Dobbs Ferry was an early beneficiary of the housing recovery. Prices started making solid gains in 2013 when many areas were still struggling to come out from under the rubble of the housing recession. And why not? Dobbs Ferry is a great village with an easy 36 minute commute to Grand Central Station in NYC.
But, like many of the other river towns, prices really started making tracks in 2015.
Like many of the other river towns, prices really started making tracks in 2015. In 2015, the median price on a house was $647,000. So far for 2017 that median price is now $762,000. That’s quite a handsome return in two years time. That’s a healthy 15% gain.
Another sign of a strong market is fewer days-on-market (DOM). Since 2012, the median DOM has gone from 165 to 51 days. Inventories are drum-tight with several buyers competing for the same property. This reflects the current market. According to the HGMLS, there are currently 29 active listings in Dobbs Ferry with 23 single family homes under contract. That means there is only about 2 months of active inventory in this particular market. When supply can’t keep up with demand, it pushes prices higher.
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 now migrating to the suburbs, just like their parents before them did. 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 look to be long-term trends which aren’t showing any signs of letting up.
Dobbs Ferry is a river town located in the town of Greenburgh. It is sandwiched between Hastings-on-Hudson and Irvington. The village is very walkable and features a variety of unique local retail shops and restaurants. The river front area is charming with amazing views. For more details, here are some links to get you started.
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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