Home Sales North of NYC Continue to Decline in Q3 Record Low Inventory = Intense Buyer Competition

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Faced with continued record low inventory, both home sales and pending contracts in markets north of New York City experienced declines in the third quarter, according to the Houlihan Lawrence Westchester-Putnam-Dutchess Q3 Market Report released today.    

 

According to the Q3 report, home sales in Westchester, Putnam and Dutchess counties were down 20%, 31% and 21%, respectively while median sale prices in the three counties showed modest gains.

 

The report noted that there is intense buyer competition in most price categories. Homes spent the lowest amount of time on the market in years, attributed to ready, willing, and able buyers and a large percentage of cash purchases.

 

“In certain markets, the number of top-price tier listings is beginning to increase, affording more variety for buyers. While the demand might suggest otherwise, buyers remain discerning. Accurate pricing remains critical as overly inflated prices can cause homes to be overlooked and seller disappointment,” says Liz Nunan, President and CEO of Houlihan Lawrence, a Bronxville, New York-based real estate brokerage serving NYC’s northern suburbs. “We anticipate buyer demand to continue with our markets offering so much, from housing to recreation, culture, and more. It remains an opportune time to sell north of New York City,” she adds.

Markets at a Glance: Q3 2023 vs Q3 2022

WESTCHESTER COUNTY

Homes Sold: Down 20.2%

Median Sale Price: Up 6.7%

 

New York City Gateway

(Mount Vernon, New Rochelle, Pelham, and Yonkers)

Homes Sold: Down 23%

Median Sale Price: Up 7%

 

Lower Westchester

(Bronxville, Eastchester, Edgemont, Scarsdale, and Tuckahoe)

Homes Sold: Down 15%

Median Sale Price: Down 4%

 

Rivertowns

(Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington Ossining, and Pocantico Hills)

Homes Sold: Down 13%

Median Sale Price: Up 5%

 

Greater White Plains

(Greenburgh, Valhalla and White Plains)

Homes Sold: Down 31%

Median Sale Price: Up 15%

 

Sound Shore

(Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City and Rye Neck)

Homes Sold: Down 24%

Median Sale Price: Up 2%

 

Northern Westchester

(Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem and Somers)

Homes Sold: Down 14%

Median Sale Price: Up 7%

 

Northwest Westchester

(Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill and Yorktown)

Homes Sold: Down 26%

Median Sale Price: Up 4%

 

PUTNAM COUNTY

(Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac and Putnam Valley)

Homes Sold: Down 31%

Median Sale Price: Up 1%

 

DUTCHESS COUNTY

Homes Sold: Down 20.7%

Median Sale Price: Up 3.5%

 

Southwest Dutchess

(Beacon, East Fishkill, Fishkill, La Grange, Poughkeepsie, City of Poughkeepsie and Wappinger)

Homes Sold: Down 24%

Median Sale Price: Up 4%

 

Southeast Dutchess

(Beekman, Dover, Pawling and Union Vale)

Homes Sold: Down 51%

Median Sale Price: Up 16%

 

Northwest Dutchess

(Clinton, Hyde Park, Milan, Pleasant Valley, Red Hook and Rhinebeck)

Homes Sold: Up 1%

Median Sale Price: Down 5%

 

Northeast Dutchess

(Amenia, North East, Pine Plains, Stanford and Washington)

Homes Sold: Down 16%

Median Sale Price: Up 15%

 

Houlihan Lawrence has 32 offices serving Westchester, Putnam, Dutchess, Columbia, Ulster and Orange counties in New York and Fairfield County in Connecticut. For more information visit: http://www.houlihanlawrence.com/


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