Northeast Dutchess real estate market defined by higher prices in 2024

Leap year 2024 was another good year to buy and sell real estate in the North East corner of Dutchess County despite political turmoil and high interest rates; however, recorded results for the year in these four rural towns are distinctly different from one another. The markets of these four small towns — North East, Amenia, Washington and Pine Plains — all saw median prices for single family homes rise compared to last year with the biggest increase of 39% to $487,500 in the Town of North East and the smallest increase of 1.8% to $353,750 in Pine Plains. Both North East and Washington closed the year above the Dutchess County median price of $430,000. A closer look at real estate transfers over the last twelve months, including commercial and land as well as residential housing, reveals the unique dynamics of each town.

Pine Plains

With 46 recorded transfers of property, rural Pine Plains is the least active and least expensive market in our readership area with only 46 public and private transactions, fewer than four a month, totaling $18.4 million. Residential sales accounted for 78% of the activity with only two houses selling for over one million dollars. The largest land sale was 174 acres at Pulvers Corners to Carson Power for a solar farm for $1.8 million. The project received approval from the Pine Plains Planning Board at the end of 2023 and beat back a legal challenge over the summer. The most talked about commercial sale was the former Lia’s Mountain House at 7685 Route 82 for $625,000 which is being transformed into an events venue and catering operation. The property was the most expensive of the four commercial properties sold in the town during the year.

North East and Village of Millerton

North East and the Village of Millerton recorded 62 transactions totaling $34.8 million, almost double that of Pine Plains. Similarly, it had more than double the number of properties selling for over a million dollars. The most expensive was $4.05 million for 1081 Route 83, an architect designed estate with “heart stopping views” on 126.99 acres. The highest sale of a home in the Village of Millerton set a record to date of $670,000 on 38 Simmons St. There were two commercial properties sold in the town during the year. Bank of Millbrook bought the former Elizabeth’s Jewelry store on Route 44 for $890,000 and MadRose gallery purchased 5 Main St. for $469,000. Land sales were limited to six building lots ranging in price from $62,500 to 18 acres on Mountain Farm Road for $365,000.

Amenia

The Town of Amenia has two separate real estate markets, public and private — Silo Ridge and everyplace else in town. Sales at gated community Silo Ridge of both lots and condos/villas accounted for $52.5 million or 67% of Amenia’s total dollar volume recorded transfers this year. Without Silo Ridge sales Amenia’s transaction volume in 2024 would be only $26.4 million — less than 75% of North East’s sales. One Key Multiple Listing Service reports that the Amenia median home price in 2024 without Silo Ridge was $351,000 – less than the $487,000 in North East, and $353,800 in Pine Plains. Outside Silo Ridge’s stone walls Amenia has many affordable neighborhoods as well as elegant estates like 22 Smithfield Road which sold for $3.7 million or 173 Kennel Road with 107 acres which sold for $3.9 million — the only two transfers in Amenia outside of Silo Ridge this year for over a million dollars. Resales at Silo Ridge are now beginning to happen with over 50% returns on the owners’ original investment. There were four transfers of commercial properties including the most expensive — Seravan Restaurant, now Panacea — which sold for $800,000. Sales of vacant land accounted for 15 of the 69 transfers including a total of $16.1 million for seven lots sold at Silo Ridge and eight town properties sold ranging in price from $45,000 for 3.7 acres to 32 acres for $500,000 on Cascade Mountain Road.

Washington

The Town of Washington and Village of Millbrook, collectively known as Millbrook — the Hamptons of Dutchess County — is by far the most active real estate market of the four with total sales of $106 million in 2024. Of the 72 transfers, 15 were over a million dollars, including three estates over $5 million and the median price for the year was $609,000, a 26% increase over 2023. Migdale Castle, built by John D. Rockefeller’s only daughter and renovated by the art-dealing, horse-racing Wildensteins for a rumored $20 million was sold at auction by Sotheby’s for $10.8 million. But Migdale was not the most expensive property. That honor went to an estate at 123 Fraleigh Hill Road with 145 acres, an 8,264 square foot house with six bathrooms, six fireplaces, an equestrian facility, swimming pool and sporting clay range for $12.45 million. Meanwhile three even pricier properties remain on the market at $18 million, $28 million and the Hitchcock estate with 2,078 acres for $65 million. Despite the sales of stunning houses on large parcels of land, approximately 30% of sales — especially on the village’s smaller lots — closed at less than $500,000 in 2024.
*This analysis is based on real estate transfers recorded between Dec. 1, 2023, and Nov. 30, 2024, sourced from Dutchess County Real Property Tax Service Agency. Only transfers with consideration are included. Median residential sales results are from One Key MLS. Compiled by Christine Bates, Real Estate Advisor with William Pitt Sotheby’s International Realty, Licensed in Connecticut and New York.