2022 presented challenges for buyers as inventory continued to decline after several years of record lows. As interest rates rose, buyer demand remained robust which continued to increase median prices and decrease days on the market, according to the Houlihan Lawrence Westchester-Putnam-Dutchess Q4 Market Report released today.
Due to extraordinary demand created by the pandemic, and the further restricted inventory, sales peaked in 2020 and 2021 throughout Westchester, Putnam, and Dutchess Counties. And, as anticipated, sales naturally declined in 2022 after this unsustainable volume.
According to the report, sales declined for the year in Westchester (-17.7%), Putnam (-22%), and Dutchess Counties (-22.7%) compared to 2021. Of the seven submarkets surveyed in Westchester, all posted a decline in sales for the year while all seven reported modest increases in the median sales price. The four submarkets surveyed in Dutchess showed declines in sales for the year. Median sale prices were up 4.5% in Westchester, 11% in Putnam and 5.4% in Dutchess.
In Northern Westchester, homes priced $4 million and up saw an increase in inventory with low demand. Putnam County homes priced over $1 million experienced the same slowdown, and parts of Dutchess County returned to a more balanced demand.
“These few market shifts may be the first indicators of a market starting to normalize. As we enter 2023, conditions remain ideal for sellers who properly price their homes, as discouraged yet price-savvy buyers continue to wait for new inventory,” said Liz Nunan, President and CEO of Houlihan Lawrence. “Our communities across Westchester, Putnam, and Dutchess Counties continue to attract new residents looking to establish new roots and inspire existing residents to move within our towns. We are grateful to our communities and look forward to a successful 2023,” she added.
2022 MARKETS AT A GLANCE(2022 vs 2021)
WESTCHESTER COUNTY
Homes Sold: Down 17.7%
Median Sale Price: Up 4.5%
New York City Gateway
(Mount Vernon, New Rochelle, Pelham and Yonkers)
Homes Sold: Down 23%
Median Sale Price: Up 5%
Lower Westchester
(Bronxville, Eastchester, Edgemont, Scarsdale and Tuckahoe)
Homes Sold: Down 13%
Median Sale Price: Up 15%
Rivertowns
(Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington, Ossining and Pocantico Hills)
Homes Sold: Down 18%
Median Sale Price: Up 5%
Greater White Plains
(Greenburgh, Valhalla and White Plains)
Homes Sold: Down 3 %
Median Sale Price: Up 5%
Sound Shore
(Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City and Rye Neck)
Homes Sold: Down 17%
Median Sale Price: Up 2 %
Northern Westchester
(Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem and Somers)
Homes Sold: Down 26%
Median Sale Price: Up 7%
Northwest Westchester
(Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill and Yorktown)
Homes Sold: Down 9%
Median Sale Price: Up 5%
PUTNAM COUNTY
(Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac and Putnam Valley)
Homes Sold: Down 22%
Median Sale Price: Up 11%
DUTCHESS COUNTY
Homes Sold: Down 22.7%
Median Sale Price: Up 5.4%
Southwest Dutchess
(Beacon, East Fishkill, Fishkill, La Grange, Poughkeepsie, City of Poughkeepsie and Wappinger)
Homes Sold: Down 24%
Median Sale Price: Up 6%
Southeast Dutchess
(Beekman, Dover, Pawling and Union Vale)
Homes Sold: Down 18%
Median Sale Price: Up 3%
Northwest Dutchess
(Clinton, Hyde Park, Milan, Pleasant Valley, Red Hook and Rhinebeck)
Homes Sold: Down 26%
Median Sale Price: Up 6%
Northeast Dutchess
(Amenia, North East, Pine Plains, Stanford and Washington)
Homes Sold: Down 20%
Median Sale Price: Down 2%
