We have reached the quarter point of the 21st century, and 2025 is shaping up as a big news year. There will be lots of political news to watch, of course, with the second Trump administration moving into Washington and big expectations for the state Legislature’s new session. We could be looking at a cellphone ban in schools, lots of new restaurants, greater participation by boys and girls in high school football and wrestling, new shopping centers designed to give customers an “experience,” and much more. And, hey, will housing prices ever come down?
The Journal News/lohud staff came together to preview some of the big issues and questions that will drive talk, debate and the news into 2025. We’ll be sharing a selection of what we found online over the next few days.
Of interest: What real estate agents in Hudson Valley really think about recent federal interest cuts
Will home prices finally drop in the Lower Hudson Valley?
Home sale prices reached historic heights in 2024 and there’s no sign of an immediate slowdown. Inventory remains super tight as would-be sellers can’t afford to buy something new.
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Median single-home prices in Westchester grew by 10% in the third quarter, compared to 2023, to $913,000.
Realtors hope that recent interest-rate cuts will make homes somewhat more affordable, motivate sellers to put houses on the market, and start to expand the available inventory, which is key to bringing down inflated prices.
Apartment building boom in Lower Hudson Valley may be maxing out
Apartment complexes have been sprouting across the region for years, adding tens of thousands of rental units to the housing market. Developers have favored rentals because they’re cheaper to build, easier to finance, and government financial incentives are available.
But all of these new units, many luxury or close to it, haven’t brought down prices; rents have soared since the pandemic.
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There are signs, though, that the rental boom may slow down in 2025, given weakened occupancy in some areas. At some point, the supply of apartments will outstrip the demand among young professionals and empty-nesters.
Rents rising for Westchester’s rent-stabilized apartments
In June, the Westchester Rent Guidelines Board voted to increase rents on rent-stabilized apartments by 2.5% for one-year leases and 3.5% for two-year leases. Those increases affect rent-stabilized leases starting between Oct. 1, 2024, and Sept. 30, 2025.
The change, certified at a meeting in September, raises rents on more than 20,000 rent-stabilized apartments in the county. The higher rents will make it that much harder for renters to find affordable apartments in Westchester, where pretty much everyone agrees that the lack of affordable housing is a crisis.
Contributing: Lohud’s Helu Wang, Samantha Antrum
This article originally appeared on Rockland/Westchester Journal News: Hudson Valley NY apartments, real estate: Will 2025 bring relief?
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