A Q2 2023 update on the Westchester County real estate market.
Do you know what’s happening in the Westchester County real estate market? The second quarter of this year ended with further constraints on the supply of homes, keeping sales prices higher. Plus, some buyers have been sidelined by elevated prices and higher borrowing costs. To help you understand all of this change, I’m here with data to compare the end of the second quarter in 2023 to the end of the second quarter in 2022.
First, the number of closed sales this year is 8,388, which came down significantly from 10,936. This is a 23% decrease year over year. However, the median sales price continues to be stable, with prices increasing in some areas based on buyer demand.
The number of homes for sale this year is 2,047 compared to 2,631 last year. That is a 22% decrease year over year. The median days on market is 27 days compared to 29 last year. Lastly, the months of supply is 2.7 compared to 2.9.
The market data continues to show that we are still in a strong seller’s market with an inadequate supply of inventory. Just keep in mind that this is a general overview. For a more targeted market update about your neighborhood, contact me anytime. Also, if you have any questions, call or email me. I would be happy to help you.
