Q4 2024 Real Estate Market Report
The housing market in New York City’s northern and western suburbs ended 2024 with a burst of activity. Sales increased for the first time in three years, marking a shift from the prolonged decline that began in early 2022. Prices continued to reach record highs, but a rise in inventory levels suggests the market is moving toward a more balanced state. Here are three key takeaways from the fourth-quarter housing market:
SALES ARE RISING AGAIN.
After nearly three years of declining sales, the market rebounded in the fourth quarter. Transaction levels increased across all regions, with sales rising 3% in Westchester and the Hudson Valley, 15% in Northern New Jersey, 11% in Fairfield County, and 7% in the Bronx.
Pending sales—an early indicator of future closings—also showed positive momentum, up 10% in Westchester and the Hudson Valley, 6% in Northern New Jersey, and 12% in Fairfield County. With steady buyer demand and inventory increasing, we anticipate a strong start to 2025.
PRICES CONTINUE TO REACH NEW HIGHS.
Despite rising sales and increasing inventory, prices have remained at historic levels. Average prices increased across the region:
- Westchester and the Hudson Valley: Up 12%
- Northern New Jersey: Up 10%
- Fairfield County: Up 5%
- Bronx: Up 9%
Even with elevated mortgage rates, demand remains strong enough to sustain price growth. Economic resilience and low inventory have contributed to sustained appreciation, making it one of the longest seller’s market cycles in recent history.
INVENTORY IS FINALLY EXPANDING.
One of the biggest shifts in the market is the return of inventory. Listings increased in most regions, helping to relieve some of the supply constraints over the past few years.
- Westchester and the Hudson Valley saw a 40% increase in inventory.
- Northern New Jersey rose 26%.
- Fairfield County increased 9%.
With inventory rising, the market is slowly moving toward balance, though supply remains well below a neutral market six-month threshold. If listing activity continues to improve, sales growth should follow, creating more buyer opportunities and easing price acceleration.
