In 2020, the real estate market in Westchester, Putnam, and Dutchess Counties experienced a surge in sales directly related to the COVID-19 epidemic. Almost unilaterally, the volume of overall unit sales, as well as median sale prices rose, according to the Houlihan Lawrence Westchester Putnam & Dutchess Market Report released today.
The counties all offer plentiful open spaces and opportunities for outdoor activities, a key draw during these restricted times. Their bucolic beauty is appealing to city dwellers, both young and old. It is not surprising that the locations that offered the most solace and the properties that suited entire family needs, including recreational amenities, showed the most significant increases.
“The 4th Quarter numbers reflect an unprecedented level of activity in the Fall 2020 Market. Every price point was active, including the luxury market that lagged in some locations during previous years. Year over Year, Westchester County inventory is down 27% while pending sales are up 46%. In Lower Westchester, sales remain strong as buyers anticipate returning to commuting to New York City and the ease offered by these communities,” said Elizabeth Nunan, President and CEO, Houlihan Lawrence.
“However, it is noted that many buyers anticipate continuing the ‘work from home’ model and have ventured further North. Northern Westchester stands out as home sales soared 40% and inventory declined 40%, she added.
Further North in Putnam and Dutchess Counties, the number of pending sales has increased triple digits over last year as many sought more open space and value. Many properties were purchased as second homes to be used as a refuge, while the number of primary home purchases rose substantially. The past nine months have demonstrated that many businesses can continue to operate “business as usual” with remote employees; thus, the commute is less vital.
Low inventory numbers in Westchester, Putnam, and Dutchess Counties indicate that demand remains strong. It is anticipated that the real estate market during the first half of 2021 will continue to be robust.
MARKETS AT A GLANCE :
WESTCHESTER COUNTY
Homes Sold: Up 13.6%–Median Sale Price: Up 12.4%
NYC Gateway (Mount Vernon, New Rochelle, Pelham and Yonkers)
Homes Sold: Up 10%-Median Sale Price: Up 16%
Lower Westchester (Bronxville, Eastchester, Edgemont, Scarsdale)
Homes Sold: Up 16%-Median Sale Price: Up 8%
Rivertowns
(Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington Ossining and Pocantico Hills)
Homes Sold: Up 13%-Median Sale Price: Up 7%
Greater White Plains (Greenburgh, Valhalla and White Plains)
Homes Sold: Up 1%-Median Sale Price: Up 2%
Sound Shore (Blind Brook, Harrison, Mamaroneck, Port Chester, Rye)
Homes Sold: Up 18%-Median Sale Price: Up 8%
Northern Westchester (Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem and Somers)
Homes Sold: Up 41%-Median Sale Price: Up 14%
Northwest Westchester (Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill and Yorktown)
Homes Sold: Down 9%-Median Sale Price: Up 6%
PUTNAM COUNTY (Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac and Putnam Valley)
Homes Sold: Up 20%-Median Sale Price: Up 7%
