Median Sale Prices Higher for the Year in All Markets
Building on the sales surge in 2020, single-family home sales posted a record-breaking year in 2021fueled by low inventory and strong buyer demand, according to the Houlihan Lawrence Westchester-Putnam-Dutchess Q4 Market Report released today.
Home sales in Westchester were up 10.4% for the year, while Putnam and Dutchess counties reported gains of 8% and 2.7%, respectively. Nearly every submarket in Westchester posted double-digit sales gains. Median sale prices were also higher in all Westchester, Putnam and Dutchess submarkets.
“While the first half of 2021 varied in specific metrics to the second half, two factors remained constant. The inventory was at an all-time low, and buyer demand was exceptionally strong. As the year progressed, the sales outpaced inventory replacement, and this further restriction led to a decline in pending sales and, eventually, closed sales,” said Houlihan Lawrence President and CEO Liz Nunan.
For perspective, in the fourth quarter, the number of listings declined 42% in Westchester County year over year. In Putnam County, it was down 34%, and in Dutchess County, 44%. This led to a natural decline in the number of sales. While sales are up 10% for the entire year in Westchester County, they declined 25% in Q4. Similar statistics hold true for both Putnam and Dutchess Counties.
“The demand for all property types and prices remained high, further fueling the seller’s market. As a result, the median price continued to increase in Q4. Westchester County experienced an increase in single-family pricing of between 6-13%, depending on location. On average, Putnam County was up 16% and Dutchess County 19%,” Nunan noted.
“2022 will likely not see the record-breaking number of sales seen in 2021. But until the supply and demand fall into balance, the market will still be charged with buyers, and sellers will continue to prosper,” she added.
2021 MARKETS AT A GLANCE-WESTCHESTER COUNTY
Homes Sold: Up 10.4%
Median Sale Price: Up 6.1%
New York City Gateway: (Mount Vernon, New Rochelle, Pelham and Yonkers)
Homes Sold: Up 14%, Median Sale Price: Up 3%
Lower Westchester (Bronxville, Eastchester, Edgemont, Scarsdale and Tuckahoe)
Homes Sold: Up 13%
Median Sale Price: Up 5%
Sound Shore
(Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City and Rye Neck)
Homes Sold: Up 12%
Median Sale Price: Up 13%
Northwest Westchester
(Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill and Yorktown)
Homes Sold: Up 14%
Median Sale Price: Up 12%
PUTNAM COUNTY
(Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac and Putnam Valley)
Homes Sold: Up 8%
Median Sale Price: Up 16%
