Here’s what you should know about Westchester real estate heading into 2022.
The fourth quarter of 2021 is in the books, and we’ve begun a new year. Today I have a quick update to share regarding what’s happening in the Westchester real estate market. Here are a few key points that everyone should know:
- Demand continues to outpace the supply of homes for sale. We saw 11,100 closed sales in 2021 compared to the 9,400 homes we saw close in 2022. That’s a 15% increase year over year.
- There are currently just 2,600 homes for sale on the market. That’s a 17% decrease compared to the end of 2020. At the same time, the median sale price jumped up 2%.
- The median days on market for Westchester County is 32 days. That’s down from 40 days in 2020. This is a measure of how long it takes a home to go from listed to sold.
-
Inventory continues to remain historically low, with just 2.8 months’ worth of supply. A normal market has at least six months of inventory.
- Interest rates have recently risen to their highest level since April 2021. The Federal Reserve has committed to rate hikes in 2022, so they’re only going to go up further.
The market is still on solid ground, but we need more inventory. You can take advantage of this fact as a seller by listing your property in the new year.
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.
