Hastings-on-Hudson has been doing very well ever since the housing recession started to turn around in 2012. And with good reason. Hastings-on-Hudson is a lovely river town with a 33-36 minute commute to Grand Central Station during peak hours. It has fine dining and wonderful amenities. There is a small town feel about the village and yet it’s just about 30 minutes from midtown Manhattan.
The recession hit its lowest point in 2011. By 2012, prices were already on the rise in Hastings-on-Hudson. Prices made steady gains leaving some of the surrounding villages in the dust. Today, the price points have leveled off and even taken a small step backward this year.
It’s too soon to say whether this is a pull back or just normal variation. However, a slight breather makes sense as other towns start to catch up. Further, entry level homes have been dominating the market this year. When entry level homes sell at a more rapid rate than higher-end homes, the median price goes down. Hastings-on-Hudson has a good mix of inventory. However, gains in the early part of the recovery, were tilted towards the upper end of the price spectrum. As the balance shifts to favor the sale of starter homes, the median price will go down.
Median DOM is up for Hastings-on-Hudson this year. Which might indicate the market is taking something of a breather while more northern markets are catching up with very short DOM. Currently there are 27 active listings of single family homes. There are currently 20 homes under contract. This creates a little more than 2 months of inventory, which is not the sign of a slowing market. There is a predominance of higher-end listings.
The homes under contract are mostly under $1 million. This probably explains the longer days-on-market. More expensive homes take a longer time to sell. But the market under $1million is moving quickly. There are 15 active listings under $1 million and 15 under contract. Which means that market has less than 2 months inventory. There are 5 homes over $1 million in contract but 10 active listings. So that end of the market is probably accounting for the longer DOM.
This reflects what we are seeing throughout the Westchester market. With millennials buying their first homes, the market for starter homes is extremely strong. The higher end market is also doing well, but it isn’t moving as quickly.
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