Westchester County Real Estate Market Update - New for January 2024!

NYC Housing Market UpdateIf you're planning on moving to Westchester County anytime soon, it's important to stay updated with the area's current real estate market trends. Join Matthew Bizzarro from the Bizzarro Real Estate Agency as he delves into the key highlights of the Westchester real estate market from this past month. From the rise in median sold prices to the unique dynamics affecting two-bedroom properties, this report offers valuable insights for both buyers and sellers.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Navigating the Dynamic Westchester Real Estate Market: Insights for January 2024

As we wrap up 2023, the Westchester County real estate landscape presents a unique set of opportunities and challenges. Matthew Bizzarro, the leading expert from The Bizzarro Real Estate Agency, brings you an in-depth analysis of the latest market trends. Whether you're a buyer, seller, or investor, understanding these shifts is key to making informed decisions in New York City's dynamic real estate environment.

Key Highlights

The Current Market Snapshot

  • Median Sold Price: In December 2023, Westchester County saw the median sold price climb to $669,761, a 3.1% increase from last year.
  • Demand Shifts: A surge in demand for two-bedroom and four-bedroom homes, indicating a shift in buyer preferences.
  • Inventory Dynamics: Despite a 9.6% decrease in overall listings, the market remains active with a significant 8% increase in homes sold.

Median Sale Price in Westchester County - December 2022 vs December 2023

Median Sale Price by Bedroom in Westchester County - December 2022 vs December 2023

Homes Sold by Bedroom in Westchester County - December 2023

Monthly Inventory in Westchester County - November 2023 vs December 2023

Opportunities and Challenges

  • Buyer’s Market: With 54% of homes selling at or below asking price, buyers have a window of opportunity for bargains.
  • Seller’s Strategy: Sellers need to navigate pricing strategically, considering the high interest in specific home types.

Asking Price vs. Sale Price in Westchester County - December 2023

For a deeper understanding of these trends, visit our detailed blog.

In-Depth Analysis

Buyer Insights

In this buyer’s market, quick action is crucial. The popularity of two and four-bedroom homes in Westchester County means these properties are moving fast. Buyers should be prepared to make decisive offers, especially in sought-after neighborhoods like Westchester. Calculate your mortgage to understand your budget better.

Days on Market in Westchester County - December 2022 vs December 2023

Homes Sold in Westchester County - November 2023 vs December 2023

Seller Insights

For sellers, the current market offers a unique opportunity for sellers. Understanding your property’s value in the context of current trends is essential. With a significant portion of homes selling below asking price, pricing your home correctly is more important than ever. Consider a free market analysis to gauge your home's worth accurately.

Conclusion

The Westchester real estate market in December 2023 is a landscape of evolving opportunities. For buyers, it's a chance to find value in a competitive market. For sellers, strategic pricing and understanding market dynamics are key to success. At The Bizzarro Real Estate Agency, we're committed to guiding you through these complexities with our proven process and expert guidance. Contact us today to navigate the Westchester market with confidence.

FAQs

Q: What makes Westchester County a unique real estate market?
A: Westchester's diversity in property types and its proximity to NYC make it a dynamic market with opportunities for various buyer and seller needs.

Q: How can I stay updated on market trends in NYC and Westchester?
A: Follow our blog for regular updates and insights into the NYC and Westchester real estate markets.

Q: What should I consider before buying a home in Westchester?
A: Consider factors like location, property type, market trends, and your financial readiness. Our team can provide personalized guidance based on your specific needs.

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Westchester Real Estate Market: Insights and Opportunities for December 2023

As we delve into the Westchester real estate market for November 2023, we uncover trends that are reshaping the landscape for buyers, sellers, and investors. Matthew Bizzarro, CEO of The Bizzarro Real Estate Agency, brings his expertise to the forefront, offering a detailed analysis of the current market conditions.

Median Sold Price and Market Growth

Median Sale Price in Westchester County - November 2022 vs November 2023

Standing at $657,592, the median sold price in Westchester reflects a 1.2% increase from last year, indicating a steady growth in the market.

Median Sale Price by Bedroom in Westchester County - November 2022 vs November 2023

However, different home types are experiencing varied trends. While one-bedroom properties have seen a decrease, two-bedroom and four-bedroom homes are witnessing an increase, especially the latter with a 6.6% jump.

Asking Price vs. Sale Price in Westchester County - November 2023

Supply and Demand Dynamics

Monthly Inventory in Westchester County - October 2023 vs November 2023

The total number of homes for sale has decreased by 4.2% in November, signaling a tightening market with fewer options available.

The most significant changes are observed in three-bedroom and four-bedroom homes, with noticeable decreases in availability.

