The White Plains housing market has been polarizing to say the least. That is to say – local real estate has seen a sizable shift in a relatively short period of time. Over the course of three years, White Plains real estate has appreciated by approximately 10 percent. However, that number is not as high as it could be. In the last year, homes in the area have actually depreciated by as much as 1.4 percent. In spite of the negative swing, White Plains still boasts a median home price that is more than double the national average. With an average price of $455,500, White Plains homes are now $247,433 more than the national average. However, with homes across the country appreciating at a rate of 5.7 percent, White Plains does not look like it will maintain such a large spread.
Even with the negative swing in price growth over the last year, White Plains has still made up a lot of ground after the recession. In fact, the last three years have been pivotal in removing White Plains from a period of post-recession price weakness. Ground made up in the last three years has helped many homeowners in the area build up equity. The following highlights how much equity has been gained relative to the year of the home’s purchase:
- Homes purchased in the White Plains housing market one year ago have appreciated, on average, by $546. The national average was $14,170 over the same period.
- Homes purchased in the White Plains housing market three years ago have appreciated, on average, by $61,742. The national average was $53,857 over the same period.
- Homes purchased in the White Plains housing market five years ago have appreciated, on average, by $54,752. The national average was $48,036 over the same period.
- Homes purchased in the White Plains housing market seven years ago have actually depreciated, on average, by $15,726. The national average increased $13,870 over the same period.
- Homes purchased in the White Plains housing market nine years ago have appreciated, on average, by $3,163. The national average decreased $2,822 over the same period.
At the onset of 2015, New York’s unemployment rate (6%) dropped to its lowest level since 2008. At 6 percent, the state’s unemployment rate dropped more than 1 percent in the last year.
“In January 2015, New York State’s economy continued to advance, reaching an all-time high private sector job count of more than 7.73 million. In addition, our state unemployment rate remained at its lowest level in more than six years,” said Bohdan M. Wynnyk, Deputy Director of the Division of Research and Statistics.
It would appear that White Plains has something to do with New York’s recent improvements to the economy. In adding new jobs at an encouraging rate, White Plains should continue to support the area’s supply and demand.
According to RealtyTrac, the White Plains real estate market has approximately 176 homes for sale. That number is down 23 percent from the same time last year. Month-over-month gains, however, increased a modest 5 percent. The recent gain serves as an encouraging factor for the upcoming year.
Condo sales in White Plains have increased, albeit modestly. In fact, condo sales increased to their highest level since 2013. The median price was $531,750, up 66.2 percent from $320,000 in December 2013. At that price point, condo sales are now the highest they have been since the first quarter of last year. The increase in sales has decreased the amount of inventory made available, but there is still enough room for positive movement.
Foreclosures, on the other hand, greatly outweigh the number of properties up for sale. The White Plains real estate market has 531 properties that are in some stage of foreclosure. At the beginning of the year, the number of properties that received a foreclosure filing in White Plains was 73 percent higher than the previous month and 86 percent higher than the previous year. Investors interested in the foreclosure market should know that the average cost of a distressed property is about $450,000, just 3 percent cheaper than those of a non-distressed nature. The foreclosure discount is actually down 62.4 percent from last year, meaning foreclosures are roughly $20,000 more expensive than they were last year.
The overwhelming majority of foreclosures in today’s White Plains market are pre-foreclosures. That said, of all the homeowners in the White Plains housing market, 84.6 percent are in the first stages of foreclosure. At that rate, pre-foreclosures are up more than 57 percent month-over-month and 83 percent on the year. Rounding out the rest of the foreclosures in the White Plains real estate market are auctions and bank-owned properties, 11.5 percent and 3.8 percent respectively. While bank-owned foreclosures have remained constant, auctions have actually increased 200 percent over the last year.
As with any market, recovery is incredibly localized. It is not uncommon for certain neighborhoods to preform better than others. Having said that, Trulia has identified the most popular zip codes in White Plains, New York:
While the White Plains housing market has faced several headwinds in the last year alone, 2015 should turn out to be productive. Experts believe things are heading in the right direction, as both inquiries and activity appear to be increasing as the weather warms up. Perhaps even more importantly, just in time for the spring rush, sellers appear ready to sell and properties are not sitting stagnant on the market.
White Plains Housing Market Summary:
- Current Median Home Price: $455,500
- 1-Year Appreciation Rate: -1.4%
- Unemployment Rate: 6%
- 1-Year Job Growth Rate: 1.9%
- Population: 57,866
- Median Household Income: $76,164