Changes to the Sullivan County real estate market since Covid

The change in average sale prices of residential real estate in Sullivan Co., NY

BY JENNIFER GRIMES

You don’t have to be a real estate agent to obsess over listings, sales and trends. I have some clients I would hire in a heartbeat, they’re so on top of the market. And for all those dedicated (read: addicted) Instagram followers (yes, you), “real estate porn” is a guilt-free pastime enjoyed especially by Catskills and Hudson Valley homeowners or aspiring future owners. We’re here to titillate you further!

So I thought it would be interesting to parse sales data over several years, starting just before Covid, and share the trends. To eliminate some of the noise, I’ve included sales of single family residential property only. For the most accurate representation, I sourced the raw data from New York State Office of Real Property Tax, not the MLS, which doesn’t reflect the totality of sales. I’m starting with Sullivan County, with data for several counties to follow over the coming weeks.

The rate of change of Sullivan Co., NY sale prices

Average Sale Price in Sullivan Co.

Let’s start with the figure homeowners are likely to care about most. The average sale price has increased a staggering 84% between 2019 and 2024. The trend of buying Sullivan County’s low-priced inventory by investors was well under way prior to Covid, and that’s reflected in 2019’s average sale price of $191,969 (those were the days).

The rate of change in that average sale price, however, has slowed substantially. It soared over 20% in 2020 and 20% again in 2021. In 2022-2024 the rate bounced between about 6-12%, wrapping up 2024 with average prices around 6% higher than the previous year.

Percentage Change in Annual Sales

The rate of change in the number of single family home sales per year in Sullivan Co., NY

Sales themselves have really ratcheted down over the last three years. Understandably, the Covid spike was unsustainable. Around the autumn of 2023, mortgage rates hit a level that started freaking buyers out, and sellers sometimes became reluctant to trade out of earlier bargain basement rates. Instead, homeowners pivoted to making house improvements and staying put.

You can see this reflected in the drop in the number of sales by -18% then -20% in 2023 and 2024. The lack of inventory was frustrating for all of us, and yet the lack of supply conspired to keep prices of the most desirable properties (for which there has so far been a limitless market) elevated.

For many of you, you have lived these charts (some of you vicariously, from the sidelines). Here in mid-April 2025, there may be some equally interesting charts in our near future. But we will continue with a rear-view look. Next up: Ulster County.