Let’s compare the latest market data from Q1 2023 to Q1 2022.
The first quarter of 2023 has brought with it optimism for the real estate market, with mortgage rates dropping slightly to the low 6% range. So what is going on in the local Westchester County real estate market? Let’s take a closer look at the data for all property types for the past 12 months by comparing the end of Q1 2023 to 2022.
The total number of closed sales at the end of Q1 2023 is 9,050, which is an 18% decrease year over year from 11,096 at the end of Q1 2022. However, the median sales price has gone up to $635,000 from $620,000.
“We are still in a seller’s market.”
Looking at the next three data points, we can continue to see the story of our local market. The number of homes for sale at the end of Q1 2023 is 2,197, which is a 22% decrease year over year from 2,815 at the end of Q1 2022. The median days on the market is still 27 days compared to 31 days at the end of Q1 2022, and the months of supply is 2.7 months compared to three months at the end of Q1 2022.
Clearly, we are still in a seller’s market, with an inadequate supply of inventory to satisfy buyer demand. This situation is not unique to Westchester County, as it reflects the current trends in the national real estate market. Please keep in mind, this is a general overview. For a more targeted market update in your neighborhood, contact me anytime by phone or email.
