Since 2019, the median home sale price in the county has jumped by more than half.
Pattern for Progress has tracked housing trends in the Hudson Valley for more than a decade through data sources such as the New York State Association of Realtors.
Across nine counties in the Hudson Valley region, Westchester had the highest median home sale price in 2024, at $718,000, whereas Sullivan had the lowest, at $324,000.
Notably, Ulster County, which has historically lagged behind Orange County in home prices, surpassed the latter in 2024, recording a median home price of $440,000.
Pattern for Progress President Adam Bosch, in an email, pointed to several reasons behind the price surge, a trend that he predicted would not abate soon.
On the one hand, demand for housing in the region remains high due to the northward migration of New York City residents, which started during the COVID-19 pandemic and has been extended by the continuation of remote work in certain industries.
In parallel, more individual investors and corporations alike are buying single-family homes as short-term rentals, further fueling the demand.
On the other hand, supply in the regional housing market remains low because homeowners are reluctant to sell in the face of high interest rates, and developers are hesitant to build with the elevated mortgage rates and construction costs, according to Bosch.
In Orange County, the housing inventory in 2024 dropped more than half from that of 2019, with the number of closed home sales at its lowest point since 2019, at 3,090.
“The region is producing very, very little new housing stock for the purpose of ownership; almost all the housing we are producing now is rentals,” he said, adding that there are more than 10,000 rental units in various development stages across the region.
Sassi told lawmakers at the meeting that though most housing decisions come down to municipal zoning laws and home rules, which fall out of the county’s purview, the committee can scientifically measure the situation, get the conversation going, and make recommendations.
“I am proud of this bipartisan committee. I’ve got a lot of phone calls, and there is a lot of interest in this. We are excited to get this going,” he said.
The special committee reports to the Human Services Committee and consists of two members from both the Republican and Democratic parties. They are Republican lawmakers Leigh Benton and Janet Sutherland, as well as Democrat legislators Genesis Ramos and Kevindaryan Lujan.
Legislature Chairman Kevin Hines commented at the meeting that the task force will not only address the housing crisis in itself but also aid the county’s economic development.
“I know the County Executive [Steve Neuhaus] does a great job with his staff in creating jobs and bringing companies to the county, and it would be nice if all these jobs are for our residents and that they can actually afford to live here and raise their family,” Hines said.
In the same vein, the Orange County Industrial Development Agency, also known as IDA, is updating its tax incentive policy with the goal of ramping up affordable housing stock in the county.
