Market update for Rhinebeck NY home sales in October 2022
Components of Rhinebeck NY home sales in October 2022
Rhinebeck, NY home sales in October 2022 report revealed seven homes sold compared to ten at the same time last year. Three of the homes sold above a million dollars, and the sale price to the list price came in at 98 percent.
The homes sold ranged in price from $400.000 to $2.200,000 Built between 1928 and 2022 with square feet ranging from 1,481 to 3,238
Rhinebeck NY home Price in October 2022
The average sale price came in at $1,000,571 this October which was lower than the $1,132,390 at the same time last year.
$862,500 was the median sales price which was more than the $709,500 recorded in October 2021.
Homes were on the market an average of 58 days before selling, which was much less than the 87 days
Comparison October 2022/2021 Home Sales in Rhinebeck NY
Other Real Estate Activities During October 2022
Seven homes were added to the inventory, Priced between $ 450,000 and $1,999,000 built between 1880 and 2022, with square feet from 1,060 to 4,424.
Five homes received offers, with prices ranging from $459,000 to $1.350,000. These homes were built between 1972 and 1990 with square feet from 1,592 to 3,200.
Two homes went under contract one priced at $1,294,000 from 1971 with square feet of 2,864. The other is priced at $1,950,000 from 2001 with square feet of 5,446.
Breakdown of Real Estate in Rhinebeck NY – October 2022
|Avg. List||$ 848,843||Avg. List||$739,750|
|Avg. DOM||16||Avg. DOM||53|
|Avg. Sq. Ft.||2,515||Avg. Sq. Ft.||2,301|
|Avg $/Sq. Ft||$337||Avg $/Sq. Ft||$332|
|Avg. List||$1,350,000||Avg. List||$1,622,000|
|Avg. DOM||13||Avg. DOM||215|
|Avg. Sq. Ft.||3,200||Avg. Sq. Ft.||4,155|
|Avg $/Sq. Ft||$422||Avg $/Sq. Ft||$390|
Sales Activities In October 2022
|Average List||$ 1,010,571|
|Avg. Sq. Ft||2,675|
|Avg.$/ Sq. Ft||$378|
|Avg. $/Sq. Ft||$372|
|Birchwood Dr||$ 400,000|
|Burger Rd||$ 410,000|
|Kerr Rd||$ 700,000|
|Route 9G||$ 862,500|
|Old Primrose||$ 1,290,000|
|Daisy Lane||$ 2,200,000|
Market update for the Village of Rhinebeck NY home sales in October 2022
According to the Mid Hudson MLS data, there were no single-family detached home activities in October 2022. In 2021 there were 4 sales ranging in price from $777,000 to $1,635,000.
Comparison October 2022/2021 Home Sales in the Village of Rhinebeck NY
|Median List||$ 807,450||–|
|Median Sold||$ 800,000||–|
Real Estate observation
Thirty-year mortgage rates at the time of writing this report were 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.
Some homes are still getting multiple offers
It is a better strategy to price a home a bit lower to attract more interest, and 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.
342 Round Lake, Rhinebeck NY 12571 located six miles from the Village of Rhinebeck