Irvington was one of the river towns that started to make tracks early portion of the housing recovery. In 2012, when the recovery started to make tracks, Irvington posted some very nice price gains. This is not surprising since it’s a popular village with an easy commute and many nice amenities in the form of unique boutique retail and fine dining.
Median prices for single family homes jumped from $856k to $1160k between 2012 and 2013. This leveled off for a couple of years. Then the market took off again as the recovery became more widespread from 2015-2017. In 2015, median prices sat at $1035k. To date in 2017, the median price is $1470k . The jump in appreciation from 2015 to 2017 is reflected in other river towns.
One indication of a strong seller’s market is a tight market with many more buyers than homes. When median days-on-market DOM) are as low as 45 days, buyers have to scramble to make the best offer possible in order to secure a home. In 2012, which was a very good year for price appreciation, the median DOM sat at 180 days compared to this year’s 45 day median.
These numbers are also reflected in the number of active listings and homes under contract. Currently, there are 18 single family homes under contract and 31 active listings. This is about 3 months of inventory, which indicates a strong seller’s market.
No one has a crystal ball, but for the time being, low inventories and high demand do not seem poised to continue.
Prices in the city including the boroughs of Brooklyn and Queens are also driving city dwellers to Westchester. The millennial generation are also making the suburban migration that their their parent’s made. The pent-up demand from this generation is also big part of what is happening. In spite of all the rumors of terminal urbanization, the millennial generation is indeed choosing the suburbs to raise their families. These are long-term trends which aren’t showing any signs of letting up.
Irvington is a river town with a 40 minute commute to Grand Central Station. Irvington is located in the town of Greenburgh and has it’s own school system.
The village itself is very walkable, with some single family homes located in these walkable locations. Much of the inventory is reasonably walkable with some areas more car-dependent. The amenities in terms of fine dining and retail give the village a character all its own.
The Westchester river towns – Focus on Briarcliff Manor
The Westchester river towns – Focus on Dobbs Ferry
The Westchester river towns – Focus on Hastings-on-Hudson
The Westchester river towns – Focus on Ossining
The Westchester river towns – Focus on Tarrytown & Sleepy Hollow
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