Welcome Homes Value Score: 8.7
Home prices in Garrison tend to fluctuate, rising in the spring and early summer and dropping in early fall into the winter. 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.
Garrison Home Values
According to data from Redfin.com, the median price for a single-family residence in Garrison is $665,000 as of April 2021. This is up 7.2% from last year, but the absorption rate, the number of houses sold from the total supply, is just 37.8%. Compared to the national average of 96%, this suggests that Garrison is much more suitable to buyers.
Within the surrounding area, the median sale price for a single-family residence in Garrison is 12% higher than the New York metro area, 58% higher than Putnam county, and 54% higher than New York state. However, seasonality appears to impact the buying market in Philipstown, where Garrison 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 Garrison might get a better deal during the fall and winter.
What’s more, based on Redfin.com data, homes in Garrison sold for an average of 2.2% below their asking price this past April. 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, Garrison appears to be one of the few buyer’s markets in the country.
Garrison Housing Stock
Looking at Zillow and Realtor.com data, new construction accounts for 5% of the available homes for sale in Garrison. In June 2021, out of the 4,300 existing residential properties in Garrison, only 37 were up for sale. Garrison homes are slightly newer than nearby Westchester County, with a median home age of 40 years — still higher than the national average of 37 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, 91.1% of people living in Garrison live in the same house as they did a year ago, suggesting that most who live in the hamlet tend to stay put rather than regularly move. However, on average, single-family homes in Garrison spend about 132 median days on the market, drastically higher than the current national average of 24 days reported by RedFin.
Garrison Location, Schools, and Air Quality
One Metro-North commuter train line services Garrison. With a single Metro-North station in the town, residents who need to commute to nearby New York City rely on a train that leaves hourly from Garrison and arrives at Grand Central in just over an hour.
Garrison touts a good school and low crime rates. Based on data from Zillow, there is one K-8 school in Garrison with a 9 rating. Looking at Crimegrade.org data, Garrison has an annual crime rate of 6.9 per 1,000 residents, with a crime occurring, on average, every 12 days. In terms of safety, Garrison is in the 99th percentile, meaning that it’s safer than 99% of US cities.
Despite its proximity to one of the most populous cities in the nation, according to EPA data, Garrison enjoys a median Air Quality Index of 32, which is considered “good.” In 2020, Garrison saw 350 “good” air quality days and only 6 “moderate” days.
Taxes in Garrison
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 Putnam County, where Garrison is located, average a 2.63% effective rate, higher than nearby Westchester county, albeit both are still among the higher property tax rates in the state.
Outside of property taxes, the average income tax rate is 29.65%, and the effective sales tax in Putnam county is 8.375%. On average, Garrison residents contribute 37% of their income to taxes.
Considering buying in Garrison?
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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.