Luxury Real Estate Market Improves In Westchester

The luxury real estate market in Westchester County improved after posting a 20 percent decline in the first quarter of this year, according to a report released on Wednesday, July 11 by Houlihan Lawrence.

Houlihan Lawrence released its latest Luxury Market report.
Houlihan Lawrence released its latest Luxury Market report. Photo Credit: Contributed

In Westchester, the luxury market is defined as properties selling for $2 million or higher.

Year-to-date, luxury sales are down just 7 percent, according to the report, and sales through June 30 kept pace with the same period last year. 

Meanwhile, the median sale price on luxury homes rose by nearly 4 percent to $2.6 million through June, the report said.

Putnam and Dutchess county luxury sales -- properties valued at $1 million and higher-- were unchanged over the first half of 2018.

Despite a decline in Westchester’s luxury market, the ultra-luxury segment of the market -- homes priced at $5 million or higher -- is performing better than it has in years. Through June 30, there were a total of 21 closed and pending sales --compared to 19 sales in 2016 and 18 sales in 2017.

Pending sales will likely close this year, and 2018 is on track to exceed the previous two years. More significant are the number of Westchester sales exceeding $10 million this year. Two closed and three are pending -- a striking increase from 2016 and 2017, when only one home sold for $10 million or more each year.

Just over Westchester's border with Connecticut, Greenwich also enjoyed a stellar second quarter, posting an 18 percent gain in luxury sales of homes valued at $3 million and higher.

The median sale price rose 3.3 percent compared to the first six months of 2017, bringing Greenwich's median price to $4.25 million.

Houlihan Lawrence has 30 offices and more than 1,300 real estate agents serving Westchester, Putnam, Dutchess, Orange, Ulster and Columbia counties in New York and Fairfield County in Connecticut. 

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