Rye City is perhaps one of the most affluent municipalities in Westchester. Like many higher end municipalities, prices have been rising steadily since 2012. It has a convenient Metro-North stop with an easy Manhattan commute. The neighborhoods range from in-town to more traditionally suburban. The downtown is charming with a mix of small shops and fine dining.
Since 2013, prices have risen steadily with the exception of a slight blip that probably had more to do with an inventory. From a median price of roughly $1.5 million in 2013, prices have risen to a median of $1.9 million in mid-year of 2017. That’s about a 27% increase. The market low was in 2010 with a median sales price of $1.2 million. So, from the bottom of the great recession, prices are up 58%. They have also surpassed the pre-recession high point by over 13%. So these are solid and impressive gains that show no signs of ending.
Median DOM have decreased steadily since the end of the housing recession. The shorter the median DOM, the stronger the market. It should be noted that in Rye the DOM is a bit higher than other parts of the county. However, this is not surprising since the higher end market just tend to have a slower turnover rate in general. so the 45 DOM at these price points are not an indication of flagging demand. Quite the contrary.
When these stats were taken, (August 2017) there were 95 active listings and 35 contracts, indicating about a 4.5 month supply of housing. This is very much seller’s market territory, but it is not the super-fast bull market that we have been seeing in the river towns and markets with lower price points.
Sellers are pretty much in the drivers seat in this type of market and buyers need to be realistic. However, the fact that the inventory is over 4 months is a sign to sellers: don’t get too greedy!
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