Upstate NY market price

[Sercan Tuna]

Hi all, now that Covid is over is the value of real estate Upstate NY (north of westchester county ) going down since people are moving back to nyc? Is this true or just a rumor?

[Dan M.]

The value is not going down but you will see price decreases from pressures of qualified buyers and high interest rates. Its not the days of covid sold within a day or a week of listing anymore. In my opinion housing pressure in Dutchess, Putnam, Orange, and Ulster county you will continue to see price increases in the long run ( value ). If we do indeed see a rate drop in 2025 you will see an inverse price increase. 

Without getting into too much detail, the cost to build right now is astronomically high and this is putting upward pressure on the market. Go into Home Depot and see what a gallon of paint sells for. 

[Mathew Rebera]

Hi Sercan,

I agree with Dan. Rate's will continue to drop. I work primarily in Buffalo and Rochester, and I am seeing the market slow down since the beginning of July. That is to say, prices are staying high, and will only rise. It is still more of a sellers market, and I am seeing 5-15 offers on houses in the right area.

I am observing a continuing trend of people leaving NYC and moving upstate. As cost of living continues to rise there, this will remain the narrative. Also, NYC investors looking upstate.