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The number of homes bought over the third quarter of 2023 declined in Westchester, Putnam, and Dutchess Counties, according to the Houlihan Lawrence Westchester-Putnam-Dutchess Q3 Market Report released on Wednesday, Oct. 11.
Although the market showed declines in all three counties, median sales prices went up slightly as buyers intensely competed for the homes that were available, according to the report.
The report included the following data on the 2023 Q3 housing markets in each of the three counties:
- Westchester County: The number of homes sold went down 20.2 percent, while the median sale price went up 6.7 percent;
- Putnam County: The number of homes sold went down 31 percent, while the median sale price went up 1 percent;
- Dutchess County: The number of homes sold went down 20.7 percent, while the median sale price went up 3.5 percent.
The intense competition among buyers caused homes to spend the least amount of time on the market in years, a result influenced by buyers who were ready and able to make the purchase. A large percentage of these purchases were made with cash, the report said.
According to Houlihan Lawrence President and CEO Liz Nunan, it is an "opportune time to sell north of New York City," as long as prices are not set too high.
"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,” Nunan said.
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