Across Westchester, Putnam and Dutchess counties, the coronavirus has escalated buyer demand to an unparalleled degree, causing a substantial increase in the number of pending sales in the third quarter, a year-over-year rise in median sale prices for the quarter and an across-the-board dip in the number of listings.
The three counties north of New York City are inherently different on a multitude of levels, including price, convenience, amenities and culture, and it is uncommon for the real estate markets to look the same, yet all three are thriving, according to the Houlihan Lawrence Westchester Putnam & Dutchess Q3 Market Report released last week.
Year over Year, pending sales are up substantially, listings are down across-the-board, and the median sale price has risen. The common thread is the impact of the coronavirus on these communities, which has escalated buyer demand to an unparalleled degree, causing a further restriction on inventory north of NYC.
NYC buyers leaving the city have re-written the rules of what today’s buyers want and need. As entire families work from the same home, additional space is a necessity, and the safety of lower density communities during the pandemic has driven demand to historic levels in Westchester, Putnam, and Dutchess counties.
Homes on large parcels that will accommodate extended family with space for one or more home offices represent the new ideal home. The fulfillment of these basic needs is more important than the specific community.
Commute time to NYC is not necessarily as important as it once was.
Numerous buyers have indicated that they will continue to work from home on a full or part-time basis, even after the danger of the virus has passed. Thus, a longer commute time is less of a trigger and has fueled sales in some of the more remote locations in the counties. Inventory that was
struggling to sell previously has seen a resurgence of interest because these homes now fit the desired new criteria.
While the demand is striking throughout our markets, buyers remain attuned to value. For example, in Northern Westchester, where commute times to NYC are longer, larger homes with acreage offer an appealing value proposition when compared to comparable homes in Southern Westchester. With buyers focus on the attributes of the home, and less on location, it is not surprising that Northern Westchester had the highest Q3 sales spike in the county nd posted 45% more homes sold year-over-year.
“New York City buyers leaving the city have rewritten the rules of what today’s buyers want and need. As entire families work from the same home, additional space is a necessity, and the safety of lower density communities during the pandemic has driven demand to historic levels in Westchester, Putnam and Dutchess counties,” said Elizabeth Nunan, President and CEO, Houlihan Lawrence. “Homes on large parcels that will accommodate extended family with space for one or more home offices represent the new ideal home.”
Overall in Westchester County, total homes sold are up bny 11.7%, and the median sales price is up 16.2%.
In the NYC Gateway are of Mount Vernon, New Rochelle, Pelham and Yonkers, home sales are up 2%, and the median sales price is up by 22%.
In the lower Westchester communites of Bronxville, Eastchester, Edgemont, Scarsdale and Tuckahoe, home sales are up by 14%, and the median sales price is up by 7%.
In the Rivertowns of Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington Ossining and Pocantico Hills, homes sales are up by 19%, and the median sales price is up by 7%.
Other areas and their real estate sales statistics:
Greater White Plains-(Greenburgh, Valhalla and White Plains)–Homes Sold: Down 19%–Median Sale Price: Up 6%
Sound Shore–(Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City and Rye Neck)- Homes Sold: Up 10%- Median Sale Price: Up 10%
Northern Westchester-(Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem and Somers)- Homes Sold: Up 50%- Median Sale Price: Up 21%.
Northwest Westchester-(Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill and Yorktown)-Homes Sold: Down 10%- Median Sale Price +2%
