Single-family housing markets in Westchester, Putnam and Dutchess counties enjoyed double-digit increases in homes sold and median sale prices in the second quarter of 2021 while buyer demand remained strong and inventory continued tight, according to the Houlihan Lawrence Westchester Putnam & Dutchess Q2 Market Report released July 7.
According to the report, single-family homes sold in Westchester County increased 53% from the second quarter of 2020, while the median sale price rose 17.6%. Homes sold in Putnam County rose 32% and median sale price rose 27%. In Dutchess County, homes sold rose 51.5% and median sale price was up 25.8%. Nearly every submarket surveyed in the three counties showed increases in homes sold and median sale prices.
The report noted that the Q2-2021 vs. Q2-2020 percentage gains may be skewed due to the fact that markets in Westchester, Putnam, and Dutchess Counties were closed for a portion of time as a result of the COVID-19 pandemic.
Inventory challenges and robust buyer demand remained a constant in the second quarter of 2021. While the exodus of buyers looking to leave NYC to less congested communities has lessened, the pent-up-demand still outweighs the supply. The diverse recreational and cultural offerings of Westchester, Putnam and Dutchess Counties continue to be desirable to first-time buyers as well as trade up and trade down residents. Listings declined in the 30-40% range year-over-year in all three counties and pending sales increased anywhere from 25-52%.
Median sale prices in many areas increased considerably in the second quarter due to the continued imbalance of supply and demand. For the last two years, Westchester has had the highest median sale since the previous high of 2007. Putnam County’s median sale price is almost back to its record high of 2006 while this is the first year that Dutchess County’s median price has gone over the high of 2006.
“While the current market is one of the best environments to list a home, buyers remain value conscious. Even in these circumstances, if a list price is perceived to be inflated, it will linger on the market until the price is perceived actionable,” said Liz Nunan, President of Houlihan Lawrence.
Nunan noted that while the lower and middle range priced homes have traditionally had higher demand, that is not always the case with the luxury segment. “In fact, there was an oversupply in luxury inventory in some areas for the past few years. Currently, most of our luxury markets have seen the most significant percentage increase in pending and closed sales, some in triple digits, and demand remains strong across the board,” she said.
MARKETS AT A GLANCE
WESTCHESTER COUNTY
Homes Sold: Up 53%
Median Sale Price: Up 17.6%
New York City Gateway
(Mount Vernon, New Rochelle, Pelham and Yonkers)
Homes Sold: Up 36%
Median Sale Price: Up 10%
Lower Westchester
(Bronxville, Eastchester, Edgemont, Scarsdale and Tuckahoe)
Homes Sold: Up 61%
Median Sale Price: Up 13%
Rivertowns
(Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington Ossining and Pocantico Hills)
Homes Sold: Up 59%
Median Sale Price: Up 15%
Greater White Plains
(Greenburgh, Valhalla and White Plains)
Homes Sold: Up 63%
Median Sale Price: Up 19%
Sound Shore
(Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City and Rye Neck)
Homes Sold: Up 66%
Median Sale Price: Up 16%
Northern Westchester
(Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem and Somers)
Homes Sold: Up 49%
Median Sale Price: Up 23%
Northwest Westchester
(Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill and Yorktown)
Homes Sold: Up 46%
Median Sale Price: Up 20%
PUTNAM COUNTY
(Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac and Putnam Valley)
Homes Sold: Up 32%
Median Sale Price: Up 27%
