The real estate market in Westchester County and its neighboring areas experienced notable shifts in June, reflecting broader economic trends. The Hudson Gateway Association of Realtors (HGAR) report, leveraging OneKey® MLS data, highlights these developments amidst high mortgage rates, limited inventory, and strong demand.
Detailed Analysis:
Westchester County: Westchester County set a new record with its median single-family home price reaching $1,031,500, a 12.7% increase from the previous year’s $915,000. Despite this price surge, sales declined by 13.3%. The condo market saw a 7.7% drop in sales but a 3.3% rise in median prices to $511,000. Co-op sales fell by 13.0%, though prices increased by 15% to $215,000. New listings across all housing types fell, with co-ops experiencing the largest drop at 27.4%. Overall inventory decreased, leading to a 10.3% reduction in months of supply to 2.6 months, while pending sales decreased by 9.4%.
Putnam County: Putnam County posted the highest annual price increase of 19.2%, raising the median single-family home price to $590,000. Sales, however, fell by 16.9%. The median condo price decreased by 3.7% to $375,500. Despite the sales drop, new listings for single-family homes and condos increased by 24.5% and 10%, respectively. Pending sales rose by 19.5%, recovering from the previous month’s decline.
Orange County: Orange County experienced a significant 26.9% decline in single-family home sales, while the median price rose by 11.4% to $479,000. Condo sales remained flat, but the median price fell by 7.6% to $317,500. New listings for condos increased by 8.7%, and single-family home listings rose by 3.5%. Inventory dropped, but months of supply increased by 9.1%, while pending sales fell by 5.7%.
Rockland County: Rockland County saw a 12.5% decline in single-family home sales, with the median price increasing by 7.9% to $720,000. Condo sales decreased by 16.3%, though the median price rose by 5.8% to $399,000. Co-op sales dropped by 55.6%, but the median price increased by 5% to $126,000. New listings for co-ops surged by 275%, while single-family home listings increased by 13.7%. Inventory levels for condos decreased by 9.3%.
Sullivan County: Sullivan County was an outlier with a 5.1% decrease in the median single-family home price to $299,060 and a 16.9% decline in sales. Inventory increased by 7.2%, and pending sales grew by 2.5%. Sullivan continues to have the highest months of supply at 7.1 months, a 22.4% increase from the previous month.
Bronx County: In the Bronx, single-family home sales decreased by 10.9%, but the median price increased by 12.5% to $675,000. Condo sales rose by 14.3%, while the median price dropped by 18.7% to $333,250. Co-op sales fell by 20.6%, but the median price surged by 37% to $253,500. Overall inventory for all housing types decreased significantly, with single-family homes experiencing the largest drop at 35.1%.
The real estate market in the Hudson Gateway region exhibited mixed results in June. While prices continued to rise due to strong demand and limited supply, sales activity generally declined. As economic conditions improve and mortgage rates potentially decrease, the market may see increased stability and sales volume in the coming months. The current dynamics underscore the importance of monitoring economic indicators and market trends closely for strategic decision-making in real estate investments.
