Ideal Time for Sellers to Realize Their Highest Sale Prices
The residential real estate market in areas North of NYC remains strong and is characterized by robust buyer demand, coupled with historically low inventory levels, which continues to drive prices upward in most segments. It remains optimal for sellers to realize their highest prices, according to the Houlihan Lawrence Westchester-Putnam-Dutchess Q1 Market Report released on April 9.
Despite some pockets experiencing a slight uptick in inventory during Q1 2024, specifically in the higher price ranges, overall conditions remain favorable for sellers and challenging for buyers, according to the report. While home sales were lower for the quarter in most of the markets in areas North of NYC, median sale prices were higher in all of the markets.
“Multiple offers remain a common occurrence, demonstrating the importance of working with a knowledgeable buyers’ agent to secure a home. Their expertise can provide invaluable guidance and market insight ensuring that buyers make informed and effective decisions,” said Houlihan Lawrence President & CEO Liz Nunan.
Q1 2024 MARKETS AT A GLANCE (Q1 2024 vs Q1 2023)
WESTCHESTER COUNTY
Homes Sold: Down 9.8%
Median Sale Price: Up 9.4%
New York City Gateway
(Mount Vernon, New Rochelle, Pelham and Yonkers)
Homes Sold: Down 17%
Median Sale Price: Up 17%
Lower Westchester
(Bronxville, Eastchester, Edgemont, Scarsdale and Tuckahoe)
Homes Sold: Down 15%
Median Sale Price: Up 10%
Rivertowns
(Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington Ossining and Pocantico Hills)
Homes Sold: Down 15%
Median Sale Price: Up 8%
Greater White Plains
(Greenburgh, Valhalla and White Plains)
Homes Sold: Down 31%
Median Sale Price: Up 8%
Sound Shore
(Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City and Rye Neck)
Homes Sold: Down 13%
Median Sale Price: Up 5%
Northern Westchester
(Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem and Somers)
Homes Sold: Up 6%
Median Sale Price: Up 13%
Northwest Westchester
(Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill and Yorktown)
Homes Sold: Up 10%
Median Sale Price: Up 14%
PUTNAM COUNTY
(Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac and Putnam Valley)
Homes Sold: Down 14%
Median Sale Price: Up 11%
