Over the past two years, the housing market in Westchester’s river towns has roared back to life. Since the beginning of the recovery, the river towns have lagged behind towns along the sound shore.
Given the easy commute and the unique charm that these towns have to offer, it was only a matter of time before NYC transplants discovered what Westchester residents already knew: the river towns rock.
So, in honor of our rediscovered river towns, I will be posting a series of market reports emphasizing the recent price histories and current inventory issues.
The first village on my list is Briarcliff Manor. Briarcliff Manor can be a bit confusing because its a river town/village that has one foot in Mount Pleasant and another in Ossining. So it is important to be aware that there are two school systems and municipalities involved.
The number of days on market is a strong indicator of what type of housing market you have. During the height of the recession it wasn’t surprising to see median days on market approaching a year or more. In Briarcliff Manor, you can see that the number of days a home is on the market is down to 40. It was 150 days at the beginning of the recovery in 2012 and has been falling steadily ever since.
Median sales price went up roughly 10% between 2015 and 2016. So far this year, median sales prices are up over 8% from $740k to $805k.
These are healthy gains and even though they have been considerable over the past couple of years, prices are projected to continue to rise due to lack of inventory, Currently there are 62 homes on the market and 30 homes under contract creating roughly a 4 months supply which is definitely seller’s market territory.
The Westchester river towns – Focus on Dobbs Ferry
The Westchester river towns – Focus on Hastings-on-Hudson
The Westchester river towns – Focus on Irvington..
The Westchester river towns – Focus on Ossining..
The Westchester river towns – Focus on Tarrytown & Sleepy Hollow..
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