Why Lower Hudson Valley house sales prices rose again in 2022 while number of sales fell
Median sales prices of single-family houses pushed upward again in Westchester, Putnam and Dutchess in 2022, but the number of sales fell compared to the year before, a new real-estate market report says.
The median price of the homes that sold increased 4.5% in Westchester, 11% in Putnam and 5.4% in Dutchess, according to the report issued by brokerage Houlihan Lawrence. The number of sales fell in Westchester by 17.7%, Putnam by 22%, and Dutchess by 22.7% compared to 2021.
The report attributed the trends to a combination of continued strong demand for homes but a limited supply of them on the market that became tighter after the buying frenzy that took hold when the pandemic hit in 2020. Inventory was already lower entering 2022, says the report, so a drop in the number of sales was anticipated.
Houlihan Lawrence's report does not include data on Rockland County. The Hudson Gateway Association of Realtors tracks Rockland data and produces its own report.
How tight is Westchester's inventory? Over the past 22 years, the average number of listings for single-family houses available at the end of year was 2,162, said Deborah Doern, senior vice president of sales at Houlihan Lawrence.
"We're at 705," at the end of 2022, Doern said. "We're actually 33% of the average."
Liz Nunan, Houlihan Lawrence president and chief executive, said in a statement that "these few market shifts may be the first indicators of a market starting to normalize. As we enter 2023, conditions remain ideal for sellers who properly price their homes, as discouraged yet price-savvy buyers continue to wait for new inventory."
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Nationally, 2022 saw a rise in mortgage interest rates, with some downward movement as the year drew to a close. It wasn’t statistically known what effect that did or didn’t have on the Lower Hudson Valley, a region that includes numerous towns and villages where home prices can reach far above the national average and includes a segment of buyers who command higher incomes.
As interest rates rose, 'buyer demand remained robust'
Nunan said in the Houlihan Lawrence report that “as interest rates rose, buyer demand remained robust which continued to increase median prices and decrease days on the market.”
"Because the inventory is low and the buyer demand is high," sales prices continued to go up, Doern said. "It really is a great time to be a seller."
Westchester County's median single-family house sale price hit $815,000, up from 2021’s $780,000, the report said.
Condominiums followed a similar pattern, with slightly higher median sales prices in the three counties but also fewer units overall changing hands.
Here’s a look at the house sales figures for the full year of 2022 compared to 2021 in school districts in Westchester, Putnam and Dutchess.
How home sales went in Westchester communities
In southern Westchester's Mount Vernon, New Rochelle, Pelham, and Yonkers, the number of homes sold was down 23% while the median sales price was up 5%: The median home sold for:
∎In Mount Vernon, $610,000, up from $585,000 in 2021
∎In New Rochelle, $830,000, up from $801,000
∎In Pelham, $1,153,000, up from $1,112,500
∎In Yonkers, $639,500, up from $600,000
In Lower Westchester districts Bronxville, Eastchester, Edgemont, Scarsdale, and Tuckahoe, the number of homes sold fell 13% while the median sales price was up 15%. The median home sold for:
∎In Bronxville, $2,575,000, up from $2,250,000
∎In Eastchester, $877,500, up from $800,000
∎In Edgemont, $1,275,000, up from $1,190,000
∎In Scarsdale, $2 million, up from $1,751,000
∎In Tuckahoe, $860,500, down from $930,000
In Westchester river-town districts of Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington, Ossining, and Pocantico Hills, the number of sale was down 18% while the median sales price is up 5%. The median home sold for:
∎In Ardsley, $780,000, up from $771,287
∎In Briarcliff Manor, $1,140,000, up from $947,500
∎In Dobbs Ferry, $845,000, up from $790,000
∎In Elmsford, $603,000, up from $575,500
∎In Hastings-on-Hudson, $950,000, up from $865,000
∎In Irvington, $1,275,000, up from $1,125,000
∎In Mount Pleasant, $665,000, down from $688,500
∎In Ossining, $606,000, up from $575,000
∎In Pleasantville, $829,000, up from $725,000
