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Analysis of Dutchess County NY home sales in September 2022

 Update for Dutchess County NY home sales in September for single-family detached homes fell 25.3 percent in September 2022 going from 229 in September 2021 to 171 this year. 

Homes sold during the month ranged in price from  $120,000 to $18,500,000, built between 1779 and 2022 with square feet from 600 to 16,608.

There were five transactions over a million dollars, with prices ranging from $1,195,000 to $18,500,000

Average and Median Prices for detached homes in September 2022

The average sale price of  $626,709 rose 24.2 percent when compared to $504,447 at the same time last year.

A  median sale price this September of $420,900 was up 1.4 percent over the $415,000 in September 2021.

Inventory and Purchase Offers in  September 2022

Inventory was up 1.1 percent this September to 637, compared to the same time last year when it was 630.

Purchase offers decreased by 42.9 percent going from 252 in September 2021 to 144 this September.

The absorption rate (the time it would take to work off the present inventory)  was 3.7 months this September compared to 2.75 months last September.

Days on Market during September 2022

Homes sold were on the market an average of 59 days this September, down 9.2 percent from September 2021 when the days on market was 65 days.

Comparison Dutchess County Detached Home Sales for September2022 to 2021

Data	September 2021	August 2022	September 2022
Avg. Price	$504,447	$531,911	$626,709
Median Price	$415,000	$459,900	$420,900
# of Sales	229	197	171
Days on Market	65	51	59
Inventory	630	625	637
Purchase offer	262	153	144
Absorption Rate	2.75	3.17	3.7

Dutchess County NY home sales in September 2022 – Attached Homes

Dutchess County, NY home sales of attached homes in September 2022 (Coops, Condos, and townhouses) fell  23.4 percent when compared to September 2021. At that time there were 64 sales versus 49 this September. 

The units sold ranged from $27,500 to $779,000.  These were 1-to-4-bedroom units built between 1930 and 2019 with square feet from 650 to 3,900.

Median and average prices of attached homes In September 2022

 The attached homes average sale price of $340,045 rose 12.1 percent when compared to $303,273 recorded for the same time last year.

The median sale price of $284,500 was 7.5 percent higher than $ 264,750 recorded in September 2021.

 Attached Homes Inventory and Purchase offers for September 2022

Inventory fell 11.4 percent to 101 this September when compared to 101 for the same time last year.

Purchase offers at 28 this September fell 44 percent when compared to 50 purchase offers for the same time last year.

The absorption rate at 2.06 months this September was higher than the 1.78 months in September 2021  ( The time it would take to work off the present inventory).

 Attached Homes Days on Market in September

Days on market at 56 fell 12.50 percent when compared to 64 days last September.

Comparison Dutchess County Attached Home Sales for September 2022 to 2021

Data	September 2021	August 2022	September 2022
Avg. Price	$303,273	$286,734	$340,045
Median Price	$264,750	$245,000	$284,500
# of Sales	64	50	49
Days on Market	64	40	56
Inventory	114	98	101
Purchase offer	50	37	28
Absorption Rate	1.78	1.96	2.06

Recent real estate observations

 Thirty-year mortgage rates at the time of writing this report were close to seven percent compared to less than half that earlier in the year,  This has resulted in some potential home buyers being priced out of the housing market.  Those who can still make a purchase are doing so at a much higher cost.

With fewer buyers, some homes will be on the market for a longer period.

You are seeing more price reductions and open houses

Finding affordable housing and rental properties is still a challenge.

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.