The residential real estate market was quite active in 2024 in Westchester, Putnam, Dutchess and parts of Connecticut, especially in the luxury sectors, according to data from the real estate brokerage firm Houlihan Lawrence.
Westchester County saw a 28% increase in home sales in the luxury market that begins at $2 million, while Putnam and Dutchess Counties saw a 66% jump in sales over $1 million, which is the floor for their luxury homes. Greenwich experienced a 14% rise in sales above $3 million, which is where the Greenwich luxury market begins. In Darien, although sales in the luxury sector of over $2 million decreased by 17%, the median sale price rose by 26%. Rowayton saw a 53% surge in sales and New Canaan’s luxury market grew by 13% in homes sold.
Throughout 2024, the supply-to-demand ratio remained exceptionally high across many price points, according to Houlihan Lawrence’s Full Year 2024 report.
“As we close out 2024, we are inspired by the overwhelming demand from 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 enduring appeal and resilience of our region’s real estate,” said Liz Nunan, Houlihan Lawrence’s president and CEO. “Looking ahead to 2025, the outlook remains positive, with home sales and prices expected to grow at a more sustainable pace. Moderating mortgage rates may help create a more balanced market environment, potentially easing conditions for buyers while still providing opportunities for sellers.”
The average price for a single-family home in Westchester was up 8.9% from 2023 to 2024, rising to $1,255,584 from $1,153,365. In the fourth quarter of the year, there were 1,032 single-family homes sold compared with 967 in the fourth quarter of 2023. For the entire year 2024, there were 4,422 single-family homes sold compared with 4,490 in 2023.
The Westchester condominium market saw 1,200 units change hands in 2024, up 9% from the 1,101 sales in 2023. The average selling price was $624,161, up 6.9% from 2023’s $584,052.
In Westchester there were 1,503 co-ops sold in 2024, a 13.7% drop from the 1,741 sold in 2023. The average selling price was $248,261, up 6.8% from last year’s $232,424.
In Dutchess County, 2024 saw 2,016 single-family homes change hands. That was down 8.7% from the 2,207 sales in 2023. The average sale price was $593,175, up 21.1% from the $489,565 recorded in 2023.
There were 276 condos sold in Dutchess during 2024, down 5.8% from the 295 that were sold in 2023. The average sale price went up by 9.5% from $326,935 in 2023 to $357,945 in 2023.
