State of the White Plains NY housing market – Trends from 2015…

The White Plains housing market has been trending upwards since the bottoming out from the housing crisis of 2008. The popularity of White Plains has been increasing over the years, particularly in the downtown. Many non-residents think of it as strictly a city until they see the charm of the outlying suburban areas.  These represent two distinct markets for White Plains and both are doing well.

Here are some of the trends from 2015.  Although I do not claim to have spiritual powers that can see into the future, the trends show an unmistakable upward trajectory in home values, pretty much across the board.  So let’s let the numbers do the talking…

White Plains single-family homes…

As the chart below shows, after a prolonged slump following the 2008 crisis,  prices of single family homes started heading back up in 2012.  Today, prices of single -family homes in White Plains are about 7.6% below their all-time highs of 2006 and a full 14% higher then their low water mark in 2011. Demand remain strong and inventories have been on the low side, which pushes home values up. In 2015, home prices ranged from $289,000 to $2,250,000. The median sales price of  a single-family home in White Plains was $614,000 up from $540,000 at its lowest point.

The White Plains condominium market…

White Plains has a fairly large supply of condominiums in its housing inventory.  Many of these are concentrated in the downtown. Although some townhouses can be found in the suburban enclaves.  Prices are only about 4% off their high point which occurred in 2008. Sales prices were up 7% in 2015.  Over the past year, condo  sales have ranged from $147,000 to $2,300,000 with the median price coming in at $412,000.

The White Plains cooperative market…

Co-ops provide a very important entry point for first time buyers in the New York area.  They are also popular with those who are downsizing from the single-family home market.  The median price of a cooperative in the White Plains market was up 4.5% in 2015.  Prices ranged from $48k for a small studio to $555,000 for a large 3 BR unit. Although still down about 16% from their all-time highs, steady price gains have been seen since the bottom of the market.  The median price for a cooperative in 2015 was $172,000.

Strong sales volume…

One way to look at what the future might hold price-wise is to look at sales volume over time.  As can be seen from the chart below, sales volume  is going up steadily for all three major housing types.  This is good news if you are a seller, because it indicates a sellers market. For buyers, it means that they need to get moving before prices rise higher.  But it also indicates that they will be enjoying significant (but not crazy) appreciation on their investment over the next few years.

What does all of this data mean?

Apart from being pretty colors on a graph, the data is telling us that demand is high and prices are rising.  Sales volume and prices are increasing at sustainable but regular rates.  It points to a strong market going forward.  This is a sellers market, without being a 2008 bubble market.  Full disclosure: this is just an opinion, but I’d like to think its an educated one!  It is based on what the market is telling me.  It also is in sync with the fact that rents are rising and ownership is looking more attractive to those in the millennial generation.   That’s a major demographic tidal wave that has yet to fully hit the housing market, but it is starting to do so now.
© 2016 – Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved