via CBS News

By Tony Aiello | Published on July 26, 2024

The median price of a single-family home in Westchester County, New York has topped $1 million for the first time.

It's not just a big-dollar benchmark for real estate in New York City's northern suburbs. It's the new normal.

"This is unprecedented, actually. Looking at us, this time last year we were in the 9s. And now we've definitely crossed way passed the $1 million mark," said Crystal Hawkins-Syska, with the Hudson Gateway Association of Realtors.

"Demand right now is very, very high"

According to Hawkins-Syska, a seven-figure median sales price is the result of a couple of factors, including "Economics 101."

"The demand right now is very, very high. But the supply is low. So that drives prices up," said Hawkins-Syska.

Meanwhile, many empty-nesters are hesitant to downsize in the county with prices so high -- even for modest homes. A 1,600-square-foot home in Rye Brook, for example, is listed for just over $1 million.

"They'll get a great top dollar. But can they actually afford to move and stay local? That's the big challenge," Hawkins-Syska said.

How much income is needed to buy a $1 million home?

You need about $300,000 in annual income to buy a $1 million home, according to one affordability calculator we checked. The median annual income in Westchester is $115,000.

It's frustrating for prospective buyers.

"I'm hoping by God's grace that I'll be able to find something that fits my needs and also fits my financial tax bracket," said Cheryl Leslie, who was out home shopping from Crown Heights, Brooklyn.

"It's just being patient. I had a buyer myself that I worked with for over two years and we finally closed. So it means a different level of patience," said Hawkins-Syska.

Still, the American dream of home ownership is increasingly difficult to realize in Westchester County.