The latest data from our housing market and what it means for you.
We’re halfway through 2022, so today I’ll give you an update on what’s happening in our local Westchester housing market. Rising interest rates, inflation, and sales prices will continue to be challenging this year. However, the market is shifting, and expert opinions are mixed on where the market is heading. Let’s take a look at the data for our local market so far this year.
“The market is still on solid ground.”
The total number of closed sales this year was 11,082 compared to 10,837 last year, which is only a 2% decrease. Similarly, the median sales price is almost unchanged at $625,000 this year compared to $626,000 last year.
The number of homes for sale was 2,332 this year compared to 3,071 in 2021. That’s a 24% year-over-year decrease. The median days on market went from 35 days in 2021 to 28 days this year.
The market is still on solid ground. We don’t have enough inventory to satisfy the demand for homes. Keep in mind that this is a more general overview. If you want to know more about your specific neighborhood or have any questions, feel free to call or email me. I’d love to help.
