🏡Queen City By The Sound: Real Estate Update!
The New Rochelle Market Update.
New Rochelle, a beautiful city located in Westchester County, New York, has always been an attractive destination for homebuyers and investors. As of April 2023, the real estate market in New Rochelle has experienced some interesting trends across different property types. In this blog post, we will delve into the data regarding single-family homes, condos, and co-ops, shedding light on the current state of the market.
Single-Family Homes:
Starting with single-family homes, we observe that 15 units were sold in April 2023. While this represents a decrease of 37% compared to the previous year, it is important to consider the various factors that might have influenced this decline. Market fluctuations, economic conditions, and buyer preferences can all play a role in shaping sales numbers.
Another noteworthy figure is the median sales price for single-family homes, which stands at $732,600. This indicates a decrease of 18.0% compared to the previous year. It is worth investigating the underlying factors contributing to this decline, such as changes in buyer demand, inventory levels, and market competition.
As of May 2023, there are 63 single-family homes currently on the market in New Rochelle. This inventory offers prospective buyers a variety of options to choose from, allowing them to find a home that suits their preferences and budget.
New Rochelle Condos:
Moving on to condos in New Rochelle, the data shows that 2 units were sold in April. While this might seem like a relatively small number, it is essential to analyze it within the broader context of the market. The average price for condos in April 2023 was $526,000, representing a decrease of 10% compared to the previous year. This decline in prices might be indicative of shifting market dynamics or changes in buyer preferences.
Currently, there are 15 condos available on the market. With an average listing duration of 114 days, these units seem to have slightly longer selling periods than in previous years. This could be a reflection of increased competition or a shift in buyer demand.
One important metric to consider when assessing the condo market is the months supply of units. At 3.46 months, the market is considered balanced, neither favoring buyers nor sellers. This figure provides insight into the overall supply-demand dynamics, indicating whether the market is more inclined towards a buyer's market or a seller's market. Additionally, the median sales price per square foot is $393, suggesting the price range for condos in New Rochelle.
Co-ops in New Rochelle:
Lastly, let's take a look at the co-op market in New Rochelle. In April 2023, 15 co-op units were sold, showcasing a snapshot of buyer activity in this segment. The median sales price for co-ops was $206,000, which can serve as a reference point for potential buyers or sellers.
As of May 2023, there are currently 49 co-op units on the market. These units have an average listing duration of 118 days, indicating a similar trend observed in the condo market. It is crucial to consider the reasons behind this relatively longer selling period, such as market conditions or specific characteristics of co-op properties.
The months supply for co-ops in New Rochelle stands at 4.06 months. This figure suggests that the market leans slightly towards buyers, providing them with more options and negotiating power. Additionally, the median sales price per square foot is $233, giving buyers and sellers an idea of the prevailing price range in this segment.
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