Q1-2025
Q1-2025 MARKET REPORT
EXECUTIVE SUMMARY
The first quarter of 2025 unfolded against a backdrop of mixed economic signals and shifting consumer behaviors. Rising mortgage rates, stubborn inflation, and geopolitical frictions all contributed to an atmosphere of uncertainty. Yet, across Westchester, Putnam, and Dutchess counties, the residential real estate market exhibited remarkable adaptability and, in many cases, quiet strength.
From south to north, a familiar pattern has re-emerged: as affordability continues to be tested in southern Westchester, buyer activity has radiated outward. Lower Westchester, historically one of the most competitive areas, saw resilient pricing and a slight uptick in sales. But as inventory remained limited and prices climbed, buyers expanded their search parameters geographically, first into Northern Westchester, then into Putnam, and increasingly into Dutchess. This outward flow has created a subtle ripple effect, with each ring absorbing demand from the one below it.
This geographic migration underscores a broader truth: while elevated mortgage rates have slowed decision-making and extended days on market, they have not fundamentally dampened demand. Instead, they have forced buyers to be more discerning and value-driven, creating a landscape where well-priced, move-in ready homes continue to command strong interest, often at or above asking prices.
In Westchester, single-family home sales rose 8.5% compared to Q1 2024. This was accompanied by a 5% increase in the average sale price, which reached $1.18 million. Despite a notable rise in average days on market, from 39 to 67, the sale-to-list price ratio remained a robust 101.5%, suggesting that well-positioned homes are still finding ready buyers. Particularly active submarkets included Scarsdale and Tuckahoe in the south, while Valhalla and White Plains drove notable growth in central Westchester. In the north, Bedford and Chappaqua saw strong appreciation, with median prices climbing by double digits.
In Putnam County, total sales volume declined 9% versus Q1 2024, but that headline masks a more nuanced reality. Median prices rose 10%, indicating that demand has not disappeared, it has simply shifted upmarket. Mahopac, Carmel, and Brewster remain highly active, with buyers drawn to the relative affordability and quality of life just beyond Westchester’s northern border.
Dutchess County, while not detailed in full within this section, continues to attract interest, particularly in commuterfriendly hubs like Beacon, LaGrange, and Red Hook. These areas are benefiting from the same centrifugal force seen elsewhere: as affordability narrows in southern Westchester, buyers continue moving north in search of value, space, and long-term upside.
Layered on top of these local dynamics are national and global forces. Mortgage rates, which hovered between 6.6% and 6.9% throughout the quarter, are a far cry from the historic lows of the pandemic era. Yet, while they have tempered urgency, they have also motivated a more strategic buyer, one willing to expand search areas and negotiate thoughtfully. Tariff tensions with China and instability in Eastern Europe have quietly pushed up material costs, influencing renovation timelines and pricing. At the same time, strong regional employment and wage growth have helped buyers keep pace.
Looking ahead, the second quarter of 2025 is expected to bring a modest increase in listing activity as would-be sellers grow more comfortable with the new normal of interest rates and recalibrated expectations. Buyers remain ready, but selective. The market is increasingly defined not by price points alone, but by property quality, location, and value alignment.
In this shifting environment, the connective thread is movement, both literal and strategic. Buyers are moving farther, thinking more holistically, and stretching beyond traditional boundaries. Sellers who recognize and adapt to this reality will continue to find success. As Q1 closes, the tone is one of cautious confidence: grounded in data, shaped by macro forces, and propelled by the enduring desire for home.
At Houlihan Lawrence, we recognize that every home sale or purchase is a deeply personal and significant decision, and we remain uniquely positioned, with local expertise, market insight, and trusted relationships, to guide buyers and sellers through every step of the journey.
