July 2022 fell 19 percent, going from 237 in July 2021 to 192 this July.
The homes sold during the month ranged in price from $62,000 to $4,200,000, built between 1860 and 2022 with square feet from 600 to 5,517
In July there were ten transactions over a million dollars, with prices ranging from $1,041,000 to $4,200,000.
Average and Median Prices for Detached Homes in July 2022 for Dutchess County NY
This July the average sale price of $522,668 rose 7.5 percent when compared to $486,094 at the same time last year.
A median sale price of $430,000 this July was up 4.9 percent over the same time last year when the median was $410,000.
Inventory and Purchase Offers July 2022
Inventory was down 0.3 percent this July to 633, compared to the same time last year when it was 635.
Purchase offers decreased by 48.2 percent going from 301 in July 2021 to 156 this July.
The absorption rate (the time it would take to work off the present inventory) was 3.30 months this July compared to 3.68 months last July.
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Days on Market during July 2022
Homes sold were on the market 52 days this July which was 18.8 percent fewer days when compared to 64 days in July 2021.
Comparison Dutchess County NY Detached Home Sales for July 2022 to 2021
| DATA | July 2021 | June 2022 | July 2022 |
| Avg, Price | $486,094 | $529,067 | $ 522,668 |
| Median Price | $410,000 | $450,000 | $430,000 |
| # of Sales | 237 | 170 | `192 |
| Days on Market | 64 | 57 | 52 |
| Inventory | 635 | 577 | 633 |
| Purchase offer | 301 | 163 | 156 |
| Absorption Rate | 3.68 | 3,39 | 3.30 |
Dutchess County NY home sales in July 2022 of attached homes
Dutchess County, NY home sales in July 2022 for attached homes (Coops, Condos, and townhouses) fell 44.6 percent when compared to July 2021. At that time there were 56 sales versus 31 this July. The units sold ranged from $50,000 to $575,500
These were 1-to-4-bedroom units built between 1910 and 2021 with square feet from 700 to 3,710.
Median and average prices of attached homes In July 2022
The attached homes average sale price of $287,946 rose 1.3 percent when compared to $284,254 recorded for the same time last year.
A median sale price of $253,750 rose 7.5 percent when compared to a median price of $236,00 at the same time last year.
Attached Homes Inventory and Purchase offers for July 2022
Inventory fell 8 percent to 104 this July when compared to 113 for the same time last year.
Purchase offers at 31 this July fell 56.9 percent when compared to 72 purchase offers for the same time last year.
The absorption rate at 3.35 months this July was higher than the 1.94 months in July 2021 ( The time it would take to work off the present inventory).
Attached Homes Days on Market in July 2022
Days on market at 74 rose 29.8 percent when compared to 57 days last July
Comparison Dutchess County NY attached Home Sales for July 2022 to 2021
| DATA | July 2021 | June 2022 | July 2022 |
| Avg, Price | $284,254 | $311,130 | $ 287,946 |
| Median Price | $236,000 | $277,000 | $253,750 |
| # of Sales | 56 | 46 | `31 |
| Days on Market | 57 | 35 | 74 |
| Inventory | 113 | 95 | 104 |
| Purchase offer | 72 | 35 | 31 |
| Absorption Rate | 2.02 | 1.98 | 3.35 |
Local real estate observations
Due to inflation and higher mortgage rates, some home buyers have decided to take a pause on their desire to purchase a home. Others are exercising more care in selecting a house, not waiving process such as inspection.
More listings are hitting the market, however there are also more price reductions.
Some homes are still getting multiple offers.
It is a better strategy to price a home a bit lower to attract more interest, get more offers and a higher price, instead of pricing higher and then finding it necessary to reduce the price one or more times before getting an accepted offer.
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