The Hudson Valley real estate market is in a frenzy, with a post-9/11-style wave of New Yorkers searching for houses Upstate. Newcomers from the city want to avoid another surge of Covid-19 cases, which would necessitate another lockdown, forcing them to balance work, childcare, and virtual school again. Plus, it’s hard to pay rent to live in a city whose cultural, dining, and entertainment options are closed.
But there are few houses available in the Hudson Valley, since most homeowners are staying put and riding out the pandemic, so prices are climbing. Since the lockdown ended earlier this summer, a seller’s market has developed, with houses being bought within days—sometimes hours—of being listed, often at inflated prices, following bidding wars with the winner paying cash.