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Low Selling Prices, Good Time To Buy Home In Greenburgh

Home selling prices in Elmsford and Hartsdale have depreciated by 40 percent over the past five years, according to real estate data.
Home selling prices in Elmsford and Hartsdale have depreciated by 40 percent over the past five years, according to real estate data. Photo Credit: Flickr user ImagesMoney

GREENBURGH, N.Y. — Low selling prices in Greenburgh have created an upturn in the number of home sales over the past few months, real estate data shows.

Selling prices in Elmsford and Hartsdale have depreciated by more than 40 percent over the past five years, according to Trulia.com .

From Oct. 12 to Dec. 12, 2012, the median selling price for homes in Hartsdale was $343,750 — marking a 40 percent decrease in prices compared to the same period in 2011.

Selling prices for Elmsford homes are not much better, with a 28 percent decrease in prices over the past year leading to a median selling price of $267,500.

Debra Tricarico, a Houlihan Lawrence, Inc. associate broker in Greenburgh, said that while certain neighborhoods in town have been hit harder than others, the depreciation is mostly due to rising taxes.

"I think one of the biggest reasons are that Greenburgh's taxes are so high" said Tricarico of low selling prices. "People can't afford the taxes, so home prices have to come down."

Tricarico recently sold a house on Landers Manor Road for $1.5 million, which was half of the price it was bought for in 2004 at $3 million, she said.

However, low selling prices have caused the number of home sales to rise over the past few months — meaning it's a good time to buy a home in Greenburgh.

Like the rest of Westchester County , the number of home sales have increased gradually in both Hartsdale and Elmsford. Many upstate residents want to move somewhere that's near the city without the expenses of living in Manhattan, Tricarico said.

With the number of buyers hoping to snag a spot in the Greenburgh area, the number of sales activity should continue to increase over the next few months, she added.

"It's in close proximity to the city, and has a lot of nice programs, activities, parks, things to do, nice senior centers," Tricarico said.