🏡🏡The Current Real Estate Market in Westchester County, NY

If you are thinking of selling- Now is the Time to Sell Your Home for Top Dollar

What is the State of the Current Market?

Are you considering buying or selling a home in Westchester County? It's important to keep up with the latest trends in the real estate market to make informed decisions. In this blog post, we've covered the most recent data on prices, time on the market, months of supply, and buyer demand.

Firstly, the average price of all types of residences in Westchester County has increased by 3.0% this year, with an average price of $847,000. This suggests that if you're looking to sell your home in the area, you may be able to get a higher price than you would have a year ago.

Secondly, the average days a home is on the market has decreased by 13%, now at 47 days. This indicates that there is high buyer demand for homes in the area, with more people looking to buy than there are homes available.

Thirdly, the months of supply for homes in Westchester County is 2.7 months, indicating that the market is currently favoring sellers. If no new homes were put on the market, it would take 2.7 months for all the current homes to be sold.

Finally, the high demand from buyers is demonstrated by each active listing having an average of 6.4% showings per listing over the past year. This is likely due to the low interest rates that are currently available, making it more affordable for people to purchase a home.

In conclusion, the Westchester County real estate market is currently favorable for sellers due to high buyer demand and limited supply. If you're thinking about buying or selling a home in the area, now might be the right time to take action. It's always recommended to work with a reputable real estate agent who can provide valuable guidance and advice throughout the process. Thanks for reading, and we hope this information has been helpful in your decision-making process.

If you go to The Money Pages on this Blog you will see the current Market information on all towns in Westchester County.  THE MONEY PAGE

📊Westchester County Real Estate Market Report: Q1 2023

 Westchesters 1st Quarter 2023

📊The real estate industry had high hopes for 2023 after a rough ending to 2022. However, the first quarter of the year has brought some mixed news. According to data recorded in Westchester County, residential sales have decreased across the board. Total residential sales, including single-family homes, condominiums, co-operatives, and 2-4 family multi-family homes, all saw a decrease in the first quarter of 2023 compared to the first quarter of 2022. Westchester County saw a decrease in residential sales of 32.7%.

However, there is some good news for single-family homes. The median sales price for single-family homes in Westchester County continued to rise, with a 4.3% increase. For the first quarter of 2023, the median sales price for single-family homes in Westchester County was $760,000.

When it comes to average days on the market (DOM), there were some bright spots in several counties, especially for 2-4 family multi-family properties. Westchester County saw an increase in all categories except for condominiums, which had a marginal decrease of 0.7%.

Available inventory continues to fluctuate, with inventory being down in all markets, followed by declines in Westchester (-18.6%). Despite this, HGAR member firms report that buying demand remains high. However, buyer confidence has been shaken by the recent banking crisis, high-interest rates, inflation, and predictions by some economists of an impending downturn or recession later this year.

There has been some recent good news in the form of declining mortgage rates. Many predict that the Federal Reserve may be nearing the end of its policy of raising rates to battle inflation. NAR Chief Economist Lawrence Yun recently said that the longer-term prospect on rates is for further improvement, with a clear possibility of going under 6% by the year’s end. With lower rates, more homebuyers will steadily appear. That is why it is critical to ensure more housing supply to help meet the recovering demand.