Q1 residential real estate: single-family home sales generally down, prices generally up

According to the first quarter 2024 real estate market report released today by the brokerage Houlihan Lawrence, the residential real estate market in areas north of New York City remains strong. Houlihan says that there is robust buyer demand coupled with historically low inventory in most market segments.

Houlihan says some portions of the market saw a slight uptick in inventory during the first quarter of the year, specifically in the higher price ranges. While home sales were lower for the quarter in most suburban areas, median sale prices were higher.

“Multiple offers remain a common occurrence, demonstrating the importance of working with a knowledgeable buyers’ agent to secure a home,” said Liz Nunan, Houlihan Lawrence’s president and CEO. “Their expertise can provide invaluable guidance and market insight ensuring that buyers make informed and effective decisions.”

In Westchester, the number of homes sold was down 9.8% compared with the first quarter of 2023, while the median sale price went up 9.4% to $831,500. The average sale price was $1,109,595. There were a total of 763 homes sold in the first quarter of 2024 compared with 846 in the first quarter of 2023.

Mount Vernon, New Rochelle, Pelham and Yonkers saw the number of homes sold drop by 17% and the median selling price go up by the same percentage.

In Bronxville, Eastchester, Edgemont, Scarsdale and Tuckahoe the number of home sales dropped by 15% while the median sale price went up 10%.

In the Greater White Plains area, Greenburgh, Valhalla and White Plains itself, the number of homes sold plunged 31%, although the median sale price was up by 8%.

There was a more modest price increase in the Sound Shore area, consisting of Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City and Rye Neck. The median sale price went up 5% while the number of homes sold was down 13%.

Northern Westchester saw both the median sale price and the number of homes sold increase. In Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem and Somers homes sales were up 6% and the median price was up 13%. In Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill and Yorktown the number of homes sold was up 10% and the median sale price was up 14%.

According to Houlihan Lawrence, in the Putnam County communities of Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac and Putnam Valley the number of homes sold dropped by 14% and the median sale price increased 11%.

In Dutchess County, the number of homes sold in the first quarter of 2024 was down 17.2% and the median sale price was up 10.3%.