T
he Westchester and Putnam real estate markets have seen a significant shift in inventory levels after three years of tight residential supplies, according to Houlihan Lawrence's third quarter report. Residential listings in Westchester County increased by 3% year-over-year, with some areas experiencing rises as high as 22%.

    In Westchester, the average single-family sale price rose 7% to $1,323,585, while the median sale price reached $999,000, an 8% increase from last year. Putnam County saw a 5% overall increase in inventory, with the median single-family sale price rising 14% to $580,000.

    Dutchess County continues to face inventory constraints, but sales and prices have risen. The average single-family sale price climbed 15% to $588,319, indicating continued buyer interest despite lower inventory levels. The luxury market has also shown strong growth, with a 24% increase in Westchester County's single-family transactions over $2 million.

    Houlihan Lawrence President Liz Nunan notes that the developments may encourage sellers hesitant to enter the market to reconsider, citing potential rate cuts from the Federal Reserve. "The opportunity to capitalize on increased inventory and sustained buyer demand could prompt more movement among homeowners," she said.

    Comparing the third quarter of 2024 with the same period last year, Westchester saw 1,541 single-family homes sold compared to 1,624 in 2023. Co-op sales decreased from 446 to 372, while condo sales increased from 312 to 348. The average co-op sale price rose to $254,804, and the average condo sale price reached $647,430.

    Nunan believes that the trends observed in the third quarter of 2024 mark a significant shift in the market, indicating a dynamic and evolving environment.