Yonkers Home Prices Down Since '08, Upswing Expected In 2013

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Home prices in Yonkers have been relatively stable in the past year, but still significantly lower than 2008. Photo Credit: Trulia.com

YONKERS, N.Y. –  While real estate sales overall in Westchester County rose during the fourth quarter of 2012, Yonkers’ real estate market is still recovering from the effects of a sluggish economy.

From Oct. 12 to Dec. 12, the median selling price for homes in Yonkers was $365,000, according to the real estate website Trulia.com. That number is nearly identical to the median sales price for the same time period for 2011, but is still down more than 19 percent since 2008.

“Prices have dropped significantly in the City of Yonkers and we are hoping things start turning around,” said Deborah DiMicheli, office manager for the Yonkers branch of Better Homes and Gardens Rand Realty.

In January 2008, Yonkers residents saw the median selling price of homes reach $452,000. In December of 2012, that number plummeted to a five-year low of $320,000.

While prices have slightly recovered, they are still more than nearly $90,000 less than they were five years ago.

Much of the blame is to be placed on the lackluster economy, realtors said. Home prices around Westchester have taken a blow in recent years and are working to regain their footing.

“The economy has hit us pretty hard,” DiMicheli said.

But the reeling housing market means good news for buyers. Prices are down significantly and interest rates are fairly stable, she said, making it a good time to buy or invest in a single family home.

“You can pick up nice home for under $400,000 in Yonkers right now if willing to do some work,” DiMicheli said. “It’s a great place to start.”

As for 2013, data compiled by the Hudson Gateway Association of Realtors shows real estate sales countywide were up considerably during the fourth quarter of 2012, a sign of good things to come.

DiMicheli added that there are a lot of buyers waiting, another indication that may be reason for optimism in Yonkers for the upcoming year.

“I think we will see an upswing and a lot of activity in 2013,” DiMicheli said.

In the meantime, those that are buying are still paying a hefty price to live in certain neighborhoods.  Not surprisingly, the city’s northeast side featured the highest price homes in terms of average sale price in recent months.

Beech Hill featured the highest average selling price for a Yonkers neighborhood at $604,500, followed by Crestwood ($602,000) and Colonial Heights ($509,000).

On the other end, homes in Getty Square and Ludlow were among the biggest bargains for homeowners, with median prices ranging from $190,000 to low the $200,000’s.

DiMicheli said it is not unusual to see neighborhoods in the northeast section of the city, near the Bronxville border, fetch a higher price. 

“No matter what kind of market, those happen to be the areas where you find higher priced homes,” she said.

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