Westchester County, NY ~ 3Q Housing Update 2016

How is the Westchester County, NY Housing Market?

3rd Quarter Shows Single Family Homes in Demand

Westchester County Housing Market Updates 2016

Single family home sales in Westchester County, NY are going strong. Sales continue to inch upward and pricing seems to be on the rise too. Inventory is falling and buyers are having a difficult time finding a specific home. Things do disappear quickly as homes only stay on the market for a bit over two months from date of listing to fully executed contracts. While in some parts of the country that may seem like a long time, in our area that is a really remarkably fast average. Short sales and foreclosures are less a part of the landscape. New York City buyers are moving north to escape city life and opting for the best commute that the Hudson Valley has to offer. Those that can afford the prices want to be as close to NYC as possible.

The information below is for the last three months of single family home sales.

The 3rd Quarter of 2016 boasts 2112 sold single family homes
The median sale price of a home during the third quarter $668,500 ~ down 1.2%
The average sale price in the 3rdQ was $867,211 for single family Westchester County, NY homes.
The average days on market was 74.
The highest price home sold during this time was $8,800,000
The lowest home sale was $64,900
Our current inventory of single family homes is a 5.5 month supply.

3rd Quarter SOLD ~ Homes Westchester, NY 2016

Renting in Manhattan is getting more and more expensive, and owning is prohibitive for most. Many of our new transplants to the suburbs are deciding to take the plunge and purchase a home in Westchester. Sellers are pleased with the prices that they are getting and moving to on to their next home.

New homes are still being built in Westchester for those that have an affinity for shiny and new, along with a budget that is able to handle the new home, and new taxes that go along with this. Shiny and new means no remodeling and if you get in on the process early enough, being part of the decision making when it comes to cabinets, tile, flooring and colors allows a buyer to feel right at home.

New construction sales for the 3rd Quarter had 23 sales that is the same for the 3Q of 2015.
2016 pricing for new construction homes is ranging between $425,000 and $3,800,000

Inventory of Homes for Sale Westchester, NY 2016

The lowest price single family home is listed at $84,000
The highest price single family home is listed at $36,000,000
The current inventory is 3042 of single family homes, down approximately 17.5% from the same time last year.

If you would like more information about homes in your neighborhood or you are looking to sell your home, give me a call. Local information is most important when buying or selling a home. Let’s talk.