‘They buy everything’: Adirondack housing boom hasn’t stopped a year after pandemic boom | State and regional
“There have been people who have been stuck in there for a year or more, they thought about how they always wanted to buy real estate and they had time to look,” she said. added.
Inventory – the number of homes on the market – is very low in the Adirondacks, but it’s a trend nationwide, according to Philo.
“The only place where inventory is still readily available is in the city centers, where people go,” she said.
An April report from the National Association of Realtors, based on feedback from 3,541 realtors across the country, showed that with so few homes on the market across the country, homes typically sold in 17 days following registration – compared to 27 days in April. 2020. The bulk of home buyers, 85%, were looking for a home in a small town, rural or resort area.
The number of homes on the market in New York State has been declining rapidly. As of April 2020, there were 49,195 residential units on the market. As of last April, that number had fallen by more than 21%, to 38,751 properties, according to the New York State Association of Realtors. On average, compared to April 2020, the number of days residential properties were on the market in April decreased from six days, or 7.8%, to 71 days.
In the Adirondack counties of Clinton, Essex, Franklin, Hamilton and Warren, the market trends are similar. The number of homes on the market in these counties, collectively, increased from 907 in April 2020 to 378 last April, according to a report from the Northern Adirondack Board of Realtors. The number of days homes have been on the market has gone down and home prices continue to skyrocket. The median selling price for residential properties was $ 225,000, an increase of over 32% from April 2020.