2020 Home Sales Surged for Markets In Westchester/Putnam/Dutchess

Scarsdale NY

06 January, 2021

9:50 AM

Description

Driven by Strong Demand from NYC, Home Sales Surged in 2020 for Markets In Westchester/Putnam/Dutchess Counties Sales in Northern Westchester Soared 40% While Pending Sales Tripled in Putnam and Dutchess Robust Outlook for Three Counties in First Half of 2021 In 2020, the real estate market in Westchester, Putnam, and Dutchess Counties experienced a surge in sales directly related to the COVID-19 epidemic. Almost unilaterally, the volume of overall unit sales, as well as median sale prices rose, according to the Houlihan Lawrence Westchester Putnam & Dutchess Market Report released today. The counties all offer plentiful open spaces and opportunities for outdoor activities, a key draw during these restricted times. Their bucolic beauty is appealing to city dwellers, both young and old. It is not surprising that the locations that offered the most solace and the properties that suited entire family needs, including recreational amenities, showed the most significant increases. “The 4th Quarter numbers reflect an unprecedented level of activity in the Fall 2020 Market. Every price point was active, including the luxury market that lagged in some locations during previous years. Year over Year, Westchester County inventory is down 27% while pending sales are up 46%. In Lower Westchester, sales remain strong as buyers anticipate returning to commuting to New York City and the ease offered by these communities,” said Elizabeth Nunan, President and CEO, Houlihan Lawrence. “However, it is noted that many buyers anticipate continuing the ‘work from home’ model and have ventured further North. Northern Westchester stands out as home sales soared 40% and inventor declined 40%, she added. Further North in Putnam and Dutchess Counties, the number of pending sales has increased triple digits over last year as many sought more open space and value. Many properties were purchased as second homes to be used as a refuge, while the number of primary home purchases rose substantially. The past nine months have demonstrated that many businesses can continue to operate “business as usual” with remote employees; thus, the commute is less vital. Low inventory numbers in Westchester, Putnam, and Dutchess Counties indicate that demand remains strong. It is anticipated that the real estate market during the first half of 202 will continue to be robust. About Houlihan Lawrence Houlihan Lawrence is the leading real estate brokerage serving New York City’s northern suburbs. Founded in Bronxville, New York, in 1888, the company is deeply committed to technological innovation and the finest client service. The company has 30 offices and 1,300+ agents serving Westchester, Putnam, Dutchess, Columbia, Ulster and Orange counties in New York and Fairfield County in Connecticut. For more information visit: http://www.houlihanlawrence.com/ | TWITTER: @HoulihanRE | INSTAGRAM: @houlihanlawrence