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According to the Houlihan Lawrence Westchester-Putnam Dutchess Q3 Market Report released on Tuesday, Oct. 8, real estate markets in the three counties are experiencing an increase in available listings, the first major shift in more than three years.
This follows an extended period of reduced inventory as a result of high demand, the report said.
According to the report, listings in Westchester increased by an average of 3 percent year-over-year, while some areas had inventory rises as high as 22 percent. The median sale price reached $999,000, an 8 percent increase over the previous year, while the average sale price rose 7 percent to $1,323,585.
The number of homes sold in the county decreased by 5.1 percent.
Meanwhile, in Putnam County, there was an overall inventory increase of 5 percent, and the median sale price rose "significantly" to $580,000, a 14 percent increase, the report said, adding that this reflects sustained demand.
As for Dutchess, the county still faced inventory constraints, but both overall sales and prices rose. The average sale price in the county rose 15 percent to $588,319, showing continued buyer interest despite there being a lower level of inventory.
The luxury market also grew, as there was a 24 percent increase in transactions over $2 million in Westchester while both Putnam and Dutchess experienced a surge over 30 percent.
According to Houlihan Lawrence CEO Liz Nunan, these changes may influence more sellers to enter the market.
"These developments, coupled with indications from the Federal Reserve regarding potential rate cuts, may encourage sellers hesitant to enter the market to reconsider," Nunan said, adding, "The opportunity to capitalize on increased inventory and sustained buyer demand could prompt more movement among homeowners, particularly those looking to trade up or down."
"Overall, the trends observed in the third quarter of 2024 suggest meaningful changes in the market, marking a shift in a landscape that has remained relatively flat for years," Nunan continued.
The report included market information on the following areas:
Westchester:
- In the New York City Gateway (Mount Vernon, New Rochelle, Pelham, and Yonkers), the number of homes sold was down 4 percent while the median sale price was up 11 percent;
- In Lower Westchester (Bronxville, Eastchester, Edgemont, Scarsdale, and Tuckahoe), the number of homes sold was down 14 percent while the median sale price was up 27 percent;
- In the Rivertowns, the number of homes sold was down 7 percent while the median sale price was up 12 percent;
- In Greater White Plains (Greenburgh, Valhalla, and White Plains), the number of homes sold was down 4 percent, while the median sale price was down 6 percent;
- Along the shore of Long Island Sound, the number of homes sold was up 4 percent, while the median sale price was up 7 percent;
- In Northern Westchester, the number of homes sold was down 11 percent, while the median sale price was up 4 percent;
- In Northwest Westchester (Croton, Hendrick Hudson, Lakeland, Peekskill, and Yorktown) the number of homes sold was up 2 percent, while the median sale price was up 12 percent.
Putnam:
- The number of homes sold was up 1 percent, while the median sale price was up 14 percent.
Dutchess:
- In Southwest Dutchess (Beacon, East Fishkill, Fishkill, La Grange, Poughkeepsie, and Wappinger), the number of homes sold was up 15 percent while the median sale price was up 6 percent;
- In Southeast Dutchess (Beekman, Dover, Pawling, and Union Vale), the number of homes sold was up 11 percent, while the median sale price was up 2 percent;
- In Northwest Dutchess (Clinton, Hyde Park, Milan, Pleasant Valley, Red Hook, and Rhinebeck), the number of homes sold was down 18 percent, while the median sale price was up 20 percent;
- In Northeast Dutchess (Amenia, North East, Pine Plains, Stanford, and Washington), the number of homes sold was up 41 percent, while the median sale price was up 4 percent.
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