Industry NewsRentals

Westchester County continues to benefit from rising NYC housing prices

Sales hits a new, 34-year fourth quarter high
  • Median sales for the single-family luxury home market fell 5 percent.
  • Days on market fell 11.7 percent to 98 days, roughly half the 186 day average in the same quarter five years ago.
  • Putnam County housing prices slipped.
  • Duchess County single-family home prices remained stable as condo prices fell.

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Benefitting from rising housing prices in New York City, sales in Westchester County hit a new, 34-year high, according to a report from analysts at real estate market firm Douglas Elliman. Analysts report that fourth quarter 2015 sales were at their highest level since 2004 in Westchester County and set a new, 34-year record after reaching record numbers in the prior quarter. Listing inventory fell 4.1 percent to 3,814, the lowest fourth quarter total since 2004. Median sales price for all residential properties was unchanged at $425,000 from the same quarter last year, Douglas Elliman analysts say. The remaining price indicators showed mixed results, as average price-per-square-foot rose 2.6 percent to $280 from last year and average sales price slipped 3.6 percent to $548,877. Median sales price for the single-family luxury market, reflecting the top 10 percent of all sales, fell 5 percent to $1,900,000 from $2,000,000 over the same period. Sellers of luxury single-f...