The third quarter of 2022 saw a decline over last year in both inventory and, as a result, sales in the markets North of New York City according to the Houlihan Lawrence Westchester-Putnam-Dutchess Q3 Market Report.
According to the report, sales declined in the third quarter in Westchester (-15.3%), Putnam (-10%), and Dutchess Counties (-23.7%) compared to the third quarter of 2021. Of the seven submarkets surveyed in Westchester, only one – Northwest Westchester – posted an increase in sales for the quarter. The four submarkets surveyed in Dutchess showed declines in sales. Median sale prices were up 1.8% in Westchester, 8% in Putnam and 6% in Dutchess.
The report noted that inflation, the stock market, and the Federal Reserve’s interest rate increase have cooled off some of the buyer pool as monthly mortgage payments have doubled compared to the interest rate low. Properly priced homes across most price points still see more than one bidder, and a good deal of cash buyers persists in the marketplace.
A few metrics in the report indicate these economic conditions may be a prologue to change. Inventory in parts of Dutchess County has increased. In select Westchester and Putnam Counties areas, the very high-end price ranges have moved into a low-demand category for the first time in over two years. All other price points remain in very high demand.
“Notwithstanding current economic news, it remains an excellent time to sell your home. The number of buyers far outweighs the inventory, which is the perfect formula for a seller. Autumn is one of the most spectacular times of year North of NYC, and our communities are a real draw for city dwellers looking to take a weekend escape,” said Liz Nunan, President and CEO of Houlihan Lawrence.
