Westchester NY Real Estate Prices in 2011

Westchester NY Real Estate Prices in 2011

Westchester County, New York is the 7th wealthiest county in the country and second only to Manhattan in New York State. The median income for one person is $75,427 according to the 2006 HUD data report. It is a very favorable location, sitting next to Long Island Sound and New York City on the south, Putnam County on the north and Connecticut on the east. Considered a suburban community with upper-middle class households in 19 towns and 20 villages, Westchester County has had its share of housing upsets.

At the end of 2010, there were 5,703 residential homes on the market in Westchester, 6% more than at the end of 2009. The bumpy ride began back in 2006 and ever since then, this area has seen a reduction of home sales for moderately priced homes. The first month of 2011 is proving to be a green light toward a more normal trend however. The price moderation has been keeping in the 8-15% range from where it left off in 2006. With low mortgage interest rates and local unemployment easing, Westchester is beginning to show signs of recovery.

White Plains has several family homes available within the $625,000 to $800,000 price area. 23 Open Houses are currently in effect for the week ending February 20, 2011. More affluent areas such as Hastings on Hudson offer single-family dwellings with 4-5 bedrooms ranging from $600,000 to $850,000. Of the 32 homes on the market in Hastings on Hudson, 6 had a price reduction from the original listing and 2 were in foreclosure status.

New construction along the Hudson River can be seen as the weather clears in Westchester County. Luxurious condos are being built that range in the high $300,000 price range. This is one more positive sign that investors are taking a chance on 2011 being a good year for homebuyers, possibly on a smaller scale.

Purchasing a home that is less in square feet is the reverse action of many when thinking about raising a family. Space has always been the selling point of many homes but with today's rising utility bills, high property taxes and the hope that square footage has to increase in value, a condo or townhouse is taking the place of some of the more costly older homes in Westchester County. Less stress, less maintenance, less money only makes sense to those that wish to continue being homeowners in the popular county.

But Westchester County is also home to many with old money and the wear-with-all to see economies through tough times. For those with homes in the millions of dollars, the market has seen little change from 2006. There will always be those that have planned for an uncertain future and have the money to prove for it. Perhaps other members of Westchester are beginning to realize this type of reasoning by purchasing homes within their means. The average price of $400,000 overall in the county seems to indicate a community that is looking to the future.

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