Is Westchester Still in a Seller’s Market? Let’s Find Out

By Ted Holmes

Edward “Ted” Holmes is a Licensed Associate Real Estate Broker and founder of The Holmes Team at William Raveis Real Estate, serving Chappaqua and Northern Westchester County, NY. With 25 years licensed, 456 career transactions, and consistent top-ranking production statewide, he is a recognized expert in residential, luxury, and commercial real estate.

Here’s the latest update on Westchester home prices, supply, and more.

What does our market look like at the end of the second quarter of 2024? Buyers are still experiencing a challenging market with limited homes for sale, and prices continue to increase. Let’s take a close look at market trends in the Westchester, New York, real estate market this year compared to the end of the second quarter in 2023.

This year’s total number of closed home sales is 7,382, a 12% decrease from the 8,418 homes sold in the second quarter of 2023. The number of homes for sale also decreased by 23% year over year, with only 1,632 homes available compared to 2,125 homes available in the second quarter of 2023. However, the median sale price increased by 7%, from $630,000 to $680,000.

The median days on the market remained the same, hovering between 23 and 27 days, and the months of supply also remained stable between 2.6 and 2.8 months.

All of these numbers tell us that we are still in a seller’s market due to the limited number of homes available and strong buyer demand. Keep in mind that this is a general overview of the entire Westchester real estate market—your neighborhood might have a different trend.

For a specific market analysis of your area or any real estate needs, contact me anytime. You can call me at (914) 548-6179 or email me at Ted.Holmes@Ravies.com. I’m here to help!