In my last career, the 18 years I spent on Wall Street, information was easy to come by. Determining how the financial markets performed on an annual basis was available at the push of a button. In my real estate career, that ease of information is a pipe dream

Property Value

I hear the same questions all the time. How is the Real Estate Market in Westchester? How are property values holding up in Chappaqua? Is it a buyers market in Scarsdale? And…Where are my shoes? (I hear this from my kids all the time)

Evidence of the performance of the Real Estate Market is scattered. Different Websites show different stats and piecing together the real story is next to impossible.

The best source of the real evidence is published by Hudson Gateway, the MLS of Westchester County. I have the report from last year and wanted to share some bullet points:

While remaining robust, residential sales in some areas of the lower Hudson Valley were slightly lower than the historic highs of the past two years.

The lower Hudson Valley experienced historically low inventories of single family homes at the beginning of the year, which may have contributed to an initial decline of sales.

An indication of healthy demand in the housing market was the increase in sales price in all counties. Westchester County, which had the highest number of single family home sales at 5,876 units, experienced a rise of 1.2% in median price to $650,000, up from $642,000 a year earlier.

Sourced from Hudson Gateway

What does this mean? I think it bolsters what I’ve been saying for months. Under 1 million dollars: Sellers Market….Over 1 million Dollars….Buyers market. And I think it stays that way for some time.

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