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In markets north of New York City, including the Hudson Valley counties of Westchester, Putnam, and Dutchess as well as Fairfield County, luxury home sales have experienced a sharp uptick, according to Houlihan Lawrence's Q3 Luxury Market Report.
The report, released on Thursday, Oct. 10, revealed that the percentage of these sales increased by double digits in each county and was concentrated in the lower end of the luxury markets.
The data in the report for each market included:
- Westchester County: The number of luxury homes costing $2 million and higher went up 23.9 percent, while the median sale price decreased by 3.4 percent. The highest sale in Q3 was $9.9 million in the City of Rye.
- Putnam and Dutchess counties: The number of luxury homes costing $1 million and higher went up 34.4 percent, while the median sale price went down 4.9 percent. The highest Q3 sale in Putnam was $3.5 million in Garrison, while the highest in Dutchess was $3.675 million in Amenia.
- Greenwich: The number of luxury homes costing $3 million and higher went up 24.6 percent, while the median sale price decreased by 13.7 percent. The highest Q3 sale price was $13.75 million.
- Darien: The number of luxury homes costing $2 million and higher went up by 21.2 percent, while the median sale price also increased by 13.1 percent. The Q3 highest sale price was $6.5 million.
- New Canaan: The number of luxury homes costing $2 million and higher went up by 11.8 percent, while the median sale price increased by 0.4 percent. The Q3 highest sale price was $6.325 million.
According to Houlihan Lawrence, the reason there weren't as many high-price bracket sales in each market may have been that there are a "finite number of uber-luxury buyers." Many would-be luxury buyers may be staying on the sidelines until after the presidential election, the report added.
In Connecticut markets such as Darien and New Canaan, luxury inventory is being quickly absorbed, the report said, also adding that many sellers with a low-interest rate mortgage may reconsider putting their homes on the market.
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