With Warm Regards,
Liz Nunan President and CEO
WESTCHESTER COUNTY
SingleFamilyHomeOverview
NEW YORK CITY GATEWAY
MountVernon,NewRochelle,Pelham,Yonkers
LOWER WESTCHESTER
Bronxville,Eastchester,Edgemont,Scarsdale, Tuckahoe
THE RIVERTOWNS
Ardsley,BriarcliffManor,DobbsFerry,Elmsford, Hastings,Irvington,MountPleasant,Ossining, Pleasantville,PocanticoHills,Tarrytown
GREATER WHITE PLAINS
Greenburgh,Valhalla,WhitePlains
THE SOUND SHORE
BlindBrook,Harrison,Mamaroneck,Port Chester,RyeCity,RyeNeck
TABLE OF CONTENTS
FIRST QUARTER 2025
NORTHERN WESTCHESTER
Bedford,ByramHills,Chappaqua,KatonahLewisboro,NorthSalem,Somers
NORTHWEST WESTCHESTER
Croton-Harmon,HendrickHudson,Lakeland, Peekskill,Yorktown
WESTCHESTER COUNTY
CondominiumOverview
WESTCHESTER COUNTY
Co-OperativeOverview
PUTNAM COUNTY
Brewster,Carmel,Garrison,Haldane,Mahopac, PutnamValley
PUTNAM COUNTY
CondominiumOverview
DUTCHESS COUNTY
SingleFamilyHomeOverview
SOUTHEAST DUTCHESS
Beekman,Dover,Pawling,UnionVale
SOUTHWEST DUTCHESS
Beacon,EastFishkill,Fishkill,LaGrange, Poughkeepsie,Poughkeepsie/City,Wappinger
NORTHEAST DUTCHESS
Amenia,NorthEast,PinePlains,Stanford, Washington
NORTHWEST DUTCHESS
Clinton,HydePark,Milan,PleasantValley,Red Hook,Rhinebeck
DUTCHESS COUNTY
CondominiumOverview
WESTCHESTER COUNTY
SINGLE FAMILY HOMES
QUARTERLY MARKET OVERVIEW
SUPPLY DEMAND ANALYSIS
Source: Onekey MLS, SINGLE FAMILY HOMES
NEW YORK CITY GATEWAY
SINGLE FAMILY HOMES
NEW YORK CITY GATEWAY
SINGLE FAMILY HOMES
MOUNT VERNON, NEW ROCHELLE, PELHAM, YONKERS
Click on a School district to obtain the latest monthly market report.
SUPPLY DEMAND ANALYSIS
31, 2025
MARKET HISTORY
LOWER WESTCHESTER
SINGLE FAMILY HOMES
HOMES SOLD
MEDIAN SALE PRICE
Source: Onekey MLS, Single-family homes, Zone 6
LOWER WESTCHESTER
SINGLE FAMILY HOMES
BRONXVILLE, EASTCHESTER, EDGEMONT, SCARSDALE, TUCKAHOE
Click on a School district to obtain the latest monthly market report.
SUPPLY DEMAND ANALYSIS
AS OF MARCH 31, 2025
31, 2024
THE RIVERTOWNS
SINGLE FAMILY HOMES
HOMES SOLD
THE RIVERTOWNS
SINGLE FAMILY HOMES
ARDSLEY, BRIARCLIFF MANOR, DOBBS FERRY, ELMSFORD, HASTINGS, IRVINGTON, MOUNT PLEASANT OSSINING, PLEASANTVILLE, POCANTICO HILLS, TARRYTOWN
Click on a School district to obtain the latest monthly market report.
SUPPLY DEMAND ANALYSIS
OF MARCH 31, 2025
31, 2024
MARKET HISTORY
GREATER WHITE PLAINS
SINGLE FAMILY HOMES
Source: Onekey MLS, Single-family homes, Zone 4
GREATER WHITE PLAINS
SINGLE FAMILY HOMES
GREENBURGH, VALHALLA, WHITE PLAINS
Click on a School district to obtain the latest monthly market report.
SUPPLY DEMAND ANALYSIS AS OF MARCH 31, 2025
OF MARCH 31, 2024
MARKET HISTORY
THE SOUND SHORE
SINGLE FAMILY HOMES
HOMES SOLD
MEDIAN SALE PRICE
THE SOUND SHORE
SINGLE FAMILY HOMES
BLIND BROOK, HARRISON, MAMARONECK, PORT CHESTER, RYE CITY, RYE NECK Click on a School district to obtain the latest monthly market report.
SUPPLY DEMAND
ANALYSIS
OF MARCH 31, 2025
31, 2024
NORTHERN WESTCHESTER
SINGLE FAMILY HOMES
MEDIAN SALE PRICE
NORTHERN WESTCHESTER
SINGLE FAMILY HOMES
BEDFORD, BYRAM HILLS, CHAPPAQUA, KATONAH-LEWISBORO, NORTH SALEM, SOMERS Click on a School district to obtain the latest monthly market report.