Sales Trends and Market Competitiveness

Homes Sold in Westchester County - October 2023 vs November 2023

November saw a 12% drop in home sales compared to October, with 541 homes sold in the month. This could be a seasonal trend or indicative of a more cautious buyer approach.

Homes Sold by Bedroom in Westchester County - December 2023

Interestingly, nearly half of the homes sold for more than the asking price, suggesting a competitive market. However, a significant portion also sold for less or at the asking price.

Days on Market in Westchester County - November 2022 vs November 2023

Homes are selling faster, now averaging 46 days on the market, down from last year's 52 days.

Strategic Insights for Buyers and Sellers

For Buyers: The current market demands a well-planned approach. With fewer homes available, preparedness and prompt action are key, especially for high-demand properties.

For Sellers: This market offers promising opportunities. Correct pricing could lead to multiple offers, potentially exceeding your initial sale price expectations.

Conclusion

Navigating the Westchester real estate market in November 2023 requires an understanding of its unique dynamics. Whether you're looking to buy or sell, The Bizzarro Real Estate Agency, with its proven process and expert guidance, is here to assist you every step of the way. For more information, visit our contact page or learn more about our team of dedicated agents.

FAQ Section

Q: What makes the Westchester market unique?

A: Westchester's market is characterized by its diverse property types and fluctuating supply and demand dynamics, offering unique opportunities for real estate transactions.

Q: How can I determine the best price for my property?

A: Utilize our free market analysis tool and consult with our experienced agents for tailored pricing advice.

Q: What should buyers in Westchester focus on?

A: Buyers should be prepared for quick decision-making and consider competitive offers for high-demand properties.

Stay informed and make confident real estate decisions with The Bizzarro Real Estate Agency. Visit our blog for more insights and updates.


Westchester Real Estate Market: A November 2023 Snapshot

Westchester's getting all dressed up in fall colors, and guess what? The housing market's joining in with some changes of its own. Matthew Bizzarro, CEO of the Bizzarro Real Estate Agency, breaks down the latest market trends, offering insights that could shape your real estate decisions in this picturesque county.

Key Highlights

  • Median sold prices in Westchester have risen by 1.6%, marking a $10,022 increase year-over-year.
  • The market has seen a notable uptick in prices for 2-bedroom and 4-bedroom homes, by 4.4% and 6.6% respectively.
  • Listings have decreased by 0.8%, with a contrasting increase in 4-bedroom home availability.
  • Sales have slowed, with a 12.8% decrease in homes sold compared to the previous month.

In-Depth Analysis

Median Sold Price

How Many Homes Sold Over Asking in October 2023 in Westchester County, NY? Median Sold Price in October 2022 vs. October 2023 in Westchester County, NY Median Sold Price by Number of Bedrooms in October 2022 vs. October 2023 in Westchester County, NY

The increase in median sold prices, particularly among two and four-bedroom homes, suggests a targeted demand in these segments. This could be indicative of changing family dynamics or a shift in buyer preferences towards more spacious living arrangements.

Number of Homes For Sale

Number of Homes For Sale in September 2023 vs. October 2023 in Westchester County, NY Number of Homes For Sale by Number of Bedrooms in September 2023 vs. October 2023 in Westchester County, NY

The contraction in listings, while slight, could be the precursor to a more seller-friendly market if the trend continues. However, the increase in four-bedroom homes on the market provides a counterbalance, offering opportunities for families looking to upsize.

Number of Homes Sold

Number of Homes Sold in September 2023 vs. October 2023 in Westchester County, NY

The decrease in sales volume is a critical metric, suggesting that buyers may be taking a moment to reassess the market in light of fluctuating interest rates and economic indicators. This cooling period could be a strategic entry point for buyers with less competition and more room to negotiate.

Average Sale Time

Average Days on Market in October 2022 vs. October 2023 in Westchester County, NY

Sellers are finding themselves in a market that demands a more calculated approach. With homes lingering for an average of 49 days, the need for effective pricing and marketing strategies is heightened to capture the attention of fewer active buyers.

What it Means for Westchester County

The Westchester real estate market in November 2023 is a tapestry of subtle shifts and emerging opportunities. For buyers, the landscape is ripe with potential for those who navigate with care. Sellers, while facing a more discerning audience, can still achieve successful outcomes with the right strategy.

As your guide through the ebbs and flows of this market, we invite you to stay connected for monthly insights and expert analysis. Remember to like and subscribe for the latest updates, and we look forward to accompanying you in the neighborhood.


