End of Year Real Estate Report 2023 vs. 2022

Limited inventory and increased interest rates were just two of the factors that affected the market for homes in Scarsdale and Edgemont in 2023. With few homes on the market, and the cost of financing them on the rise, potential buyers had a hard time finding what they were seeking this year. And for those wishing to sell their homes, limited inventory of suitable homes for empty nesters, and the interest rates for new mortgages caused many to remain in their existing homes for another year.

Realtors are hopeful that interest rates will fall and help to get the market moving this spring.

Here are the numbers for 2022 vs. 2023.

In Scarsdale, the total number of single homes sold fell 26% from 278 in 2022 to 205 in 2023.

The median price decreased only slightly from $2,000,000 in 2022 to $1,975,000 in 2023.

Edgemont fared better. The number of homes sold fell only 14% from 96 in 2022 to 83 in 2023.

And the median price rose from $1,275,000 in 2022 to $1,350 in 2023.

Nancy Chochrek who is the managing broker at the Houlihan Lawrence office in Scarsdale had this to say about the market:

"Due to limited inventory, 2023 was once again a seller's market with many homes selling over ask in competitive bid situations. I am cautiously optimistic that we will see an increase in inventory in 2024. (The entire baby boomer generation will be over 65 and ready to downsize or relocate, if they have not done so already.) However, due to pent up buyer demand, I expect it will continue to be a seller's market and prices will remain strong.

Scarsdale and Edgemont have always been sought after due to the well-regarded schools, manageable commute, and proximity to NYC, and I certainly don't see that changing. With more workers back in the office most days, the short commute is once again near the top of many buyers wish lists. Not to mention the fact, as those of who grew up here or live here well know, it's just a really wonderful place to live."

Sales
5 Rural Drive
Welcome home to tranquility, comfort and convenience in this desirable, classic Center Hall Colonial. Set on an impressive nearly half acre of lush and private property in a coveted neighborhood, this residence exudes timeless charm and modern convenience. As you step inside, you'll be greeted by the warmth and elegance of the formal living and dining rooms on the first level, perfect for hosting gatherings and creating cherished memories. The heart of the home, a spacious updated kitchen, boasts light wood cabinetry, stainless steel appliances including a natural gas cooktop, granite countertops and sliding doors leading to a spacious deck with a gas line for the bbq, seamlessly connecting the indoors with the beautiful backyard. An adjacent family room with abundant natural light offers a cozy retreat with views of the scenic landscape. A powder room completes this level. Upstairs, discover four generously sized bedrooms, including a luxurious primary suite. The primary bedroom features a walk-in closet and an updated ensuite full bath. Three additional family bedrooms share a large hall bath. The lower level offers an above-ground playroom, including a door opening to the backyard. A laundry/storage room and a spacious 2-car attached garage provide ample storage and parking. The expansive property is well cared for, with a deep yard and great privacy due to the wooded area in the back. This home is the perfect blend of comfortable living and classic style. Don't miss the opportunity to make it yours!
Sale Price: $1,700,000
Real Estate Taxes: $36,772.75
Assessed Value: $1,400,000

Featured Listings





85 Spier Road, Scarsdale
5 Bedrooms, 5.2 Bathrooms, 7,088 Square Feet
Bright new construction to be completed by end of summer 2024. Natural light abounds in the large 2-story entrance foyer which opens to the dining and living rooms. The large Chef's Kitchen w/JEM cabinets, premium appliances and quartz countertops is open to the Family Room w/fpl and wall of sliding doors to a 43' patio and level backyard. Additionally, there is a library/home office, a kids study/2nd home office, mudroom w/lots of storage, butler's and food pantry and 2 half bathrooms! Upstairs is the owner's bedroom w/tray ceiling and 2 generous walk-in closets, a marble spa bath w/2 sinks, soaking tub and separate shower. Each of the 3 bedrooms has its own walk-in closet and bathroom, a windowed laundry room, a 485 sq. ft. playroom w/endless possibilities. The lower level has a bedroom and bath and lots of finished space. Quality features include: European high eff. aluminum windows, foam insulation and much more. Ceiling height: 10' first floor, 9' on 2nd floor and lower level.
Click here for more information
Sale price: $4,550,000






160 Nelson Road, Scarsdale
5 Bedrooms, 4.1 Bathrooms, 3,000 Square Feet
Move into this BRAND NEW HOME in Scarsdale's beloved Edgewood neighborhood. Classic Colonial, with chic, modern details in a convenient location: close to park, shops, school, restaurants, and transport. Covered front porch to inviting entry with two guest closets, open plan living room/dining room with fireplace, combo family room/chef's kitchen/island/premium stainless appliances. Powder room and Mudroom with side door to two car garage. Hardwood floors, custom millwork, recessed lighting, high ceilings, central air, central vacuum, outfitted closets, storage & more. Huge lower level recreation room, bedroom or home office/full bath, spacious laundry room, and walk-out to yard. Sliders to large bluestone patio for alfresco dining and dedicated gas line for the BBQ. Professionally landscaped, private grounds with lawn sprinkler. Room for a swing set. Easy care, durable Hardiplank exterior. Quality craftsmanship throughout with attention to detail by one of Scarsdale's finest builders.
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Sale price: $2,239,000