Residential Real Estate: Sellers Market In The HV, Says Market Report – Bedford, NY Patch

HUDSON VALLEY, NY — The residential real estate market in part of the Hudson Valley was characterized by buyer demand in the first quarter of 2024, according to the Houlihan Lawrence Westchester-Putnam-Dutchess Q1 Market Report released Tuesday.

That, coupled with historically low inventory levels, continues to drive prices upward in most segments, the report said.

It was visible at both ends of the valley. Right over the border from New York City, the number of homes sold was down 17 percent from the first quarter of 2023, while the median sales price was up 17 percent, according to the report. In the northwest corner of Dutchess County, the number of homes sold was down 25 percent while the median sales price was up 25 percent.

Overall conditions remain favorable for sellers and very challenging for buyers, according to the report.

“Multiple offers remain a common occurrence,” said Houlihan Lawrence President & CEO Liz Nunan.

Due to low inventory, home sales were lower for the quarter in most of the markets in areas north of NYC; although northern Westchester experienced a slight uptick in inventory during Q1 2024, according to the report. Inventory was available there in the higher price ranges.

Median sale prices were higher in all the markets.

Markets at a glance, Q1 2024 vs Q1 2023

WESTCHESTER COUNTY

• Homes Sold: Down 9.8 percent
• Median Sale Price: Up 9.4 percent

New York City Gateway (Mount Vernon, New Rochelle, Pelham and Yonkers)

• Homes Sold: Down 17 percent
• Median Sale Price: Up 17 percent

Lower Westchester (Bronxville, Eastchester, Edgemont, Scarsdale and Tuckahoe)

• Homes Sold: Down 15 percent
• Median Sale Price: Up 10 percent

Rivertowns (Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington Ossining and Pocantico Hills)

• Homes Sold: Down 15 percent
• Median Sale Price: Up 8 percent

Greater White Plains (Greenburgh, Valhalla and White Plains)

• Homes Sold: Down 31 percent
• Median Sale Price: Up 8 percent

Sound Shore (Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City and Rye Neck)

• Homes Sold: Down 13 percent
• Median Sale Price: Up 5 percent

Northern Westchester (Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem and Somers)

• Homes Sold: Up 6 percent
• Median Sale Price: Up 13 percent

Northwest Westchester (Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill and Yorktown)

• Homes Sold: Up 10 percent
• Median Sale Price: Up 14 percent

PUTNAM COUNTY (Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac and Putnam Valley)

• Homes Sold: Down 14 percent
• Median Sale Price: Up 11 percent

DUTCHESS COUNTY

• Homes Sold: Down 17.2 percent
• Median Sale Price: Up 10.3 percent

Southwest Dutchess (Beacon, East Fishkill, Fishkill, La Grange, Poughkeepsie, City of Poughkeepsie and Wappinger)

• Homes Sold: Down 9 percent
• Median Sale Price: Up 6 percent

Southeast Dutchess (Beekman, Dover, Pawling and Union Vale)

• Homes Sold: Down 33 percent
• Median Sale Price: Up 23 percent

Northwest Dutchess (Clinton, Hyde Park, Milan, Pleasant Valley, Red Hook and Rhinebeck)

• Homes Sold: Down 25 percent
• Median Sale Price: Up 25 percent

Northeast Dutchess (Amenia, North East, Pine Plains, Stanford and Washington)

• Homes Sold: Down 22 percent
• Median Sale Price: Up 27 percent

The current residential real estate environment demonstrates the importance of working with a knowledgeable buyers’ agent to secure a home. “Their expertise can provide invaluable guidance and market insight ensuring that buyers make informed and effective decisions,” Nunan said.

About Houlihan Lawrence

Houlihan Lawrence, founded in Bronxville in 1888, serves New York City’s northern suburbs. The company has 32 offices and 1,450+ agents serving Westchester, Putnam, Dutchess, Columbia, Ulster and Orange counties in New York and Fairfield County in Connecticut.