Competition for homes remains fierce in suburban and Hudson Valley communities, as buyers bid over asking, driving prices ever higher. Demand spiked in the second quarter in Westchester, Dutchess and Putnam counties.
The median sale price for a home in Westchester was $649,000 in Q2, according to a Douglas Elliman report, compiled by appraiser Miller Samuel. That marked a 12.9 percent increase year-over-year, and one of the highest prices ever recorded.
In Dutchess, the median sale price was $380,000, about 25 percent over the same period last year. And in Putnam, the median sale price was $420,000, a 21.3 percent increase year-over-year.
Sales slowed dramatically last spring as the pandemic took hold. Prices also dropped, and it briefly turned into a buyers market.
That has changed.
From April through June, the total number of homes sold in the three counties also jumped: Up 64.7 percent in Dutchess, 61 percent in Westchester and 34.6 percent in Putnam.
Much like Brooklyn and Queens, available listings in the suburbs now can’t keep up with demand.
“You’re looking at a robust region in terms of housing conditions, characterized by modest to low inventory, heavy sales volume and record or near-record pricing,” said Jonathan Miller, who authored the report.
In Westchester, 2,923 homes were on the market in the second quarter, down 16 percent from last year. But that was a smaller dip than in Dutchess and Putnam, where low inventory resembled nationwide figures.
Only 316 listings were available in Putnam last quarter, a 40.6 percent decrease year-over-year. In Dutchess, 467 homes were available, a 28.6 percent decrease.
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With fewer homes to choose from, four of 10 properties in Westchester sold over the asking price. The rapidly rising sales and declining supply could create a problem.
At the current rate, it would take only three months to sell all inventory in Westchester and Dutchess, according to the report. In Putnam, it would only take 2.9 months, down from 6.5 months a year ago.
The average number of days that homes sit on the market is also shrinking.
Over the last decade, homes in Westchester would sit on the market for an average of 108 days. Now, it only takes about 59 days before a home is sold, the fastest pace since 2010, according to the Elliman report.
Homes in Putnam spent about 66 days on the market, down 29 percent. While in Dutchess, that number was 61 days, down 29.9 percent.