Residential real estate markets exhibited strength in the first quarter of 2025, according to a new report covering the period that was released by Houlihan Lawrence.
“From south to north, a familiar pattern has re-emerged: as affordability continues to be tested in Southern Westchester, buyer activity has radiated outward. Lower Westchester, historically one of the most competitive areas, saw resilient pricing and a slight uptick in sales,” said Liz Nunan, president and CEO of Houlihan Lawrence. “But as inventory remained limited and prices climbed, buyers expanded their search parameters geographically, first into Northern Westchester, then into Putnam, and increasingly into Dutchess. This outward flow has created a subtle ripple effect, with each ring absorbing demand from the one below it.”
“Particularly active submarkets included Scarsdale and Tuckahoe in the south, while Valhalla and White Plains drove notable growth in central Westchester,” Nunan said. “In the north, Bedford and Chappaqua saw strong appreciation, with median prices climbing by double digits. In Putnam County, total sales volume declined 9% versus Q1 2024, but that headline masks a more nuanced reality. Median prices rose 10%, indicating that demand has not disappeared, it has simply shifted upmarket. Mahopac, Carmel, and Brewster remain highly active, with buyers drawn to the relative affordability and quality of life just beyond Westchester’s northern border. Dutchess County, while not detailed in full within this section, continues to attract interest, particularly in commuter friendly hubs like Beacon, LaGrange, and Red Hook.”
In Westchester County, single-family home sales rose 8.5% compared with Q1 2024. This was accompanied by a 5% increase in the average sale price, which reached $1.18 million. Despite a notable rise in average days on the market, from 39 to 67, the sale-to-list price ratio remained a robust 101.5%, suggesting that well-positioned homes are still finding ready buyers. There were 813 single-family homes sold in the first quarter of 2025 in Westchester compared with 743 in the first quarter of last year. The median sale price was $875,000 compared with $837,500 for the first quarter of 2024.
In Putnam County, single-family home sales were down 8% from the first quarter of 2024, with 142 sales in the first quarter of this year compared wit 154 in the first quarter a year ago. The median price rose 10% to $551,000.
In Dutchess County, single-family home sales fell 4$, from 422 in the first quarter of 2024 to 405 in the first quarter of 2025. The median sale price was up 12.2% from $432,200 to $485,000.
“Looking ahead, the second quarter of 2025 is expected to bring a modest increase in listing activity as would-be sellers grow more comfortable with the new normal of interest rates and recalibrated expectations. Buyers remain ready, but selective,” Nunan said.
