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Dutchess County NY home sales in October 2022

An update for Dutchess County NY home sales in October showed single-family detached homes fell 30.4 percent, in October 2022 going from 253 in October 2021 to 176 this October.

Homes sold during the month ranged in price from  $41,500 to $4,000,000, built between 1821-2022 with square feet from 800 to 6,908

There were  9 transactions over a million dollars, with prices ranging from $1,095,000 to $4,000,000

Average and Median Prices for Detached Homes in October 2022

The average sale price of  $493,709 fell 3.8 percent when compared to $513,437 at the same time last year.

A  median sale price this October of $402,500 was up 0.4 percent over the $401,000 in October 2021.

Inventory and Purchase Offers in October 2022

Inventory was up 3.5 percent this October to 643, compared to the same time last year when it was 621.

Purchase offers decreased by 40.7 percent going from 241 in October 2021 to 143 this October. The absorption rate (the time it would take to work off the present inventory)  was 3.65 months this October compared to 2.45 months last October.

Days on Market during October 2022

Homes sold were on the market an average of 58 days this October, down 14.7 percent from October 2021 when the days on market were 68 days.

Comparison Dutchess County Detached Home Sales  for October 2022 to 2021

Data	October 2021	September 2022	October 2022
Avg. Price	$513,437	$626,709	$493,709
Median Price	$401,000	$420,900	$402,500
# of Sales	253	171	176
Days on Market	68	59	58
Inventory	621	637	643
Purchase offer	241	144	143
Absorption Rate	2.45	3,7	3.65

Dutchess County attached home sales in October 2022

Dutchess County, NY home sales of attached homes in October 2022 (Coops, Condos, and townhouses) fell  41.4 percent when compared to October 2021. At that time there were 58 sales versus 34 this October. 

The units sold ranged from $78,000 to $900,000.  These were 1-to-4-bedroom units built between 1900 and  2020 with square feet from 643 to 3,466

Median and averages prices of attached homes

 The attached home’s average sale price of $299,510 rose 6.1 percent when compared to $282,322 recorded for the same time last year.

The median sale price of $295,000 was 10.9 percent higher than the $266,000 recorded for October 2021

 Attached Homes Inventory and Purchase offers for October 2022

Inventory fell  4.1 percent to 94 this October when compared to 98 for the same time last year.

Purchase offers at 27 this October fell 42.6 percent when compared to 47 purchase offers for the same time last year.

The absorption rate at 2.76 months this October was higher than the 1.69 months in October 2021  ( The time it would take to work off the present inventory).

 Attached Homes Days on Market in October 2022

Days on market at 54 rose 10.2 percent when compared to 48 days last October.

Comparison Dutchess County home sales of attached homes in September 2021 to 2022

Data	October 2021	September 2022	October 2022
Avg. Price	$282,322	$340,045	$299,510
Median Price	$266,000	$284,500	$295,000
# of Sales	58	49	34
Days on Market	49	56	54
Inventory	98	98	94
Purchase offer	47	28	27
Absorption Rate	1.69	2.06	2.76

Real estate market recent observations

Thirty-year mortgage rates at the time of writing this report were up over 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.

More sellers are making reductions in their list price to get a  faster sale.

It is a better strategy to price a home a bit lower to attract more interest. Doing this could lead to more offers and a higher price. Pricing higher could make it necessary to reduce the price one or more times before getting an accepted offer.

Finding affordable housing or rental is still a challenge.