These Westchester Residential Housing Markets Saw Shrinking Median Sales Prices
PropertyShark weighed Hudson Valley sales over a four-year period to determine market fluctuations across the region.
qingwa | ADOBESTOCK
Real estate data resource PropertyShark has released a new study that tracks the median sales price of residential homes throughout the Hudson Valley. Breaking down market growth and contraction once adjusted for inflation, Westchester — while obviously retaining some of the Valley’s priciest communities — saw some surprising areas of fluctuation.
Overall, of the 116 Hudson Valley towns, cities, and hamlets surveyed, 57% saw some volume of growth, while 45% experienced a decrease in the area median sale price. (5 communities remained flat for the full period from 2014 through 2018.) In Westchester, the leading towns for growth were Peekskill and nearby Buchanan, tied with an 18% overall increase to an average of $315,000 and $367,500 per home sold, respectively, placing them as the 11th highest-growth markets in the Valley.
In terms of sales activity over that same period, however, Peekskill soared by a whopping 60% compared to Buchanan’s increase of only 5%.
Conversely, Westchester’s biggest areas of shrinkage occurred in Bronxville and Mount Kisco, where sale prices dropped by an average of about 25% each, down respectively to $920,000 (with a 22% drop in sales activity) and $616,000 (an 8% volume increase).
Unsurprisingly, Westchester County also retained the priciest markets throughout the Hudson Valley: All 28 of the highest median sale price markets surveyed fall within the county’s borders, including Rye, Larchmont, Purchase, Harrison, and Armonk, the only communities with an average sale price exceeding $1 million. (Scarsdale, remarkably, just missed the cutoff at $999,999!)
Rye, the most expensive community, saw its median sale price increase from $1,698,518 to and even $1,850,000 — or about 9% — while sales activity decreased by about 12% over the four-year period.
To see how your hometown fared, check the full table of municipalities here.