Inventory levels across many of the markets surveyed continue to contribute to a competitive landscape for buyers, driving median prices upward.
FDIC will relocate to 1166 Avenue of the Americas from the Empire State Building in a 10-year lease.
The TIFIA loan will support the funding of the first phase of the $10-billion bus terminal replacement project, with construction to begin this year.
Inventory levels across many of the markets surveyed continue to contribute to a competitive landscape for buyers, driving median prices upward.
RYE BROOK—Home sales in 2024 were modestly lower in Westchester, Putnam, and Dutchess counties while a scarcity of homes for sale drove median sale prices upwards, with increases ranging from 2% to 22%, according to the recently released Houlihan Lawrence Q4 Westchester-Putnam-Dutchess Market Report.
The report noted that throughout 2024 the supply-to-demand ratio remained exceptionally high across many price points. However, the fourth quarter showed early signs of certain markets beginning to shift toward a more balanced demand, particularly at the higher luxury price points. While these conditions have posed challenges for buyers, sellers have undeniably benefited from heightened demand and rising home values.
The luxury home market remains strong. In Westchester County, sales of homes priced over $2 million saw a stout 28% increase, while Putnam and Dutchess Counties experienced a 66% surge in sales of homes priced over $1 million. This robust growth in the luxury market reflects continued interest from buyers seeking premium properties in this region, the brokerage firm stated in its report.
In Darien, CT, although sales over $2 million decreased by 17%, the median sale price rose by 26%. Rowayton, CT saw a 53% surge in sales and New Canaan, CT’s luxury market grew by 13% in homes sold.
Inventory levels across many of the markets surveyed continue to contribute to a competitive landscape for buyers, driving median prices upward. While these conditions have presented challenges for buyers, sellers have undeniably benefited from heightened demand and rising home values. Throughout 2024, the supply-to-demand ratio remained exceptionally high across many price points.
“As we close out 2024, we are inspired by the overwhelming demand in buyers eager to settle into the vibrant markets we serve north of New York City. This year has been marked by significant market dynamics that underscore the appeal and resilience of our region’s real estate,” said Houlihan Lawrence President and CEO Liz Nunan.
She continued, “The outlook for 2025 remains positive, with home sales and prices expected to grow at a more sustainable pace. Moderating mortgage rates may help create a more normalized market environment, potentially easing conditions for buyers while maintaining opportunities for sellers.”
Homes Sold: Down 1.5%
Median Sale Price: Up 8.2%
New York City Gateway
(Mount Vernon, New Rochelle, Pelham, and Yonkers)
Homes Sold: Down 7%
Median Sale Price: Up 15%
Lower Westchester
(Bronxville, Eastchester, Edgemont, Scarsdale, and Tuckahoe)
Homes Sold: Down 3%
Median Sale Price: Up 13%
Rivertowns
(Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington Ossining, and Pocantico Hills)
Homes Sold: Down 1 %
Median Sale Price: Up 4%
Greater White Plains
(Greenburgh, Valhalla and White Plains)
Homes Sold: Down 3%
Median Sale Price: Up 2%
Sound Shore
(Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City and Rye Neck)
Homes Sold: Up 2%
Median Sale Price: Up 9%
Northern Westchester
(Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem and Somers)
Homes Sold: 0%
Median Sale Price: Up 15%
Northwest Westchester
(Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill and Yorktown)
Homes Sold: Down 1 %
Median Sale Price: Up 9%
(Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac and Putnam Valley)
Homes Sold: Down 9%
Median Sale Price: Up 14%
Westchester County Luxury Home Sales /$2M and Higher
Homes Sold: Up 28.1%
Median Sale Price: Down 1.5%
Highest Sale Price: $10,500,000 Bedford
Putnam and Dutchess County Luxury Home Sales /$1M and Higher
Homes Sold: Up 66.3%
Median Sale Price: Up 8.5%
Highest Sale Price Putnam: $3,271,250 Garrison
Highest Sale Price Dutchess: $11,850,000 Stanford
Greenwich Luxury Home Sales /$3M and Higher
Homes Sold: Up 14.2%
Median Sale Price: Down 6.3%
Q4 Highest Sale Price: $31,500,000 Greenwich
Darien Luxury Home Sales /$2M and Higher
Homes Sold: Down 17.4%
Median Sale Price: Up 25.8%
Highest Sale Price: $8,000,000
New Canaan Luxury Home Sales /$2M and Higher
Homes Sold: Up 13.2%
Median Sale Price: Up 3.4%
Highest Sale Price: $7,495,000
Rowayton Luxury Home Sales /$2M and Higher
Homes Sold: Up 52.6%
Median Sale Price: Up 11.1%
Source: Houlihan Lawrence
FDIC will relocate to 1166 Avenue of the Americas from the Empire State Building in a 10-year lease.
The TIFIA loan will support the funding of the first phase of the $10-billion bus terminal replacement project, with construction to begin this year.
Martha Eventually settled in Somers, becoming a Realtor where she found her stride, spending decades in the industry.
Phase Two is to include 450 units of permanently affordable rental housing adjacent to the armory
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