Bizzarro's February 2024 Market Update | Westchester Real Estate Insights: Navigating Price Increases & Sales Dynamics

As we step into 2024, the Westchester real estate market is experiencing intriguing shifts that could significantly influence your decisions whether you are buying or selling. With a notable rise in median sold prices and a competitive inventory landscape, it's crucial to understand these dynamics to navigate the market successfully. Here’s a deep dive into the latest trends based on the February 2024 market report.

Current Market Trends

  • Price Increases: In the early months of 2024, Westchester saw a 3.5% increase in median sold prices, reaching approximately $673,000. This marks a $22,500 increase from January of the previous year. The most substantial price increases were observed in two and four-bedroom properties, which rose by 8% and 7%, respectively.

  • Inventory Shifts: The total number of properties for sale in Westchester is slightly down by 1.7% from the end of last year, with 2,846 properties currently on the market. Notably, three-bedroom properties saw the most significant decrease in availability, dropping by 5.1%.

Sales Dynamics

The number of homes sold in January 2024 decreased by 17.6% compared to December, reflecting a seasonal slowdown yet an ongoing interest in well-positioned properties. Despite this decrease in volume, 85% of the homes were sold at or above the asking price, suggesting that demand remains strong for well-priced homes. Additionally, properties are selling faster, with homes staying on the market for an average of only 45 days compared to last year’s 56 days.

Implications for Buyers and Sellers

  • For Buyers: The competitive pricing and quicker turnover time mean buyers need to be well-prepared and decisive to successfully secure properties in this fast-moving market.
  • For Sellers: Sellers can benefit from the robust demand, especially if they own two or four-bedroom homes. Pricing strategically and understanding market timing are key to leveraging this demand to achieve optimal sales outcomes.

Conclusion

Navigating the Westchester real estate market in 2024 requires a keen understanding of both the broader market trends and the specific dynamics of different property types. Whether you are planning to buy or sell, aligning with experienced real estate professionals like those at The Bizzarro Agency can provide you with the insights and support needed to make informed and effective real estate decisions.

Stay Informed

Keep up to date with the latest trends and expert real estate advice by following our blog. For personalized assistance with your real estate needs in Westchester, contact us today.

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