The Welcome Homes value score for Greenburgh, NY: 8.7. Days on market 10, absorption rate 10, price per square foot 7, population 10, sale to list price 10, school district 7, crime rate 8, tax rate 7, travel time 8, home value growth 9

Welcome Homes Value Score: 8.7

Greenburgh is one of the more competitive housing markets in Westchester County, with homes selling faster than they did a year ago. But with homes still selling under list price — surprising amidst a nationwide housing shortage — it’s never been a better time to buy in the area.

Greenburgh Home Values

According to data from Redfin.com, the median price for a single-family residence in Greenburgh is $770,000 as of April 2021. This is up 9.2% from last year, but the absorption rate, the number of houses sold from the total supply, is just 33.9%. Compared to the national average of 96%, this suggests that Greenburgh is much more suitable to buyers.

Median sale price for a single-family residence in Greenburgh, $770,000, versus national average of $390,000, according to RedFin data for April 2021

Within the surrounding area, the median sale price for a single-family residence in Greenburgh is 24% higher than the New York metro area and 79% higher than New York state. However, seasonality appears to impact the buying market in Westchester County, where Greenburgh is located. Over the last five years, median home prices soared during the summer months, based on RedFin data. Those looking to buy a house in Greenburgh might get a better deal during the fall and winter.

Median sale price for a single-family residence in Westchester compared to NY state, New York metro area and national average, from January 2016- March 2021, according to RedFin data

What’s more, based on Redfin.com data, this past April, homes in Greenburgh sold for an average of 1.2% below their asking price. This is in stark contrast to the rest of the country, where, nationally, 40% of homes are selling for over listing price, according to RedFin. Despite a nationwide housing supply squeeze, Greenburgh county appears to be one of the few buyer’s markets in the country.

Greenburgh Housing Stock

Looking at Zillow and Realtor.com data, new construction accounts for 6% of the available homes for sale, and open lots consist of another 8.6%. In short: the housing market in Greenburgh is largely driven by existing home sales. However, there are slightly more plots for new construction compared to the county average.

85% of the housing market in Greenburgh is driven by existing home sales

Greenburgh is located in Westchester County, which has one of the highest median home ages in the country at 61 years. In other words, most existing homes in the area are older and possibly require additional renovation to meet a modern homebuyer’s needs.

According to census data, 88.8% of people living in Greenburgh live in the same house as they did a year ago — suggesting that most who live in the county tend to stay put rather than regularly move. However, on average, single-family homes in Greenburgh spend about 39 median days on the market, a decrease from last year’s median of 68 days, but still higher than the current national average of 24 days reported by RedFin.

Greenburgh Location, Schools, and Air Quality

Two Metro-North commuter train lines service Greenburgh. According to U.S. census data, across the 7 Metro North stations in the town, the mean commute time is 35 minutes, shorter than nearby New York City’s 41 minute mean commute time.

Greenburgh touts both good schools and safe cities. Based on data from Zillow, there are 7 schools in Greenburgh with ratings of 8 or higher. Looking at City-data.com figures, Greenburgh has a crime rate score of 73 — three times smaller than the national average. Within the last five years, Greenburgh has seen a decline in violent and property crime.

Despite its proximity to one of the most populous cities in the nation, according to EPA data, Greenburgh enjoys a median Air Quality Index of 36, which is considered “good.” In 2020, Greenburgh saw 327 “good” air quality days, 35 “moderate” days, and only 1 day considered “unhealthy for sensitive groups.”

Taxes in Greenburgh

In general, according to a WalletHub ranking, New York state has one of the highest property tax rates in the nation, ranking 43rd at 1.72%.

Property taxes in Westchester County are highly variable depending on location. Based on county data, the median general levy tax per $1,000 is $32.16. However, the average is nearly triple that at $85.92. Despite the variability, Westchester still has one of the highest property tax rates in the state.

Outside of property taxes, the average income tax rate is 26.83% and the effective sales tax in Westchester County is 8.38%. On average, Greenburgh residents contribute 39% of their income to taxes.

Considering buying in Greenburgh?

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Curious about what Welcome Homes can do for you in Westchester County? Request a consultation today.

The Welcome Homes Value Score is calculated based on school district rating, crime rate, tax rate, home value, home value growth, home sales compared to list price, median home age, and commute time.