Westchester, Putnam, and Dutchess Counties Finish 2018 with Slower Housing Sales and Higher Inventory in Most Markets Print


By Dean Bender, Thompson & Bender, for Houlihan Lawrence

Jan. 23, 2019:  The real estate markets in the suburbs north of New York City finished 2018 with generally slower sales, higher inventory in most markets, and a decline in pending sales, according to a report released by Houlihan Lawrence.

Home sales in Westchester County were down 4.6% from the prior year, while sales in Putnam County were up slightly by 3 percent. Dutchess County sales declined 6.6% for the year. Meanwhile, median sale prices were somewhat higher in all three counties: Westchester ($650,000, up 1.2%), Putnam ($350,000, up 4%), and Dutchess ($281,500, up 8.3%).

Inventory in Westchester grew by 9.5%, with the New York City Gateway submarket (Mount Vernon, Yonkers, New Rochelle, and Pelham) posting the highest increase in inventory of 35.2 percent. Putnam’s inventory remained virtually unchanged from the prior year, while inventory in Dutchess declined by 11.8 percent. The number of pending sales in Westchester and Putnam fell 10.9% and 11.4%, respectively, while pending sales in Dutchess declined by 17.2 percent.

Here are some highlights from the year-end report

Westchester communities reporting double-digit increases in total sales for the year, including Peekskill (33%), Hastings (25%), Rye Neck (26%), Greenburgh (14%), Pleasantville (13%), and Somers (10%).  Rivertown communities such as Peekskill and Hastings continue to attract buyers from New York City.

In Dutchess, the sales leaders were Clinton (27%), Beacon (20%), and East Fishkill (14%). Dutchess is enjoying an influx of residents from Brooklyn looking for a more relaxed country lifestyle, especially in the Village of Beacon, which is undergoing a downtown revival.

In Putnam, Haldane, Mahopac, and Brewster all posted double-digit sales gains for the year of 33%, 11%, and 12%, respectively.

Submarkets at a Glance  

NYC Gateway (Mount Vernon, New Rochelle, Pelham, and Yonkers)
Homes Sold: down 8%
Median Sale Price: up 5%

Lower Westchester (Bronxville, Eastchester, Edgemont, Scarsdale, and Tuckahoe)
Homes Sold: down 11%
Median Sale Price: down 9%

Rivertowns (Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington, Ossining, Pocantico Hills)
Homes Sold: down 2%
Median Sale Price: up 2%

Greater White Plains (Greenburgh, Valhalla, and White Plains)
Homes Sold: up 4%
Median Sale Price: up 5%

Sound Shore (Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City, and Rye Neck)
Homes Sold: down 1%
Median Sale Price: up 2%

Northern Westchester (Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem, and Somers)
Homes Sold: down 7%
Median Sale Price: up 1%

Northwest Westchester (Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill, and Yorktown)
Homes Sold: down 4%
Median Sale Price: up 4%

Putnam County (Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac, and Putnam Valley)
Homes Sold: up 3%
Median Sale Price: up 4%

Southwest Dutchess (Beacon, East Fishkill, Fishkill, La Grange, Poughkeepsie, City of Poughkeepsie, and Wappinger)
Homes Sold: down 3%
Median Sale Price: up 10%

Southeast Dutchess (Beekman, Dover, Pawling, and Union Vale)
Homes Sold: down 12%
Median Sale Price: up 8%

Northwest Dutchess (Clinton, Hyde Park, Milan, Pleasant Valley, Red Hook, and Rhinebeck)
Homes Sold: down 14%
Median Sale Price: up 9%

Northeast Dutchess (Amenia, North East, Pine Plains, Stanford, and Washington)
Homes Sold: down 13%
Median Sale Price: down up 11%

Photo courtesy Dean Bender, Thompson & Bender, for Houlihan Lawrence

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