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Slower Housing Sales and Higher Inventory in Most Markets in Westchester, Putnam, and Dutchess Counties in Q1

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By Dean Bender, Thompson & Bender, for Houlihan Lawrence

May 8, 2019:  The real estate markets in the suburbs north of New York City finished the first quarter of 2019 with generally slower sales, higher inventory in most markets, and a decline in pending sales, according to a report released by Houlihan Lawrence.

Single-family home sales in Westchester County were down 5.4% from the prior year, while sales in Putnam County were down by 10%. Dutchess County sales declined 9.1% for the quarter, compared to Q1 of 2018. Meanwhile, median sale prices were somewhat lower in Westchester ($604,900, down 1.2%), but higher in Putnam ($329,000, up 3%) and Dutchess ($278,000, up 9.4%).

Inventory in Westchester grew by 10.4% with the Greater White Plains submarket (Greenburgh, Valhalla, and White Plains) posting the highest increase in inventory of 42.9%. Putnam’s inventory rose by 11.9% from the prior year while inventory in Dutchess was up by 5.6%. The number of pending sales dipped 1.5% in Westchester and 12% in Dutchess, but they were up in Putnam by 2.4%.

Here are some highlights from the first quarter report:

  • Westchester communities reporting double-digit increases in total sales for the quarter included Scarsdale (27%), Hastings (17%), Somers (48%), Pleasantville (17%), and Yorktown (59%).
  • In Dutchess, the sales leaders were Fishkill (40%), Beekman (25%), and Red Hook (60%). Dutchess is enjoying an influx of residents from Brooklyn looking for a more relaxed country lifestyle.
  • Putnam communities reporting double-digit increases in total sales for the quarter included Lakeland (29%) and Putnam Valley (14%).

Submarkets at a Glance 

NYC Gateway
(Mount Vernon, New Rochelle, Pelham, and Yonkers school districts)
Homes Sold: down 5%
Median Sale Price: up 3%

Lower Westchester
(Bronxville, Eastchester, Edgemont, Scarsdale, and Tuckahoe)
Homes Sold: up 14%
Median Sale Price: down 9%

Rivertowns
(Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington, Ossining, and Pocantico Hills)
Homes Sold: down 3%
Median Sale Price: down 6%

Greater White Plains
(Greenburgh, Valhalla, and White Plains)
Homes Sold: down 11%
Median Sale Price: up 7%

Sound Shore
(Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City, and Rye Neck)
Homes Sold: down 16%
Median Sale Price: down 9%

Northern Westchester
(Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem, and Somers)
Homes Sold: down 2%
Median Sale Price: down 4%

Northwest Westchester
(Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill, and Yorktown)
Homes Sold: down 9%
Median Sale Price: up 17%

Putnam County
(Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac, and Putnam Valley)
Homes Sold: down 10%
Median Sale Price: up 3%

Southwest Dutchess
(Beacon, East Fishkill, Fishkill, La Grange, Poughkeepsie, City of Poughkeepsie, and Wappinger)
Homes Sold: down 13%
Average Sale Price: up 10%

Southeast Dutchess
(Beekman, Dover, Pawling, and Union Vale)
Homes Sold: down 3%
Average Sale Price: up 8%

Northwest Dutchess
(Clinton, Hyde Park, Milan, Pleasant Valley, Red Hook, and Rhinebeck)
Homes Sold: down 5%
Average Sale Price: up 3%

Northeast Dutchess
Homes Sold: up 8%
Average Sale Price: up 7%

Photo by N. Bower

Editor's note: As a public service, MyhometownBronxville publishes articles from local institutions, officeholders, and individuals. MyhometownBronxville does not fact-check statements therein, and any opinions expressed therein do not necessarily reflect the thinking of its staff.

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