Report: Luxury Home Sales in Markets North of NYC Increased by Double Digits in the Third Quarter
RYE BROOK—Luxury home sales north of New York City have increased in Westchester County (closed sales of $2 million and higher) and Putnam/Dutchess (closed sales of $1 million and higher) by double digits.
The growing number of closed sales is concentrated in the lower end of the luxury market. For example, sales over $5 million have declined in Westchester County and pended sales, a forward-looking indicator, of $5 million and more are down from the same period last year, according to the Houlihan Lawrence Q3 Luxury Market Report
In Greenwich, CT, demand is strong up to the $10-million and higher price bracket. The number of active $10 million and higher listings has increased by 50% from last year and demand (pended sales) has dramatically dropped off. The report noted that there are a finite number of uber-luxury buyers in every market. Perhaps so many buyers already made a $10-million higher purchase in the past few years that fewer remaining buyers equate to a statistical sales drop.
In other markets in Connecticut, such as Darien and New Canaan, luxury inventory is being absorbed quickly. The report stated that once rates take a meaningful decline, many sellers with a low-interest rate mortgage may reconsider putting their homes on the market and help to bolster the number of luxury homes for sale.
The recent interest rate decline and the resiliency of the equities markets is positive economic news for the luxury market. The presidential election, just one month away, is weighing heavily on the minds of most voters. However, it has been noted that many would-be luxury buyers stayed on the sidelines during past presidential election years until a president was elected. The fourth quarter market report may illuminate the impact of the election with data-based insight.
Q3 MARKETS AT A GLANCE (Q3 2024 vs Q3 2023)
Westchester County Luxury Home Sales /$2M and Higher
Homes Sold: Up 23.9%
Median Sale Price: Down 3.4%
Q3 Highest Sale Price: $9,900,000, Rye City
Putnam and Dutchess County Luxury Home Sales /$1M and Higher
Homes Sold: Up 34.4%
Median Sale Price: Down 4.9%
Q3 Highest Sale Price Putnam: $3,500,000, Garrison
Q3 Highest Sale Price Dutchess: $3,675,000, Amenia
Greenwich, CT Luxury Home Sales /$3M and Higher
Homes Sold: Up 24.6%
Median Sale Price: Down 13.7%
Q3 Highest Sale Price: $13,750,000, Greenwich
Darien, CT Luxury Home Sales /$2M and Higher
Homes Sold: Up 21.2%
Median Sale Price: Up 13.1%
Q3 Highest Sale Price: $6,500.000
New Canaan, CT Home Sales /$2M and Higher
Homes Sold: Up 11.8%
Median Sale Price: Up 0.4%
Q3 Highest Sale Price: $6,325,000
