I’m sharing what you need to know about the Westchester market heading into Q4.
Believe it or not, the third quarter of 2021 has ended, and the holiday season is coming up fast. Here’s a brief update on what’s been happening in the Westchester real estate market.
Demand continues to outpace inventory in New York. Westchester County saw 11,600 closed sales by the end of September. In 2020, we had 8,400 sales by this point in the year. That’s a 37% increase year over year.
There are currently 2,800 homes on the market. That represents an 11% decrease from the beginning of this year. During this time, the median sale price has gone up 2%.
“We have just a three-month supply of homes for sale.”
The median days on market currently sits at 31 days. This is the measure of how long it takes a home to sell. That’s down from the 39-day average in January.
Inventory levels continue to remain historically low. We have just three months of supply. In a balanced market, you would expect to have at least six months.
If you’re thinking about buying, you should know that interest rates have ticked up slightly from their record lows back in July. Right now, the average for a 30-year fixed-rate mortgage is at 3%.
The market is still on solid ground, with buyers making larger down payments. In some cases, they’re paying all cash. Keep in mind that this is a general overview, so reach out to me for a more targeted update for your specific area.
If you have any questions for me about the market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
