What’s happening in today’s real estate market? 2022 ended in stark contrast to the beginning of the year, with constrained market activity in the fourth quarter and the highest interest rates since 2008. Let’s take a look at our local Westchester County real estate market and compare 2022 to 2021.
The total number of closed sales in 2022 was 9,658, compared to 11,156 at the end of 2021. That’s a 13% decrease year over year. The median sale price is still basically unchanged at $629,000; it was $625,000 at the end of 2021. The number of homes available for sale was 2,071 compared to 2,701 at the end of 2021. That’s a 23% decrease year over year. The median days on market was 27 days compared to 32 days at the end of 2021. Finally, we have 2.5 months of supply compared to the 2.9 months at the end of 2021.
Even with declining affordability and interest rate volatility, we still don’t have an adequate supply of inventory to satisfy demand. Keep in mind that this is a general overview. For a more targeted update on your neighborhood, please contact me by phone or email. I’d love to share that with you.
