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The report, released by the Houlihan Lawrence real estate brokerage on Thursday, Jan. 5, said that luxury real estate sales of $2 million or higher slightly increased in Westchester County compared to 2021, while sales in Putnam and Dutchess Counties stayed largely the same.
Houlihan Lawrence officials attributed this to more workers returning to the office after working from home through the midst of the pandemic.
"These longer-commute-time markets became the darling of NYC buyers seeking low-density areas during the height of the Covid boom, when work from home seemed here to stay. Now, pressure from employers to return to the office, lay-offs at technology companies, and smaller Wall Street bonuses may temper this once white-hot market," said Houlihan Lawrence Vice President Anthony Cutugno of sales in Putnam and Dutchess Counties.
The report included the following data on the 2022 luxury housing markets in each of the three counties:
- Westchester County: Sales increased by 3.2 percent, while median sales prices increased by 0.6 percent. The highest sale in quarter 4 was a $10.25 million Rye Neck residence.
- Putnam and Dutchess Counties: Sales decreased by 2 percent and median sales prices decreased by 9.4 percent. The highest sale in the fourth quarter was a $1,775,000 million home in Carmel for Putnam County, and a $4 million home in Washington for Dutchess County.
Cutugno also said that a drop in luxury home sales in the Hudson Valley is expected in 2023.
"The market is admittedly complicated. The first half of 2023 will likely see a decline in sales north of NYC, though even a sharp drop does not mean the market is collapsing," he said.
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