As the market leader North of NYC, Houlihan Lawrence is armed with the best-in-class data providing our elite agents with hyperlocal insights shaping our markets. Read on for our first quarter market reports, providing proprietary data-driven insights specific to the communities we serve in New York and Connecticut.
Westchester | Putnam | Dutchess, NY
In the first quarter of 2023, the state of the real estate market in Westchester and Putnam counties is much the same as it was in Q4 2022. While demand remains high, inventory continues to decline to record lows, and sales, as a result, are down in parallel. In fact, in Westchester County, the scarcity of inventory has unit sales pacing to the lowest levels they have been in the last 10+ years. A few areas have experienced lower demand in luxury price points, but most brackets continue to be in high demand. Dutchess County, however, is beginning to exhibit the anticipated post-Covid normalization. Inventory, in some areas, is on the rise while sales continue to decline.
Luxury: NY & CT
Closed luxury sales in Westchester (sales $2M and higher), Putnam and Dutchess counties (sales $1M and higher); Greenwich (sales $3M and higher), Darien and New Canaan (sales $2M and higher) posted declines in the first quarter. This downward trend was anticipated – fewer pended sales at the end of last year set the stage for a lackluster first quarter. Our once red-hot Covid-driven market is now simmering as the pandemic fades from buying decisions.
Home buyers in Greenwich, Connecticut remain hungry for new inventory and continue to joust with each other over well-priced, beautiful homes. Despite higher mortgage rates, this ongoing supply constraint has extended a bullish window of opportunity for home sellers. While the inventory of homes for sale here has increased 15% this year, we remain more than 60% below pre-pandemic levels.
Darien | Rowayton | New Canaan, CT
Our local real estate markets continue to be marked by incredibly low levels of inventory for sale. While the number of homes for sale on March 31st in Darien, New Canaan and Rowayton increased slightly versus the same date last year, most of the inventory increases were in the “over $4M” category. Given how constrained our markets are by low levels of
inventory, it comes as no surprise that sales totals are trending downward too.
To read the full Fairfield County market report, click here.