Bizzarro's March 2024 Market Update | Westchester Market Trends: Prices Up, Sales Down - What's Next?

As we wrap up the first quarter of 2024, Westchester's real estate market presents a unique landscape for buyers and sellers alike. The latest data reveals a fascinating dynamic: while home prices are climbing, the number of sales is taking a dip. Let's dissect these trends to arm you with the knowledge to navigate this market confidently.

Prices on the Rise

The median sale price in Westchester has seen a significant increase of 4.2%, reaching a new peak at $678,000, which marks an increase of $27,500 compared to last year. The most notable price surges have been observed in four-bedroom homes, with an 8.4% rise, followed closely by two-bedroom homes at a 7.7% increase.

Growing Inventory

For the first time in a while, the inventory of homes on the market is also on the rise. There are now 3,000 units available, which is an increase of 5.3%—translating to more than 150 additional homes for sale. This increase in inventory is especially pronounced in larger homes, with four-bedroom and five-bedroom homes seeing increases of 8.6% and 8.5%, respectively.

A Decline in Sales

Despite the increase in inventory and prices, the number of homes sold in February has decreased by 12.7%, totaling only 440 properties. Most of these homes (61%) were sold at or under asking price, suggesting a market where buyers are cautious and selective.

Market Implications

With rising prices and growing inventory alongside decreasing sales volume, Westchester's market is growing but also indicates buyer caution. This environment is healthy yet competitive, requiring both buyers and sellers to act strategically. Buyers have opportunities, especially if quick to act on desirable properties. Sellers benefit from rising market values but must be mindful of buyer sensitivity to ensure successful transactions.

Understanding these market dynamics is crucial whether you're looking to buy or sell in Westchester. The right knowledge can be your ace in the hole, helping you to navigate these complex waters with greater ease and confidence.

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