274 Broadview Avenue, New Rochelle
Q3 Report Sees Notable Shift Toward Greater Inventory
In the third quarter of 2024, the real estate market north of New York City experienced its first notable shift in over three years. After an extended period of dwindling inventory due to high demand, there is an increase in available listings across most markets surveyed, offering much-needed relief to buyers, according to the Houlihan Lawrence Westchester-Putnam-Dutchess Q3 Market Report released today.
According to the report, Westchester County has seen an uptick in inventory, with listings increasing by an average of 3% year-over-year. Some areas have experienced inventory rises as high as 22%. The median sale price in Westchester has continued to rise, driven by a resilient buyer pool. The average sale price rose 7% to $1,323,585, and the median sale price reached $999,000, up 8% from the previous year. This demonstrates that demand remains strong even as more options become available.
Putnam County saw an overall increase in inventory of 5%. The median sale price
rose significantly to $580,000, a 14% increase, reflecting sustained demand. In contrast, Dutchess County continues to face inventory constraints, although overall sales and prices have risen. The average sale price in Dutchess climbed 15% to $588,319, indicating continued buyer interest despite lower inventory levels.
The luxury market has also shown strong growth, with Westchester County reporting a 24% increase in transactions over $2 million, and Putnam and Dutchess Counties experiencing surges well above 30%. These figures underscore the continued attractiveness of high-end properties in the region, even amidst broader market shifts.
“These developments, coupled with indications from the Federal Reserve regarding potential rate cuts, may encourage sellers hesitant to enter the market to reconsider. 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, said Liz Nunan, President and CEO of Houlihan Lawrence.
“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. As we move forward, the sustained resilience of the buyer pool, coupled with increasing inventory levels, points towards a dynamic and evolving market environment,” Nunan added.
Q3 MARKETS AT A GLANCE (Q3 2024 vs Q3 2023)
WESTCHESTER COUNTY
Homes Sold: Down 5.1%
Median Sale Price: Up 8%
New York City Gateway
(Mount Vernon, New Rochelle, Pelham and Yonkers)
Homes Sold: Down 4%
Median Sale Price: Up 11%
Lower Westchester
(Bronxville, Eastchester, Edgemont, Scarsdale and Tuckahoe)
Homes Sold: Down 14%
Median Sale Price: Up 27%
Rivertowns
(Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington, Ossining and Pocantico Hills)
Homes Sold: Down 7%
Median Sale Price: Up 12%
Greater White Plains
(Greenburgh, Valhalla and White Plains)
Homes Sold: Down 4%
Median Sale Price: Down 6%
Sound Shore
(Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City and Rye Neck)
Homes Sold: Up 4%
Median Sale Price: Up 7%
Northern Westchester
(Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem and Somers)
Homes Sold: Down 11%
Median Sale Price: Up 4%
Northwest Westchester
(Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill and Yorktown)
Homes Sold: Up 2%
Median Sale Price: Up 12%
PUTNAM COUNTY
(Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac and Putnam Valley)
Homes Sold: Up 1%
Median Sale Price: Up 14%
