Real Estate Market in Poughkeepsie, NY
Having been hit hard by the Great Recession, Poughkeepsie has many beautiful homes for affordable prices creating a ripe environment for real estate investing and family home buying. The average sales has been up, down, and up again within the last few years.
Due to the local economy is improving, Poughkeepsie’s housing market is growing. Since 2010, foreclosures have had a strong impact on the housing market, effectively lowering the average amount home sales. The median sales price average of a foreclosed home is much lower than with a traditional sale.
Although foreclosures might be considered a “steal” in real estate, if the average median price continues to lower (because of the increasing number of foreclosures in the first place) home owners could actually end up losing money on their home in the future. It is a high risk market right now with the ability for some smart investors to possibly make a fortune.
According to Realtor.com, the average value of a property in the Poughkeepsie housing market is right around $125,000. This number is slightly above the New York state and national averages, $203,013 and $205,250 respectively.
According to RealtyTrac, there are about 1,022 homes in the Poughkeepsie housing market in some state of foreclosure creating a problem for the Poughkeepsie real estate market. While the benefit Poughkeepsie real estate investing, it hinders the economy. This makes real estate investing in Poughkeepsie a bit of a coin toss.