The City of Rye, NY Real Estate Market: A Review of April 2023 Data

Introduction:

The City of Rye, New York, has long been a sought-after location for homeowners looking for a picturesque suburban setting near New York City. As we delve into the real estate market data for April 2023, we gain valuable insights into the current trends and changes in the housing market. This analysis focuses on single-family homes, condos, and co-ops, shedding light on unit sales, median sale prices, inventory levels, days on market, months of supply, and median sale price per square foot.

Single-Family Homes: 8 Homes

The single-family home segment experienced a notable decline in unit sales, with only 8 homes sold in April 2023, representing a significant drop of 52.9% compared to the same month in 2022. Additionally, the median sale price for single-family homes stood at $1,685,000, down 19.8% from April 2022. The inventory of single-family homes decreased by 52.9%, indicating a limited selection for buyers. Days on market increased by a staggering 175.0%, reaching 55 days, while the months of supply decreased by 48.3% to 1.78. The median sale price per square foot also experienced a slight decrease of 2.1%, resting at $670.

Condos: 2 Units

The condo market in Rye faced a significant decline in unit sales, with only 2 condos sold in April 2023, representing a steep drop of 66.7% compared to the same month in the previous year. The median sale price for condos was $971,250, down 47.1% from April 2022. The inventory of condos decreased by 30.0%, indicating a limited supply of available units. Days on market increased by 60.6%, reaching 53 days, while the months of supply increased by 146.4% to 3.36. Interestingly, the median sale price per square foot experienced an increase of 8.0%, reaching $827.

Co-ops: 1 Unit

Co-op sales in April 2023 also witnessed a decline, with only 1 unit sold, representing a decrease of 50.0% compared to April 2022. The median sale price for co-ops was $320,000, down 52.9% from the previous year. However, the inventory of co-ops increased by 57.1%, indicating a broader range of options for potential buyers. Days on market also experienced a substantial increase of 121.0%, reaching 137 days. The months of supply increased by 47.0% to 4.26. The median sale price per square foot for co-ops decreased by 17.9%, resting at $317.

Market Analysis:

The April 2023 data indicates that the City of Rye, NY, experienced a challenging real estate market compared to the same period in 2022. The decline in unit sales across all property types suggests a general slowdown in the market. However, it is important to note that the sample size for condo and co-op sales is smaller compared to single-family homes, which may lead to more significant fluctuations in the data.

The decrease in median sale prices for single-family homes, condos, and co-ops can be attributed to various factors, such as changes in buyer preferences, economic conditions, or fluctuations in the local housing market. Additionally, the increased days on market for single-family homes, condos, and co-ops indicate a longer period for properties to sell, possibly indicating increased buyer caution or a more competitive market.

Data:

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