Houlihan Lawrence: Low Inventory, Strong Buyer Demand Driving Robust Home Sales in Westchester, Putnam, Dutchess Counties

RYE BROOK—Driven by historically low inventory levels and persistent buyer demand, 2021 is proving to be an extremely strong year for single-family home sales in Westchester, Putnam and Dutchess counties alike, according to the recently released “Houlihan Lawrence Westchester Putnam & Dutchess Q3 Market Report.”

In Westchester County, sales have increased 28% this year and 8% in the third quarter, with lower Westchester standing out with an increase of 39% year-to-date and 24% in the third quarter. Putnam County sales have increased 27% this year and 1% in the third quarter. Dutchess County has had the only decline in sales this quarter, down 7%, but sales are still up 22% for the year. This is not surprising as the Dutchess inventory was down 38% this quarter.

The lack of inventory combined with strong demand has resulted in a decline in pending sales in the third quarter and an increase in median sales price with buyers often competing for the same properties, the report states. The median sale price increased in the third quarter of 2021 by 6% in Westchester County, 14% in Putnam County, and 18% in Dutchess County. While it is an excellent time to list a home, pricing is critical as buyers have become more discerning as the urgency at the beginning of the pandemic has waned, Houlihan Lawrence stated in the report.

“While New York City is offering attractive pricing and experiencing increased buyer activity, helping to fuel its recovery, many buyers desire more square footage, outdoor space, and the respite that our counties offer,” said Liz Nunan, president and CEO of Houlihan Lawrence. “It is yet to be determined what percentage of the workforce will continue to work from home, be it full-time or part-time, but the ability to do so comfortably remains top of mind for today’s buyers.”

THIRD QUARTER 2021 MARKETS AT A GLANCE

WESTCHESTER COUNTY
Homes Sold: Up 8.2%
Median Sale Price: Up 5.8%

New York City Gateway
(Mount Vernon, New Rochelle, Pelham and Yonkers)
Homes Sold: Up 14%
Median Sale Price: Down 1%

Lower Westchester
(Bronxville, Eastchester, Edgemont, Scarsdale and Tuckahoe)
Homes Sold: Up 24%
Median Sale Price: Up 7%

Rivertowns
(Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington Ossining and Pocantico Hills)
Homes Sold: Up 2%
Median Sale Price: Up 7%

Greater White Plains
(Greenburgh, Valhalla and White Plains)
Homes Sold: Up 28%
Median Sale Price: Up 3%

Sound Shore
(Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City and Rye Neck)
Homes Sold: Up 8%
Median Sale Price: Up 13%

Northern Westchester
(Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem and Somers)
Homes Sold: Down 6%
Median Sale Price: Up 11%

Northwest Westchester
(Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill and Yorktown)
Homes Sold: Up 14%
Median Sale Price: Up 13%

PUTNAM COUNTY
(Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac and Putnam Valley)
Homes Sold: Up 1%
Median Sale Price: Up 14%