Westchester County, NY Half Yearly Housing Market Update 2016

Westchester County, NY Housing Update June 2016

Our current inventory of homes for sale in Westchester County is down and sales are up for 2016!

Are you looking to find out what homes are available in Westchester County? Most of my clients what to know what are the current values, and if it is a good time to buy or sell their home. Compare what has been happening in the housing market and examine the current real estate market and you will find that prices in Westchester are NOT on the rise. Maybe it is because of the volume of high priced homes? Living in Westchester and commuting to NYC is a plus, but as prices rise many of our buyers are moving north to other parts of the Hudson Valley. I have had some clients stay in the city to find some great deals in the upper east side. What ever the reason, prices took a bit of a hit this year. It could also just be a quick dip that will disappear in during the next quarter. Of course we will watch and see. Meanwhile, those that are looking to buy in Westchester are finding themselves in a great position to buy a new home.

Homes on the market this year are selling for less money than last year. Interesting as there is less inventory for buyers to choose from. Nothing is constant in the sale of houses, and many found this to be a bit of a surprise this year. Pricing didn’t go into free fall, but any decrease gets the attention of sellers immediately. The sale prices this year are averaging a 2.8% decrease over last year. Buyers are happy and encouraged that this is the time to make their way into the Westchester housing market.

23% more homes sold 2nd Quarter of 2016 than in 2015 (1643 compared to 1336)
18.2% more homes sold Year to date compared to 2015 (2,662 compared to 2,253 homes were sold January to June)
Home Sale prices are down on average of 2.9% Average home sale price was $841,824
The median sale price is down 1.6% over last year at $660,000 from $650,000.
The current inventory of homes is down 12.5% as of June 30th. Less choices for buyers looking to make the move into Westchester County.
Days on market are slightly down on average from 104 to 92 from 2015 at 11.53% reduction in time from listing to under contract status. The most popular price point of homes is between $500 and $600K for a single family home.

Our lower inventory of homes is making things a bit more difficult in Westchester County, NY this year. Buyers are finding that they have less choices when out looking at homes. Sellers wish prices would go up again, but happy to have less competition.

Active number of listings for sale of single family homes is 3387 down from 3870 in 2015.
The lowest price single family home is listed at $20,000.
The highest price single family home is listed at 21,150,000.
Average home listing is $812,006 and the median price of these homes is $615,000
586 homes in Westchester County NY sold for more than $1 Million so far this year.

Take a look at what is currently on the market. With over 3000+ homes to view, there is something for everyone. Setting up your personal account is easy. My clients find the site most useful searching only the homes that could work for them. All the active listings on Realtor.com are found here. We get the listings before they do.

Looking for a waterfront home in Westchester County this year? Whether you are looking for a home near the train, close to New York City and looking for an easy commute, we have all the listings first. Let’s get you started with surfing the inventory and find that new place to call home.