
40 High Ridge Road, Garrison
Luxury home sales in upstate New York City increased by double digits in Westchester (closed sales of $2 million or more) and Putnam/Dutchess (closed sales of $1 million or more). The increase in sales is concentrated in the lower end of the luxury market. For example, the Houlihan Lawrence Q3 Luxury Market Report shows Westchester sales are down more than $5 million, and pending sales, a forward-looking indicator, are down $5 million year-over-year. It has decreased more than that.
Demand is strong in Greenwich up to the $10 million and above price range. The number of active listings over $10 million is up 50% over last year, and demand (pending sales) has decreased dramatically. The report notes that there are a finite number of ultra-luxury buyers in any market. Perhaps because so many buyers have already made purchases of $10 million or more over the past few years, fewer buyers remaining would represent a statistical drop in sales. .
Other markets in Connecticut, such as Darien and New Canaan, are rapidly absorbing luxury inventory. The report states that once interest rates fall significantly, many sellers with low-interest mortgages will reconsider putting their homes on the market, potentially leading to an increase in the number of luxury home sales. .
The recent decline in interest rates and the resilience of the stock market are positive economic news for the luxury goods market. The presidential election, which is just a month away, is weighing heavily on the minds of most voters. However, it has been noted that many would-be luxury buyers have been on the sidelines in the past.
Presidential Election The year leading up to the election of the president. The fourth quarter market report could reveal the impact of the election with data-driven insights.
Q3 Market Overview (Q3 2024 vs. Q3 2023)
Westchester County luxury home sales/home sales over $2 million: 23.9% increase
Median sales price: 3.4% decrease (Q3) Highest sales price: $9,900,000 Ricity
Putnam and Dutchess County Luxury Home Sales / Home Sales Over $1 Million: Up 34.4% – Median Sales Price: Down 4.9% – Highest Sales Price in 3rd Quarter Putnam: $3,500,000 Garrison – Highest Sales Price in 3rd Quarter Duchess: $3,675,000 Amenia
Greenwich Luxury Homes for Sale / $3 million and above – Homes sold: up 24.6% – Median sales price: down 13.7% – Highest sales price in Q3: $13,750,000 Greenwich
Darien Luxury Home Sales / $2 million and above – Home sales: 21.2% increase – Median sales price: 13.1% increase – Highest sales price in Q3: $6,500.000
Canaan new home sales / Home sales over $2 million: 11.8% increase – Median sales price: 0.4% increase – Highest sales price in Q3: $6,325,000