Westchester home sales hit historic high in 2020

Pandemic brings high demand, low supply after year of lagging sales

Tri-State /
Jan.January 14, 2021 12:50 PM
After years of lagging sales, Westchester County saw the highest number of completed home sales since 1996. (Getty)

After years of lagging sales, Westchester County saw the highest number of completed home sales since 1996. (Getty)

 

Unlike its neighbor to the south, when it comes to home sales, Westchester County had a really good 2020.

In fact, completed purchases in the New York suburbs in 2020 totaled 6,635, the highest tally in records going back to 1996, Bloomberg News reported, citing a report by brokerage Houlihan Lawrence.

The year was an outlier for Westchester County: Prior years showed slacking demand and an oversupply of homes. But the pandemic pushed residents out of New York City — and into the suburbs — in search of more space and amenities.

“Everything’s selling,” said Debbie Doern, senior vice president of sales at Houlihan Lawrence. “It’s not easy to get a house right now.”

The median price of single-family homes in the fourth quarter increased 20 percent from the same time last year to $738,250, according to a report from Douglas Elliman, compiled byu appraiser Miller Samuel. The increase marked the biggest annual jump since the end of 2002.

Low inventory is to blame for the rise in prices. The number of homes for sale at the end of December was down 29 percent from a year prior to 1,299 homes, the fewest recorded since 1994, according to the Elliman report.

“Buyers are poised and ready,” the brokerage’s president, Scott Durkin, told Bloomberg. “They’ve got financing in hand, deposits in hand, they’re more forgiving of home inspections, and they’re ready to pounce.”

[Bloomberg News] — Sasha Jones


Related Articles

arrow_forward_ios
Ex-partners’ feud stalls $140M development in Port Chester
Ex-partners’ feud stalls $140M development in Port Chester
Ex-partners’ feud stalls $140M development in Port Chester
Renaissance Westchester Hotel entrance (Marriott)
Renaissance Westchester Hotel to shutter West Harrison property
Renaissance Westchester Hotel to shutter West Harrison property
Connecticut firm aims to replace White Plains retail with residential
Connecticut firm aims to replace White Plains retail with residential
Connecticut firm aims to replace White Plains retail with residential
Jessica Springsteen and 6 West Pond Drive (Getty, Douglas Elliman)
Straight from the horse’s mouth: Famed stable asking $20M sells
Straight from the horse’s mouth: Famed stable asking $20M sells
Westchester County Executive George Latimer (Westchester, Getty)
Westchester compels co-op boards to justify rejection of buyers
Westchester compels co-op boards to justify rejection of buyers
1210 Meadow Lane with the late Luba Marks. (Zillow / Out East)
Luba Marks’ Southampton home sells at $8M discount
Luba Marks’ Southampton home sells at $8M discount
(iStock)
Long Island sales reach new highs with inventory at record lows
Long Island sales reach new highs with inventory at record lows
(Getty, iStock)
Buyers hunt Hamptons, North Fork homes — often in vain
Buyers hunt Hamptons, North Fork homes — often in vain
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...