Opportunities and challenges marked the fourth quarter real estate landscape in Westchester, Putnam, and Dutchess counties. Notably, the market saw a continued decline in home sales by approximately 21% on average, primarily due to persistent low inventory levels over the past few years, according to the Houlihan Lawrence Westchester-Putnam-Dutchess Q4 Market Report released today. The report said that despite the sales decline, median sale prices increased across most markets, on average 9%, offering sellers favorable returns.
In the Westchester County market, single-family home sales for 2023 were down 23.7 percent from 2022 while median sale prices were up 4.3 percent. The Putnam County market reported sales down 25 percent compared to 2022 and median sale prices down just 1 percent. Dutchess County sales declined 21.2 percent compared to 2022 with median sale prices up 3.4 percent.
“Amidst the inventory scarcity, we continue to benefit from the diverse offerings of recreation, cultural amenities, and vibrant communities our region has to offer. Most areas have sustained heightened demand across all price points, further fueling the competitive buyer environment,” said Liz Nunan, President and CEO of Houlihan Lawrence. “However, a small sign of change has emerged with a slight uptick in inventory observed in select luxury markets, though this remains an exception rather than the norm,” Nunan added.
Looking ahead the report noted that recent statements from the Federal Reserve indicating a potential reduction in interest rates in mid-2024 may serve as a catalyst, prompting more buyers and sellers to enter the market and start to alleviate the inventory shortage.
Westchester, Putnam, Dutchess Markets at a Glance (2023 vs 2022)
WESTCHESTER COUNTY
Homes Sold: Down 23.7%
Median Sale Price: Up 4.3%
New York City Gateway
(Mount Vernon, New Rochelle, Pelham, and Yonkers)
Homes Sold: Down 18%
Median Sale Price: Up 1%
Lower Westchester
(Bronxville, Eastchester, Edgemont, Scarsdale, and Tuckahoe)
Homes Sold: Down 24%
Median Sale Price: No Change
Rivertowns
(Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington Ossining, and Pocantico Hills)
Homes Sold: Down 23%
Median Sale Price: Up 9%
Greater White Plains
(Greenburgh, Valhalla and White Plains)
Homes Sold: Down 30%
Median Sale Price: Up 9%
Sound Shore
(Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City and Rye Neck)
Homes Sold: Down 27%
Median Sale Price: Up 5%
Northern Westchester
(Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem and Somers)
Homes Sold: Down 22%
Median Sale Price: Up 1%
Northwest Westchester
(Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill and Yorktown)
Homes Sold: Down 28%
Median Sale Price: Up 6%
PUTNAM COUNTY
(Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac and Putnam Valley)
Homes Sold: Down 25%
Median Sale Price: Down 1%
DUTCHESS COUNTY
Homes Sold: Down 21.2%
Median Sale Price: Up 3.4%
Southwest Dutchess
(Beacon, East Fishkill, Fishkill, La Grange, Poughkeepsie, City of Poughkeepsie and Wappinger)
Homes Sold: Down 21%
Median Sale Price: Up 4%
Southeast Dutchess
(Beekman, Dover, Pawling and Union Vale)
Homes Sold: Down 38%
Median Sale Price: Up 12%
Northwest Dutchess
(Clinton, Hyde Park, Milan, Pleasant Valley, Red Hook and Rhinebeck)
Homes Sold: Down 10%
Median Sale Price: Up 2%
Northeast Dutchess
(Amenia, North East, Pine Plains, Stanford and Washington)
Homes Sold: Down 23%
Median Sale Price: Down 7%
