Tarrytown and Sleepy Hollow river towns which are inextricably linked to each other through history and lore. Although Tarrytown is located in the town of Greenburgh while Sleepy Hollow is part of Mt. Pleasant, the two villages share a school system. Both Tarrytown an Sleepy Hollow have their own stops on the Hudson Line and are about 35-40 minutes from midtown Manhattan. Tarrytown used to be a very sleepy village, but it is developing a night life of its own and boasts the oldest Music Hall in the county which has seen some very top drawer performers in the recent past along with fine dining. Sleepy Hollow is home to the Headless Horseman Bridge, the Old Dutch Church and Cemetery and the famous Rockefeller Preserve. Sleepy Hollow and Tarrytown have discussed the benefits of merging the two villages although this would require secession from Mt. Pleasant on the part of Sleepy Hollow. In any case, these two villages are crammed with history, character and views providing a unique place to live that is a train ride and a world away from downtown Manhattan.
Single family homes comprise the bulk of real estate in Tarrytown and Sleepy Hollow. The first chart shows relative pricing in closed sales between the summer of 2008 and the same period the year before. Home prices decreased 9.4% over the past year with an average sales price of $840,000 in 2008. In the second chart, the volume between 2007 and 2008 reflects a slowing market. Sales volume was down 40% this summer when compared to 2007. Current inventory reflects a buyer’s market with a little over 6 months of housing stock on the market.
The number of cooperatives in both villages is relatively low, but there are a few coops and they remain a popular option for first-time buyers. The average price in the summer of 2008 was $210,000 down about 0.5% from the previous year. The sales volume is down over 50% while the current inventory is over 7 months indicating a buyer’s market.
Condominium sales prices were also down this summer by about 12.7% over the previous year. The inventory indicates a near 6 month supply of units while the sales volume was down close to 60% over the previous year – once again indicating a buyer’s market.
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