Ossining is a river town located north of the Tappan Zee Bridge. It is a great commuter town because it is an express stop during the morning rush. Some trains can make the trip to Grand Central Station in as little as 46 minutes.
Like most moderately priced Westchester towns, Ossining has enjoyed a strong housing recovery over the past two years. Median home prices are up 16.5% since 2015.
In the early phases of the recovery, southern towns along the sound shore got the lions share of the price gains. The river towns have come roaring back over the last three years and the more The more northern locations are now catching up and getting their due. This is a normal part of the housing cycle. With more and more people leaving the NYC, Brooklyn, Queens and their high prices behind, the push to the river towns shows no signs of letting up.
Days on market are down to 40 days in Ossining. That’s down from 167 days-on-market in 2012 when the recovery was just getting started. That’s fairly consistent with the current listings and contracts. At this moment there are 95 active listings and 66 contracts. That works out to be about 2-3 months of inventory currently on the market. This is definitely a seller’s market with rising prices and low inventory.
Although this is a seller’s market, buyers need to realize that this is also a good opportunity. Prices are in the process of rising and show no signs of peaking. Other municipalities to the south and east are taking a bit of a breather, giving these areas room to run and catch up.
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