Real estate earthquakes – hudson valley one

The National Association of Realtors (NAR) last Friday announced a settlement in which it will pay $468 million and eliminate its practice of charging a standard six percent commission on transactions. If the agreement wins court approval, agents will be able to compete for business by offering to take smaller commissions.

One expert described this change in practice as an industry earthquake, and a sociology professor at the University of Wisconsin predicted that this change would transform the $160 billion annually real estate industry. Real estate stocks fell on the news.

There's another local earthquake, one that's been coming for a long time. The New York State Association of Realtors (NYSAR) attributes the relatively slow market in this state to high interest rates and low inventory of homes for sale. Data shows selling prices rose in some provinces to offset dollar volume due to lower supply.

In the state as a whole, counties for which NYSAR data are available reported a state median residential sales price of $365,000 in 2023 and $400,000 in 2024, an increase of 9.6 percent. The median reported sales price in Ulster County was $345,000 in 2023 and $420,000 in 2024, an increase of 21.7 percent. Dutchess County wasn't far behind, with the median residence selling for $371,250 in 2023 and $423,000 in 2024, an increase of 13.9 percent.

Homes in Mid-Ulster County have historically sold for prices 15 to 30 percent below the state average. The county's market going from below the state number to well above it in one year is a noteworthy development. The continuing increase requires explanation.

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