The Westchester sound shore market – Larchmont NY

Mamaroneck NY Housing Market
The Westchester Sound Shore housing market – Mamaroneck NY
August 14, 2017
Rye City housing market report
The Westchester sound shore market – Rye City
August 27, 2017

Larchmont Market Report 2017 midyearLarchmont is a village and post office in the town of Mamaroneck. Larchmont is unique in that almost all single family homes are in walkable neighborhoods with easy access to the train and town. Commuters love the fact that they can leave the car and walk to the train and that shopping and restaurants are just steps away. And although the atmosphere in Larchmont is more suburban, the convenience of the location resembles NYC, Brooklyn and Queens.

Larchmont home sales history..

These unique features helped Larchmont gain traction early in the recovery. It barely had a housing recession. Following the market crash in 2008, prices fell rapidly. But the bottom was reached just shortly after the crash in 2009. Today (YTD 7/31/2017) median prices are up 36% that low point.

Last year, the upward trajectory in prices took a well needed breather. Median prices were down significantly, but I think some of that had to do with the inventory on the market. There were very few homes in the upper price ranges, which skewed the median prices down somewhat.

Nevertheless, the price gains seen early on have slowed down. Between 2015 and 2017 (YTD – 7/31/2107) prices are only up about 4%.  This type of breather in appreciation is important and a healthy sign. It prevents the market from overheating like it did in the years leading up to the crash.

Larchmont SF Home Prices

Median days-on-market (DOM) show a strong demand for Larchmont homes..

Median days-on-market (DOM) are at 23 which indicates a very strong market with lots of competition for buyers to deal with. There is currently about 3 months inventory, which is also an indication of a strong market.

Buyers need to be aware that although prices aren’t going through the roof this year, the DOM and inventory indicate a bull market. No one is going  to be underpaying. Sellers know that this is a bull market, but the price gains are going to be more modest for the time being.

Median DOM for Larchmont Homes

For more general information about Larchmont..

The town of Mamaroneck..
The Village of Larchmont..
Mamaroneck Union Free Schools..

For other entries in the Harlem Line and Sound Shore series of market reports..

The White Plains Market..
The Scarsdale Market..
The Mamaroneck Market..
The Rye City Market..

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