Here’s an overview of what has happened in the third quarter of 2023.
The real estate market has been the subject of much attention lately as it experiences a noticeable slowdown. The third quarter has seen a continuation of this trend, with factors like affordability, rising mortgage rates, and supply constraints causing sale prices to remain high. But what does this mean for Westchester County’s local real estate market?
Year-Over-Year Comparison
At the end of the third quarter this year, compared to the same period in 2022, there are some key observations to highlight. The total number of closed sales in Westchester County has dropped from 10,463 to 7,810, marking a 25% decrease in the past year.
On the bright side, the median sale price has remained relatively stable at $636,000. Some areas have even experienced price increases due to strong buyer demand.
“Westchester County is still witnessing robust activity.”
Supply and Demand
One of the most significant factors affecting the Westchester County real estate market is the number of homes available for sale. In the third quarter of 2023, there are 1,839 homes for sale, compared to 2,473 in the same period in 2022. This translates to a 26% decrease year over year.
The median days on the market have remained consistent at 28 days, which has not changed compared to the end of the third quarter in 2022. However, the months of supply has seen a slight decrease, dropping to 2.6 months from 2.8 months at the end of the third quarter in 2022.
What Does It Mean?
These trends have persisted throughout the quarters, resulting in Westchester County continuing to be a seller’s market. The insufficient inventory fails to meet the growing demand from buyers, which is driving up prices.
For a more specific market update tailored to your neighborhood, feel free to contact us by phone or email. We’ll be happy to provide insights into how these trends might be affecting your local real estate market.
