Home sales fell in Dutchess County NY during August 2022
Analysis of Dutchess County NY home sales in August 2022
Dutchess County, NY single family detached home sales fell 22.7 percent, in August 2022 going from 255 in August 2021 to 197 this August.
The homes sold during the month ranged in price from $60,000 to $4,750,000, built between 1810 and 2022 with square feet from 576 to 6,620
There were seven transactions over a million dollars, with prices ranging from $1,050,000 to $4,750,000
Average and Median Prices for detached homes in August 2022
The average sale price of $531,911 rose 5.0 percent when compared to $506,538 at the same time last year.
A median sale price this August of $459,900 was up 10.8 percent over the $415,000 in August 2021.
Inventory and Purchase Offers in August 2022
Inventory was up 0.2 percent this August to 625, compared to the same time last year when it was 624.
Purchase offers decreased by 46.5 percent going from 286 in August 2021 to 153 this August.
The absorption rate (the time it would take to work off the present inventory) was 3.17 months this August compared to 2.45 months last August.
Days on Market during August 2022
Homes sold were on the market 51 days this August, down 15 percent from August 2021 when the days on market was 60 days.
Comparison Dutchess County Detached Home Sales for August 2022 to 2021
| Data | August 2021 | July 2022 | August 2022 |
| Avg. Price | $506,538 | $522,668 | $ 531,911 |
| Median Price | $415,000 | $430,000 | $459,900 |
| # of Sales | 255 | 192 | 197 |
| Days on Market | 60 | 52 | 51 |
| Inventory | 624 | 633 | 625 |
| Purchase offer | 286 | 156 | 153 |
| Absorption Rate | 2.45 | 3.30 | 3.17 |
Dutchess County NY home sales in August 2022 – Attached Homes
Dutchess County, NY home sales of attached homes in August 2022 (Coops, Condos, and townhouses) fell 15.3 percent when compared to August 2021. At that time there were 59 sales versus 50 this August.
The units sold ranged from $65,000 to $750,000. These were 1-to-4-bedroom units built between 1963 and 2020 with square feet from 640 to 2,450.
Median and average prices of attached homes In August 2022
The attached homes average sale price of $286,734 rose 5.8 percent when compared to $270,972 recorded for the same time last year.
The median sale price of $245,000 was the same as in August 2021.
Attached Homes Inventory and Purchase offers for August 2022
Inventory fell 10.9 percent to 98 this August when compared to 110 for the same time last year.
Purchase offers at 37 this August fell 45.6 percent when compared to 68 purchase offers for the same time last year.
The absorption rate at 1.96 months this August was higher than the 1.86 months in August 2021 ( The time it would take to work off the present inventory).
Attached Homes Days on Market in August
Days on market at 40 fell 43.7 percent when compared to 71 days last August.
Comparison Dutchess County Attached Home Sales for August 2022 to 2021
| Data | August 2021 | July 2022 | August 2022 |
| Avg. Price | $270,972 | $287,946 | $286,734 |
| Median Price | $245,000 | $253,750 | $245,000 |
| # of Sales | 59 | 31 | 50 |
| Days on Market | 71 | 74 | 40 |
| Inventory | 110 | 104 | 98 |
| Purchase offer | 68 | 31 | 37 |
| Absorption Rate | 1.86 | 3.35 | 1.96 |
Recent real estate observations
Some potential buyers who were actively looking are now priced out of the market due to inflation and the ongoing increase in mortgage rates.
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.
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