We often equate success with growth in our lives. If something or someplace is doing prosperous, then it must continue to build upwards or outwards to stay on that path. Well, that is not the case for our friend Croton-On-Hudson. While the town has grown somewhat over the years, it still remains a relatively small chunk of Westchester County. Even with a tiny town center, it remains a staple of the river town community. Ironically, though, the small town probably has the largest train station in the county. Whenever I need to make the trek down to NYC, I always park at Croton Harmon due to it's ample parking spaces and relatively affordable parking prices. Most towns have little to no parking at their stations, and in order to be guaranteed a spot you must have a permit, which you have to slaughter an entire army of barbarians with your bare hands to attain. Not really, but try parking at the Peekskill train station and you'll know what I mean.
But lets focus on the real estate market in this little wonderful town. Has it been a strong contender to keep up with the more popular river towns like Tarrytown, Irvington, Ossining, and Yonkers? It sure looks like it. In real estate, we use something called Absorption Rate, which calculates the average amount of time it will take a home to sell. You use the amount of homes sold in the past 12 months and compare it to the current number of active homes on the market. Well. Croton has 42 homes currently on the market and 147 have sold in the last year. That is fantastic and gives us about 3 and a half months as an average amount of time to sell a home in that market. The other river towns have somewhere between 3-4 months as their rate, so Croton is holding its own just fine.
In fact, Croton-on-Hudson's housing market is growing, while it's town borders are staying put. Over the past few years Croton has seen a massive increase in home sales. Now that is partly due to the recovery of the general housing market after the Great Recession, but Croton is actually out-performing some of the other river towns (not Ossining, though. Ossining is doing awesome. Oss-ome. Get it?) Here is how many sold homes Croton-on-Huson has contributed in the past few years. This of course, does not include private sales:
2016 - 130 sold
2015 - 139 sold
2014 - 95 sold
2013 - 89 sold
2012 - 67 sold
2011 - 69 sold
From the lowest point of the housing market in 2011 to today, Croton has practically doubled its sales. Compare this to Irvington, who had 71 closings in 2012 and had 72 this year (plus whatever closes before the year end), and Croton seems to be wildly crushing the competition. Why you may ask? Wait, you didn't ask why? Well I'm writing this blog so I make the decisions. My speculation is pretty simple and it comes down to this: Croton is affordable. The sweet spot of it's market are in the 350-650K area. A healthy area to be for the middle class. You can have a decent sized house in a town that isn't overpopulated and where every house has more than an 1/8 of an acre lot to sit on (okay not every house, but you get what I mean.) My team member, Tom, and I closed a house earlier this year in Croton. 3 bedrooms, 2 bathrooms, 2,100 square feet, half an acre, with river views (seasonal, but it's there, I promise!) and a detached garage for 415,000. Not a bad deal and our clients were head over heels for the place.
In case you want to check out the sweet spot of the Croton market, click here. That link will always be updated with current listings, so if you're reading this from 2018, hello! How is life in the future? Also, if you live in Croton and want an evaluation on your home, click here! Keep in mind, this site uses algorithms and can't fully take in every detail about your home, so take it with a grain of salt. Call us to get a more accurate estimate, if you'd like (914) 494-0141.
Anyway, Croton is awesome and often doesn't get the recognition it deserves. But dont worry, Croton-on-Hudson. We still love you. Size doesn't matter.
Author:Thomas Ricapito Phone: 914-804-3048 Dated: December 10th 2016 Views: 2,618 About Thomas: I got into real estate sales by accident in 2006. At the time, I recently earned a Bachelor's Degre...
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