Here’s what you need to know about our local housing market.
What’s going on in the Westchester real estate market? Demand remains robust, but buyers are becoming more cautious. What does this mean for you? To wrap our heads around the state of our market, let’s compare numbers from Q1 of 2022 to Q1 of 2021.
The total number of closed sales in Q1 of 2022 was 10,883, while in 2021, that number was 10,388. That’s a 5% year-over-year increase. Meanwhile, the median sales price was $625,000 in 2022 and $615,000 in 2021. That’s a 2% year-over-year increase.
“Rates will increase throughout the year, so you might want to buy soon. ”
In Q1 of 2022, there were 2,438 homes for sale, while in 2021, there were 3,129. That’s a 22% decrease year over year. As you can see, low inventory is the driver of our crazy market. We only have 2.6 months of inventory now, but in 2021, we had four. Meanwhile, the median days on market for Q1 of 2022 was 29, while it was 38 days in 2021.
If you’re considering buying, interest rates have increased, and they’ll probably increase further throughout the year. It’s still a good time to buy, but our market needs more inventory before it will stabilize.
This is a general overview of the market, so if you want a more targeted update for your area, call or email me. I am always willing to help!
