In 2024, Westchester home prices soared to new heights, but sales saw a slight dip, reflecting a complex real estate market.
Westchester: Home prices in Westchester are on the rise, reaching a historic high in 2024, even as sales took a little dip. A report from Houlihan Lawrence shows that the median price for single-family homes jumped by 8.2% to $930,750. Meanwhile, sales dropped by 1.5%.
Despite the Federal Reserve cutting interest rates three times last year, the market is still feeling the pinch from low inventory and high mortgage rates. This combination has pushed prices up while keeping sales down.
Since the pandemic, demand in the suburbs has been strong. Prices have skyrocketed, with a nearly 41% increase from $660,000 in 2019 to $930,750 in 2024. In fact, home prices hit a record $1.18 million in August after first crossing the $1 million mark in June.
Interestingly, while overall home sales fell by 5%, luxury home sales—those over $2 million—rose by 27.6%. Yonkers led the way with 369 homes sold, while Bronxville had the highest median price at $2.75 million. Dobbs Ferry saw a whopping 52% growth in home prices.
Condo and co-op prices also followed suit, with median prices rising by 8% and 5.9%, respectively. However, condo sales increased by 9%, while co-op sales dropped by 13.7%. Nearby counties like Putnam and Dutchess also experienced sales declines, but their median prices went up significantly.
Looking ahead, Liz Nunan from Houlihan Lawrence is optimistic about 2025, expecting a more balanced market. She believes that moderating mortgage rates could help buyers while still providing opportunities for sellers.
In the last quarter of 2024, there were signs of recovery, with single-family home sales in Westchester and Putnam increasing by 6.7% and 2%, respectively. This is the first consistent growth seen in over three years, indicating a potential shift in the market.
Helu Wang covers real estate and economic growth for The Journal News/lohud and USA Today Network. Reach her at hwang@gannett.com.
