‘Demand is Insane’ For NYC Residents Buying Hudson Valley Homes
New York City residents are fleeing the city for the Hudson Valley and the demand for homes is "insane."
Back in early May, we reported New York City residents were expected to move to Hudson Valley in droves. At the time, real estate agents reported an unprecedented number of city residents who were shopping for homes in the Hudson Valley.
In June, The New York Times reported a "buying frenzy" as New York City residents bought homes in Ulster, Sullivan, Greene and Delaware counties.
"It is unlike anything I have ever seen. I’ve been in five bidding wars in the last few weeks," Country House Realty in Sullivan County agent Robin Jones told the New York Times.
Real estate agents said many homes got tons of offers all above the listing price, with many offers coming from people who never set foot inside the home. Many homes were also being purchased with cash, sight-unseen.
A reader told Hudson Valley Post within 24 hours of posting his New Windsor home he had 10 showings and three offers. One of the offers was accepted and the home was off the market within days.
Other readers reported to Hudson Valley Post if you don't see a house within a few days of it being listed it's likely the home already has multiple offers and an offer has been accepted.
Also in June, homebuilder Chuck Petersheim, the owner of Catskill Farms, says he's sold six soon to be built homes and gets around 30 phone calls from potential home buyers each week during this COVID-19 pandemic.
In July, a home with a pool and nearly three-acres of property listed for nearly 100,000 had 14 showings and four cash bids within a day, the New York Times reports.
"The demand is insane," real estate agent James Hughes told the New York Times. "The people from New York are coming with a sense of urgency, and the thing they want is space."
Miller Samuel Real Estate Appraisers & Consultants reports an increase of 112 percent in home sales in the Lower Hudson Valley while sales in New York City dropped 56 percent.