After an extended period of tight residential real estate inventories, the third quarter of 2024 saw the first notable shift in inventory levels in three years in the Westchester and Putnam, according to Houlihan Lawrence’s third quarter report released today that covers the Westchester, Putnam and Dutchess areas.
According to the report, residential listings in Westchester County increased by an average of 3% year-over-year. Some areas have experienced inventory rises as high as 22%.
The sale prices in Westchester continued to rise, with the average single-family sale price rising 7% to $1,323,585, and the median sale price reaching $999,000, up 8% from the previous year.
In Putnam County, there was an overall increase in inventory of 5%. The median single-family sale price rose significantly to $580,000, a 14% increase, reflecting sustained demand. In contrast, Dutchess County continued to face inventory constraints, although overall sales and prices have risen. The average single-family sale price in Dutchess climbed 15% to $588,319, indicating continued buyer interest despite lower inventory levels.
The luxury market also has shown strong growth, with Westchester County having a 24% increase in single-family transactions over $2 million. However, in Dutchess only seven homes priced at $2 million or more were sold out of 49 listings.
“These developments, coupled with indications from the Federal Reserve regarding potential rate cuts, may encourage sellers hesitant to enter the market to reconsider,” said Liz Nunan, president and CEO of Houlihan Lawrence. “The opportunity to capitalize on increased inventory and sustained buyer demand could prompt more movement among homeowners, particularly those looking to trade up or down.”
Comparison of the third quarter of 2024 with the third quarter of 2023 shows that in Westchester 1,541 single-family homes changed hands compared with 1,624 a year before. There were 372 co-ops sold compared with 446 in the third quarter of 2023. The average co-op sale price was $254,804 compared with $240,921 a year before. There were 348 condos sold compared with 312 in the third quarter of 2023. The average condo sale price was $647,430, compared with $575,499 in the third quarter of 2023.
“Overall, the trends observed in the third quarter of 2024 suggest meaningful changes in the market, marking a shift in a landscape that has remained relatively flat for years,” Nunan said. “As we move forward, the sustained resilience of the buyer pool, coupled with increasing inventory levels, points towards a dynamic and evolving market environment.”
