Economic Obstacles- Impact Westchester County's Residential Real Estate Market in 4Q 2022

The 4th Quater 2022

According to the National Association of Realtors, the national real estate market is facing economic headwinds as home sales have slid for the sixth consecutive month in November. Unfortunately, this trend is also reflected in Westchester County's residential real estate market, as the economic obstacles in housing sales are evident in the 4th quarter data.

In Westchester County, there has been a 12.6% decrease in units sold during the 4th quarter (October 1st to December 31st) of 2022, compared to the same time period in 2021. Specifically, 10,367 units were sold in the 4th quarter of 2022, compared to 11,866 units sold in the 4th quarter of 2021. Despite this decrease in transactions, Westchester County still boasts the highest median sales price with an uptick of 4.5% or $815,000 per home, compared to the 4th Quarter of 2021 which had a median sales price of $780,000.

Furthermore, condo sales for the 4th quarter in Westchester dropped -25.5% below the 4th quarter sales in 2021. The decrease in transactions and condo sales in Westchester County highlights the economic headwinds currently facing the residential real estate market.

However, there is a silver lining as mortgage interest rates have been trending downwards. Currently, the 30-year fixed rate is 6.989% and the 15-year fixed rate is 5.844%. According to Quicken Loans, there are reports that by the end of 2023, mortgage rates will have receded further, making it an opportunity for home buyers.

All of this data and information has been provided by the National Association of Realtors and mortgage rate information has been provided by Quicken Loans🏡