ZIP Code 10506 Housing Market

📝 Local Market Notes

The housing market in ZIP code 10506, located in Westchester County, New York, exhibits a pronounced and accelerating upward trajectory. Over the past five years, the Home Price Index (HPI) has climbed from 143.48 in 2021 to 220.38 in 2025, representing a cumulative increase of approximately 53.6%. The most recent year-over-year appreciation of 19.94% marks a significant acceleration from previous annual gains, indicating robust demand within this specific geographic segment. This steep growth curve suggests that the sub-market is currently experiencing high velocity and limited inventory, driving prices well above historical baselines. When compared to broader regional metrics, ZIP 10506 demonstrates substantial divergence. The ZIP’s 19.94% year-over-year growth significantly outpaces the Westchester County average of 5.66% and the New York State average of 3.55%. This disparity signals that 10506 is a distinct, high-performing micro-market rather than a representative sample of the surrounding county. While nearby ZIPs show mixed performance, such as 10501’s 14.87% decline, 10506’s strength suggests unique local drivers, potentially related to specific amenities, school district boundaries, or housing stock characteristics that insulate it from broader market slowdowns. The sub-market character aligns with a premium, owner-occupied segment. With a parent county median home value of $663,200 and an owner-occupancy rate of 61.8%, the area supports a stable residential base. However, the HPI level of 220.4, which is 120.4% above the 2000 baseline, indicates that current valuations are significantly elevated relative to historical norms. For prospective buyers, the combination of a 7.40% 30-year mortgage rate and rapid price appreciation presents a challenging entry point. Residents and investors should note that while the market shows strong momentum, the significant premium over county averages suggests high sensitivity to interest rate fluctuations and limited affordability for median-income households, which stand at $118,976 in the parent county.

Based on FHFA House Price Index data.