High Mortgage Rates Impact Scarsdale Home Sales

Third quarter real estate statistics confirm what realtors have been saying all year. The combination of high mortgage interest rates and a shortage of inventory has resulted in a diminished market this year.

As of today, October 5, 2023, the 30 year fixed rate is 7.7%, making it far more expensive to buy a home today than it was at this time last year when the rates were hovering around 3%. The interest rates make it more difficult for current homeowner to move – as some have paid off their own mortgages or hold mortgages at the lower rates. With fewer people moving there is less available inventory for buyers and the cycle continues.

According to a report from Julia B. Fee/Sotheby’s, here’s the data for Scarsdale and Edgemont.

In Scarsdale, there are 34 homes on the market, a decrease of 24% from this time last year.

Year to date, 165 homes have sold as compared to 234 last year, a 29% decrease and the median sale price, $1,970,000 is virtually even with last year.

In Edgemont there are 16 homes on the market, a 41% decrease from this time last year. 68 homes have sold this year vs. 87 last year and the median price has risen 4% from $1,275,000 to $1,320,000.

Experts are predicting a decline in the mortgage rates that should impact the real estate market in the coming year.

Sales
15 Murray Hill Road
This iconic Scarsdale home offers the perfect combination of warmth and elegance. The best-in-class brick Georgian Colonial has been enhanced by meticulous renovations and restoration which kept all the original character and curb appeal while introducing 21st century comfort and convenience. The dramatic approach hints at the extraordinary interior that awaits you. The home is surrounded by beautiful lush plantings and lots of special outdoor areas including a pool, hammock garden, canopied terrace and private fountain garden. All bedrooms are en-suite, there is a movie theater in the basement adjacent to the roughly 1300 bottle wine cellar, a gym, three car garage, and lots of separate entertaining spaces. Imagine getting to call this home?
Sale Price: $5,100,000
Real Estate Taxes: $105,686.46
Assessed Value: $5,075,000

9 Oakstwain Road
Fabulous, beautifully renovated, Greenacres Colonial. This 2003 built home has been updated extensively over the last 4 years and feels brand new -- special features and improvements sheet attached. A grand two-story foyer welcomes you into this modern home flanked by a formal living room and formal dining room (currently used as a gym). An open plan renovated and modern kitchen/family room with cathedral ceiling and fireplace spans the back of the house with walls of windows and French doors to the patio and backyard for easy family living and entertaining. The chic, white kitchen boasts premium updated appliances, new wood floors, counter and backsplash and connects to an updated and beautiful laundry/mudroom with new washer/dryer and herringbone tile flooring. The mudroom connects to the two garage. The powder room was updated with marble flooring, new fixtures, wallpaper, lighting, hardware and paneling. Two bedrooms on the first level (both being used as offices) share a renovated jack-and-jill full bath with walk-in shower -- the perfect set-up to work from home or have private guest space on the first level. The second level features a primary suite with a spacious bedroom, large walk-in closet plus additional closet and luxurious full bath updated with marble flooring, double vanity, separate shower and soaking tub and private WC. Two additional large bedrooms and an updated hall bath with tub/shower and new fixtures complete the second level. The lower level boasts a large playroom and utilities. The backyard is level, fully fenced and contains a spacious patio -- ideal for dining and entertaining outside year round.
Sale Price: $2,691,000
Real Estate Taxes: $28,634.27
Assessed Value: $1,375,000

57 Fayette Road
Fully renovated and meticulously maintained colonial in the heart of Heathcote. Upon entering you'll be greeted with an abundance of natural light! Every detail of this home has been thoughtfully mastered in craftsmanship, architectural design and layout. It boasts a fabulous, eat-in kitchen with stainless steel appliances that is open to the family room with sliders to the back deck, perfect for al fresco dining. Summer entertaining is a breeze with seamless indoor/outdoor flow. An elegant dining room with wainscoting paneled walls, living room with built-ins and wood burning fireplace, home office and a modern full bathroom complete the first floor. The second floor has 4 bedrooms and 3 full bathrooms! The primary suite has 2 walk-in closets and an ensuite bathroom with double vanity and stall shower. A junior suite with ensuite bathroom and two additional secondary bedrooms and a hall bath complete this floor. In the lower level you will find a game room/fitness area with laundry room and access to the garage. Enjoy the ultimate in suburban living in one of the best neighborhoods in Scarsdale!
Sale Price: $1,800,000
Real Estate Taxes: $26,009.99
Assessed Value: $1,300,000

15 Springdale Road
Introducing this beautiful split-level home in Quaker Ridge on over a third of an acre of flat sprawling property. With its sunny, airy, and bright atmosphere, this property offers an exceptional and spacious living experience. The tastefully designed interior boasts an abundance of natural light, creating an inviting and uplifting ambiance throughout the home. The open floor plan seamlessly connects the sizable living and dining areas, providing an ideal setting for both relaxation and entertainment. With two areas for lounging, choose between the cozy den with a fireplace which can also double as an office or the large family room with access to the backyard. The oversized primary bedroom with walk in cedar closet and a full wall of closets is the perfect retreat. Two additional bedrooms with a shared bathroom round out the bedroom level. Step outside to the meticulously landscaped backyard, perfect for enjoying outdoor activities or hosting gatherings with family and friends. This home offers the perfect balance of elegance, comfort, and natural beauty.
Sale Price: $1,687,000
Real Estate Taxes: $21,782.39
Assessed Value: $1,040,000