SUPPLY DEMAND ANALYSIS
AS OF MARCH 31, 2025
31, 2024
MARKET HISTORY
NORTHWEST WESTCHESTER
SINGLE FAMILY HOMES
HOMES
SOLD
CLICK ON A SCHOOL DISTRICT FOR THE LATEST MONTHLY MARKET REPORT. CROTON–HARMON HENDRICK HUDSON LAKELAND PEEKSKILL
MEDIAN SALE PRICE
Source: Onekey MLS, Single-family homes, Zone 1
NORTHWEST WESTCHESTER
SINGLE FAMILY HOMES
CROTON–HARMON, HENDRICK HUDSON, LAKELAND, PEEKSKILL, YORKTOWN
Click on a School district to obtain the latest monthly market report.
SUPPLY DEMAND ANALYSIS
OF MARCH 31, 2025
31, 2024
MARKET HISTORY
WESTCHESTER COUNTY CONDOMINIUMS
QUARTERLY MARKET OVERVIEW
SUPPLY DEMAND ANALYSIS
Demand Ratio Key 1-4:
WESTCHESTER COUNTY
QUARTERLY MARKET OVERVIEW
SUPPLY DEMAND ANALYSIS
PUTNAM COUNTY
SINGLE FAMILY HOMES
PUTNAM COUNTY
SINGLE FAMILY HOMES
BREWSTER, CARMEL, GARRISON, HALDANE, LAKELAND, MAHOPAC, PUTNAM VALLEY Click on a School district to obtain the latest monthly market report.
SUPPLY DEMAND ANALYSIS
31, 2025
MARKET HISTORY
PUTNAM COUNTY CONDOMINIUMS
QUARTERLY MARKET OVERVIEW
SUPPLY DEMAND ANALYSIS
DUTCHESS COUNTY
SINGLE FAMILY HOMES
QUARTERLY MARKET OVERVIEW
SUPPLY DEMAND ANALYSIS
SOUTHWEST DUTCHESS
SINGLE FAMILY HOMES
SOUTHWEST DUTCHESS
SINGLE FAMILY HOMES
BEACON, EAST FISHKILL, FISHKILL, LA GRANGE, POUGHKEEPSIE TWP, POUGHKEEPSIE CITY, WAPPINGER
Click to obtain a specific town/city monthly market report.
SUPPLY DEMAND ANALYSIS
OF MARCH 31, 2025
MARKET HISTORY
SOUTHEAST DUTCHESS
SINGLE FAMILY HOMES
Source: Onekey MLS.
SOUTHEAST DUTCHESS
SINGLE FAMILY HOMES
BEEKMAN, DOVER, PAWLING, UNION VALE
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SUPPLY
DEMAND
ANALYSIS AS OF MARCH 31, 2025 AS OF MARCH 31, 2024
MARKET HISTORY
NORTHWEST DUTCHESS
SINGLE FAMILY HOMES
HOMES SOLD
Source: Onekey MLS.
CLICK TO OBTAIN A SPECIFIC TOWN/CITY MONTHLY MARKET REPORT.
NORTHWEST DUTCHESS
SINGLE FAMILY HOMES
CLINTON, HYDE PARK, MILAN, PLEASANT VALLEY, RED HOOK, RHINEBECK
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SUPPLY
DEMAND ANALYSIS
31, 2025
MARKET HISTORY
NORTHEAST DUTCHESS
SINGLE FAMILY HOMES
HOMES SOLD
Source: Onekey MLS.
TO OBTAIN A SPECIFIC TOWN/CITY MONTHLY MARKET REPORT.
MEDIAN SALE PRICE
NORTHEAST DUTCHESS
SINGLE FAMILY HOMES
AMENIA, NORTH EAST, PINE PLAINS, STANFORD, WASHINGTON
Click to obtain a specific town/city monthly market report.
SUPPLY DEMAND ANALYSIS AS OF MARCH 31, 2025
31, 2024
MARKET HISTORY
DUTCHESS COUNTY
CONDOMINIUMS
QUARTERLY MARKET OVERVIEW
SUPPLY DEMAND ANALYSIS
Demand Ratio Key 1-4:
