Sean,
Nobody can tell you where prices will be short or long term. The hope of course is that we are starting to see some changes in this economy and that the new presidents actions will help create stability in the housing market.
More specifically for Rye, I think you have to discard the notion that parts of Rye lie in flood zones as a reason for prices to come down. Rye has always been in the same location and historically been one of the most sought after communities in Westchester County. That being said I think it is more beneficial to base Rye future value based on specific homes and their prices as well as your thoughts on where the housing market for the Westchester area will be.
Personally I see alot of buyers starting to look again and making inquiries on properties. I wont go so far as to suggest this market has turned but I do think alot of buyers are out there and are starting to get more comfortable where we are in this market cycle. That being said I think you will see alot of "tire" kickers as well as low offers in the upcoming months and then based on need a bit more aggressive of an approach for those that need to buy before new school year starts.
If you have any questions about Rye or the surronding areas please feel free to contact me I am a Rye based agent who has lived in the area for 25 plus years. Good luck with your home search.

Andrew Rogovic
Associate Broker Prudential Rand Realty
914-263-2743
andrew.rogovic@prudentialrand.com