24 Andrea Lane
Contemporary and bright Mid-Century home in the Edgemont school district situated on a gorgeous level half acre property ready to move in. This bright five bedroom home offers a great open layout with high ceilings and large windows for today's buyer. The beautifully renovated kitchen has custom cabinetry, stainless appliances and a large eating area with bow window overlooking the picture-perfect backyard. Some of the special features include: luxurious primary suite with tremendous closet space and renovated ensuite bath, guest bedroom with bath, spacious family room with fireplace and large windows, fantastic 2nd family/multi-functional room with high ceiling and lots of windows, home office options and oversized 2 car garage. Awesome potential in basement with additional 377 square feet. Unbelievable property with mature landscaping is very private with multiple patios all wonderful for relaxing, playing, entertaining and enjoying the magnificent sunsets! This is the home you have been waiting for and will fall in love with.
Sale Price: $1,510,000
Real Estate Taxes: $31,603.80
Assessed Value: $969,300

53 Claremont Road
Move right in to this Greenacres gem! This charmer is set on a lush level .30 acres. The first level boasts an ideal flow for modern living, featuring a gracious LR w/fireplace that flows into a bright den/library, powder room, large DR that opens to vaulted ceiling modern family room with brand new maple floors, updated MEIK, w/new floors, quartz countertops/backsplash/new LG appliances, doors to level yard. Level 2 features a large stunning primary, 2 full baths, 3 add'l generously sized bedrooms, all w/deep cedar closets. Level 3 includes 2 huge bedrooms potential home office/gym and a full bath. Full lower level offers rec/gym/play space & storage, utilities room w/new updated Navien high efficiency boiler, new water heater, brand new Unico CAC blower, entrance to spacious, high ceilinged 2 car garage, second entrance walks out to front w/mudroom/cubby area. This home has it all!
Sale Price: $1,440,000
Real Estate Taxes: $17,003.82
Assessed Value: $875,000

16 Lebanon Road
Dreamy Mid-Century style home in the heart of the Heathcote neighborhood. Lots of potential to restore to its' former glory and expansion possibilities. Eat-in kitchen, cozy screened porch, formal living and family room space, two car attached garage. Great opportunity to make it your own. Imagine getting to call this home?
Sale Price: $1,304,000
Real Estate Taxes: $10,301.00
Assessed Value: $1,000,000

163 Madison Road
A bright and meticulously maintained single family house in sought-after Scarsdale School District. Hardwood floors throughout. Updated kitchen with granite countertops and stainless steel appliances. Central A/C for 2nd floor and mini-split A/C for 1st floor. An over-sized garage and lots of storage space. This house is ready for moving in. Must see.
Sale Price: $1,253,000
Real Estate Taxes: $20,824.91
Assessed Value: $1,000,000

Featured Listings





7 Cooper Road, Scarsdale
6 Bedrooms, 6.2 Bathrooms, 8,728 Square Feet
This captivating stone and shingle Colonial in the heart of Murray Hill is situated on 1.20 private, pristine acres with entertaining patios, fire-pit, built in BBQ, infinity pool and pool house. Renovated with a contemporary timeless sophistication, this home exudes warmth and a wow factor that is functional for everyday living and entertaining. The entry leads to a fabulous step-down living room with fireplace, family room with fireplace and an additional glass enclosed great room with soaring ceiling, radiant heated floor, floor to ceiling doors that open up for seasonal indoor/outdoor living, the room includes a fireplace, wet bar with wine refrigerator. Gourmet eat-in kitchen with large island, Viking 6 burner oven, SubZero refrigerator, warming draw, dishwasher flows into a handsome butlers pantry with dishwasher, wine refrigerator and large walk-in pantry closet. Large formal dining room. The mudroom off the kitchen is equipped with a laundry room, built-ins, bedroom and bathroom. The second level includes the primary suite with tray ceiling, window seat that overlooks the magnificent property, 2 walk-in closets, gym, office and primary bath with steam shower and tub. Four additional bedrooms each with their own bathrooms. Back staircase. Finished basement with playroom, game room, 1/2 bathroom and handsome media room. Full house generator, Creston system. Radiant heat in glass enclosed great room. No detail is overlooked - this is a truly one of a kind home.
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Sale price: $7,295,000






4 Candlewood Court, Scarsdale PO/Edgemont
4 Bedrooms, 2.2 Bathrooms, 4,608 Square Feet
Introducing your dream home in the prestigious Edgemont school district! Nestled in a tranquil cul-de-sac setting, this modern gem offers a blend of sophistication and comfort. Situated on nearly .5 acre of landscaped and private property, this sun filled Contemporary Colonial is over 4,500 square feet and offers a perfect layout for everyday living. The main level features hardwood floors and a double height ceiling entrance foyer, formal living room with wood burning fireplace and skylights, formal dining room with bay window. French doors lead to the family room with second fireplace. Adjacent to the family is a beautiful and recently renovated kitchen with quartz countertops, new stove, refrigerator and dishwasher. The guest bedroom/home office with en-suite bathroom offers a flexible space depending on your needs. The upper level boasts new hardwood floors in 2020, 4 oversized bedrooms, including the primary bedroom with luxurious marble bathroom with steam shower and 2 spacious walk-in closets, hall bathroom and conveniently located laundry room. The walkout lower level is a versatile open space perfect for a playroom, gym and/or TV area, including a 1,500-bottle temperature-controlled Wine Cellar. Additional amenities include solar panels, 2 car attached garage, 3 zone central AC. Square Footage includes 1,250 square feet of legal lower-level space. Walking distance to elementary school, shops, bus and restaurants. 4-minute drive to Scarsdale train station and only a 32-minute ride to Grand Central Terminal.
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Sale price: $1,675,000