∎In Pocantico Hills, $1,060,000, up from $864,250
∎In Tarrytown, $975,000, up from $835,000
In Greenburgh, Valhalla and White Plains districts, the number of sales was down 3% while the median sales price was up 5%. The median home sold for:
∎In Greenburgh, $665,000, up from $630,000
∎In Valhalla, $660,000, up from $646,450
∎In White Plains, $789,000, up from $728,000
In Westchester’s Sound Shore districts of Blind Brook, Harrison, Mamaroneck (which includes Larchmont village), Port Chester, Rye City and Rye Neck, the number of sales was down 17% while the median sales price was up 2%. The median home sold for:
∎In Blind Brook, $1,099,000, up from $1,026,500
∎In Harrison, $1,676,000, up from $1,495,000
∎In Mamaroneck, $1,455,000, down from $1,498,424
∎In Port Chester, $645,000$, up from $587,000
∎In Rye City, $2,147,500, up from $1,937,500
∎In Rye Neck, $995,000, up from $922,999
In the northern Westchester areas of Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem and Somers, the number of homes sold was down 26% while the median sales price was up 7%. The median home sold for:
∎In Bedford, $999,000, up from $930,000
∎In Byram Hills, $1,420,750, up from $1,300,000
∎In Chappaqua, $1,310,000, up from $1,125,000
∎In Katonah-Lewisboro, $887,500, up from $862,000
∎In North Salem, $625,000, down from $740,000
∎In Somers, $700,000, up from $679,000
In northern Westchester’s Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill, and Yorktown districts, the number of homes sold was down 9% while the median sales price was up 5%. The median home sold for:
∎In Croton-Harmon, $787,000, up from $715,000
∎In Hendrick Hudson, $574,500, up from $551,500
∎In Lakeland, $520,000, up from $490,000
∎In Peekskill, $481,000, up from $433,500
∎In Yorktown, $650,000, up from $608,875
What's happened in Putnam County
In Putnam County’s Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac, and Putnam Valley, the number of homes sold was down 22% while the median sales price was up 11%. The median home sold for:
∎In Brewster, $450,000, up from $405,000
∎In Carmel, $415,501, up from $375,000
∎In Garrison, $770,750, down from $947,500
∎In Haldane, $760,750, up from $585,000
∎In Lakeland, $525,000, up from $443,000
∎In Mahopac, $540,000, up from $500,000
∎In Putnam Valley, $452,000, up from $396,500
Home sales figures for Dutchess County
In southwestern Dutchess County’s Beacon, East Fishkill, Fishkill, La Grange, Poughkeepsie, City of Poughkeepsie, and Wappinger districts, the number of sales was down 24% while median sales price was up 6%. The median home sold for:
∎In Beacon, $525,000, up from $420,000
∎In East Fishkill, $509,750, up from $469,000
∎In Fishkill, $437,500, up from $410,000
∎In La Grange, $439,500. up from $400,465
∎In Poughkeepsie, $367,700, up from $350,000
∎In the city of Poughkeepsie, $339,200, up from $290,000
∎In Wappinger, $426,250, up from $393,250
In southeastern Dutchess’s Beekman, Dover, Pawling, and Union Vale, the number of sales was down 18% while the median sales price was up 3%. The median home sold for:
∎In Beekman, $450,000, unchanged from 2021
∎In Dover, $331,000, up from $289,750
∎In Pawling, $539,900, up from $436,000
∎In Union Vale, $482,500, up from $457,500
In northwestern Dutchess’s Clinton, Hyde Park, Milan, Pleasant Valley, Red Hook, and Rhinebeck, the number of homes sold was down 26% while the median sales price was up 6%. The median home sold for:
∎In Clinton, $661,000, up from $460,000
∎In Hyde Park, $329,000, up from $300,000
∎In Milan, $605,000, down from $617,500
∎In Pleasant Valley, $383,250. up from $368,750
∎In Red Hook, $500,000, up from $457,000
∎In Rhinebeck, $725,000. up from $675,500
In northeastern Dutchess’s Amenia, North East, Pine Plains, Stanford, and Washington districts, the number of homes sold was down 20% while the median sales price was down 2%. The median home sold for:
∎In Amenia, $362,500, up from $287,500
∎In North East, $372,500, down from $450,000
∎In Pine Plains, $348,250, up from $330,000
∎In Stanford, $577,500, up from $450,000
∎In Washington, $882,500, up from $785,000
Michael P. McKinney covers growth and development in the Lower Hudson Valley for the USA Today Network.
This article originally appeared on Rockland/Westchester Journal News: Why house sales prices rose again in 2022 while number of sales fell
