Now is a great time to be a buyer in Westchester.
What do the latest numbers say about our Westchester real estate market?
As of the recording of this video, there are approximately 2,900 homes on the market, which is up 13% compared to the beginning of the year. The median sale price, meanwhile, is up 6% compared to the beginning of the year. With less than three months of supply, inventory is still historically low, and the average days on market is just 31 days. To put that into perspective, a normal (balanced) market has at least six months of supply, and homes spend an average of about 60 days on the market.
“More buyers are putting more money down and financing less.”
Last June, home showings were down for the first time in 2021. This could be because we’re still reopening after the pandemic. June is also historically a month where people have a lot going on in their lives—graduations, proms, the start of summer, etc. The good news if you’re a buyer is that interest rates are still historically low. You can get a rate under 3%, and this market is on solid ground. More buyers are putting more money down and financing less. In some cases, they’re paying all cash.
If you’d like more detailed information about your neighborhood or have any real estate questions at all, don’t hesitate to reach out to me. Enjoy the rest of your day!
