Nestled at the confluence of two rivers, Croton-on-Hudson is a charming, picturesque community in Westchester County. This scenic town has tons of stunning water views and lots of soaring trees that draw in residents eager to bask in the natural beauty. And Croton-on-Hudson locals have plenty of space to enjoy those amazing vistas thanks to a low population density and large property lots.
Croton-on-Hudson has all the appeal of a small New England village with the amenities of an elegant town. And thanks to the relatively short commute, it has become a highly sought-after suburban escape for New York City residents. With so many residents flocking to this community, the real estate forecast for Croton-on-Hudson remains strong.
Croton-on-Hudson housing market forecast for 2023
The Croton-on-Hudson real estate market has long been one of the most dynamic in the state, thanks to its proximity to New York City and fabulous homes. Here is a look at some factors in the Croton-on-Hudson market moving through the rest of 2023:
Fluctuating interest rates
Across the nation, mortgage interest rates are in flux, and homebuyers should monitor these rates carefully alongside their trusted lending officials. As of late June 2023, the interest rate for a 30-year fixed mortgage is 7.10%.
Overall, home sales are down
Thanks to rising interest rates and low inventory, the total number of home sales has decreased by 33% versus the first quarter of 2022. This is forecasted to continue through 2023 for the Croton-on-Hudson market.
Less net population migration
Croton-on-Hudson will experience slight decreases in overall population migration. Between April 2020 and July 2022, the overall population fell by 2.4%.
Croton-on-Hudson housing market trends for 2023
Through the first half of 2023, the Croton-on-Hudson real estate market is showing exciting trends. Here is a look at some of the trends in the housing market so far this year:
Home sale prices are rising
Low inventory and an in-demand market have caused home sale prices to rise across the county. Median sale prices in Westchester County have increased by 4.8% versus the same quarter last year.
Home inventory remains low
Across Westchester County, home inventory has remained low for the first half of the year. Buyer demand is high, but the number of homes for sale is at a record low.
Homes are selling close to the list price
The sale price-to-list price ratio, or the comparison between the final sales price and the last list price on a home for Westchester County, is currently 98.4%. This figure is less than the 2022 figure of 102.6% but still close to even.
How Covid-19 impacted the Croton-on-Hudson real estate market
Real estate markets across the nation felt the deep impact of the Covid-19 pandemic. The Croton-on-Hudson housing market recovered quickly and grew at astounding rates in the years following. There were record-high median sale price figures across Westchester County in 2021 and 2022.
With more residents turning to remote work, the demand for larger suburban homes has increased across the greater New York City region. Buyers are looking for features like home office space, at-home fitness facilities, and outdoor recreation areas. This desire for a larger home has made Croton-on-Hudson a highly desirable area. Thanks to a low population density and gorgeous residential lots, buyers are flocking to this Westchester County village.
Croton-on-Hudson foreclosure statistics for 2023
Foreclosed properties go through many stages, from pre-foreclosures to bank-owned to property auctions. Tracking these statistics for a local market can help buyers and sellers make informed investment decisions as they enter the real estate market.
Croton-on-Hudson has remained insulated from the recent trend of a rise in foreclosures nationwide, tracked by ATTOM, a market data collection and distribution organization. This data collection group published no foreclosure filings in Croton-on-Hudson for the first half of 2023.
Croton-on-Hudson median home prices for 2023
Homes for sale in Croton-on-Hudson remain in high demand, driving up prices. With the supply-to-demand ratio at high levels, buyers and sellers can expect the median home price in this market to continue to rise for the remainder of the year.
Continued growth in the Croton-on-Hudson real estate market
Croton-on-Hudson is one of the most affluent, exclusive communities in Westchester County. With low home inventory, buyers should act quickly when they find a home. With growing demand, prospective buyers should view homes as a solid investment strategy as part of a diversified portfolio.
Median home prices and current inventory both show favorable conditions for homeowners looking to sell a Croton-on-Hudson property. Home inventory remains very low in Croton-on-Hudson, and median sales prices are rising.
Tips for buying and selling in the current market
Work with an expert agent knowledgeable about the local market
Find an agent with experience buying and selling luxury homes in Croton-on-Hudson. This unique scenic village is a distinct market, and your agent must understand the current trends.
Focus on digital marketing
Social media has become the most effective tool for buyers and sellers. A recent study by the National Association of Realtors found that 97% of buyers used online tools during their home search. Your agent should have a strong digital marketing plan in place to market your home.
Look at contract terms as well as the price
The sales price of your home is important, both for sellers looking to make a profit and for buyers wanting to get a great deal. However, be sure to focus on the terms of your contract. Both parties can gain value from making concessions regarding the terms, conditions, and contingencies of a sales contract.
Ready to make your move?
Are you considering a move to Croton-on-Hudson? The Nancy Kennedy Team is one of Westchester County’s top-producing real estate teams. With 38+ years of experience in the Croton-on-Hudson market and a strong network of professional connections, their team is prepared to go above and beyond to help your real estate transaction run seamlessly. Contact Nancy today to begin your Croton-on-Hudson real estate journey.
