The real estate market in Westchester, Putnam, and Dutchess faced heightened challenges during the second quarter of 2023, characterized by low inventory levels and the impact of an abrupt increase in mortgage interest rates, according to the Houlihan Lawrence Westchester-Putnam-Dutchess Q2 Market Report released today.
The report noted that a significant majority of homeowners with mortgages are currently paying below the historical average rate of 6.7%, the highest observed in 20 years. This has thwarted the trade up, trade down activity in all our markets and further exacerbated the already low levels of properties for sale. The limited inventory of homes, including luxury properties, has intensified competition among buyers and led to upward pressure on prices in most areas.
“This environment has resulted in a beneficial situation for homeowners who decide to sell, and with mortgage rates currently stabilizing, they are becoming more inclined to make a move. At all price points, sellers are often able to realize top dollar for their properties, when properly priced, and achieve significant returns on their real estate investments,” said Liz Nunan, President and CEO of Houlihan Lawrence.
“Houlihan Lawrence is fortunate to operate within the thriving markets north of New York City. The region offers exceptional housing choices, making it accessible to a broad range of buyers. The cultural richness, abundance of parks, proximity to beaches, and recreational opportunities in our counties is unparalleled. As a result, our strong demand for housing over the decades has remained constant, with a few exceptions,” said Nunan.
Overall, the Westchester-Putnam-Dutchess market showed double-digit declines in home sales in all submarkets. Median sale prices were lower as well in most submarkets.
Q2 2023 MARKETS AT A GLANCE (Q2 2023 vs Q2 2022)
WESTCHESTER COUNTY
Homes Sold: Down 24.4%
Median Sale Price: Down 4.1%
New York City Gateway
(Mount Vernon, New Rochelle, Pelham and Yonkers)
Homes Sold: Down 18%
Median Sale Price: Down 4%
Lower Westchester
(Bronxville, Eastchester, Edgemont, Scarsdale and Tuckahoe)
Homes Sold: Down 35%
Median Sale Price: Down 8%
Rivertowns
(Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington Ossining and Pocantico Hills)
Homes Sold: Down 34%
Median Sale Price: Up 7%
Greater White Plains
(Greenburgh, Valhalla and White Plains)
Homes Sold: Down 31%
Median Sale Price: Up 2%
Sound Shore
(Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City and Rye Neck)
Homes Sold: Down 27%
Median Sale Price: Down 8%
Northern Westchester
(Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem and Somers)
Homes Sold: Down 24%
Median Sale Price: Down 14%
Northwest Westchester
(Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill and Yorktown)
Homes Sold: Down 3%
Median Sale Price: Up 3%
PUTNAM COUNTY
(Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac and Putnam Valley)
Homes Sold: Down 17%
Median Sale Price: no change
DUTCHESS COUNTY
Homes Sold: Down 17.8%
Median Sale Price: Down 1.1%
Southwest Dutchess
(Beacon, East Fishkill, Fishkill, La Grange, Poughkeepsie, City of Poughkeepsie and Wappinger)
Homes Sold: Down 10%
Median Sale Price: Down 1%
Southeast Dutchess
(Beekman, Dover, Pawling and Union Vale)
Homes Sold: Down 24%
Median Sale Price: Up 5%
Northwest Dutchess
(Clinton, Hyde Park, Milan, Pleasant Valley, Red Hook and Rhinebeck)
Homes Sold: Down 13%
Median Sale Price: Down 3%
Northeast Dutchess
(Amenia, North East, Pine Plains, Stanford and Washington)
Homes Sold: Down 54%
Median Sale Price: Down 23%