Westchester Real Estate Landscape: October 2023 Deep Dive and Outlook

Key Highlights:

  • Median sold price: An increase in September 2023 by 2.2% to $655,220.
  • Pricing Dynamics: Majority of homes sold went over the asking price.
  • Inventory Trends: A 4.8% decrease, offering fewer options for prospective buyers compared to the previous month.
  • Sales Volume: A decline compared to previous months. Number of homes sold dropped by 24.4% in September.

In-Depth Analysis:

Median Sold Price & Pricing Dynamics:

The uplift in median prices could be music to the ears of sellers. For buyers, however, it emphasizes the need to act swiftly.

The majority of homes are selling above asking price, reinforcing the need for buyers to come prepared for competitive bidding.

Asking Price vs. Sold Price in Westchester County, NY Year-Over-Year Home Sale Price in Westchester County, NY Home Price by Bedroom Year-Over-Year in Westchester County, NY

Inventory Squeeze:

With a 4.8% decrease in the number of homes for sale, totaling 3,690, choices for buyers are narrowing. Fewer listings signify a tightening market, particularly in the three-bedroom and four-bedroom categories, making quick decision-making essential.

Number of Homes for Sale in August vs September in Westchester County, NY

Home Sales by Bedroom Number in Westchester County, NY

Sales Volume Takes a Dip:

The number of homes sold in September fell by a staggering 24.4%. This is a double-edged sword: while this might be a cue for sellers to fine-tune their strategies, buyers may find themselves in a stronger negotiating position.

Home Sales in August vs. September in Westchester County, NY

What it Means for Westchester County

The Westchester market in October 2023 is a mixed canvas of challenges and opportunities. Whether you’re a buyer or a seller, understanding these variables could be your ticket to making savvy real estate decisions.

Stay ahead of the curve and explore the dynamic Westchester real estate market with our monthly reports. Don't forget to like and subscribe to our YouTube channel for more insights. See you around the neighborhood!


September 2023 Westchester Market Report: A Comprehensive Analysis

Key Highlights for the Westchester Real Estate Market

  1. Median Sold Price Growth: The median sold price in Westchester's diverse market has seen a growth of 1.6%, stabilizing at $650,417. This marks a $10,000 surge from last year.
  2. Three-Bedroom Properties: These properties marked the most impressive increase of 4%, reflecting the trend of city dwellers moving to the suburbs for more space.
  3. Decline in Listings: The number of homes for sale has dropped by 6.1% to 4,246 compared to last month, with 2-bedroom properties witnessing a decrease of 8.4%.
  4. Homes Selling Rapidly: Despite the decline in listings, a staggering 56.8% of homes sold above the asking price, indicating strong demand from buyers.

In-Depth Westchester County Market Analysis

Median Sold Price:

The median sold price has continued to grow, with three-bedroom properties marking the most significant increase. This growth is partly due to the large number of buyers leaving the city and flocking to the suburbs. If you're considering buying a home in Westchester, now may be the time to act.

Decline in Listings:

The decline in listings, especially in 2-bedroom properties, indicates that homes are moving quickly, and new sellers are not replacing the inventory. This trend emphasizes the importance of acting swiftly if you're in the market to sell your property.

Homes Selling Above Asking Price:

The fact that 56.8% of homes sold above the asking price demonstrates the sheer demand from buyers, pushing up prices. Sellers, take note!

Days on Market:

Listings have been averaging 40 days on the market, a 13.6% increase from last year's 35-day average. This metric provides valuable insights for both buyers and sellers in strategizing their next move.

Know Your Westchester Market

The August 2023 Westchester Market Report reveals a dynamic and evolving real estate landscape. With a blend of opportunities and challenges, understanding these trends is essential for making informed decisions. Whether you're looking to buy or sell, the Bizzarro Real Estate Agency offers expert guidance from start to finish, so you can move forward confidently.

Don't forget to like and subscribe for more updates on the Westchester real estate market. See you in the neighborhood!


Navigating the Westchester Real Estate Market: Your August 2023 Guide

Fasten your seatbelts as we take you on an exhilarating roller coaster ride through the current landscape of the Westchester real estate market. As Matthew Bizzarro of the Bizzarro Real Estate Agency likes to say, "You're in the front seat with me, and we're about to take off."

A Snapshot of the Second Quarter

Westchester County Number of Homes Sold

Westchester County Closed Volume YTD

In the second quarter of 2023, the market saw a total of 1,997 Westchester County homes sold, which marks a significant 30% decrease compared to the same period last year. Despite this, the year-to-date closed volume sits impressively at $2.2 billion, showing the market's resilience.

The Elephant in the Room: Interest Rates

Mortgage Interest Rates

Interest rates have been fluctuating recently, but despite this, the Westchester market is standing firm. Matthew confidently states, "Even with these fluctuating rates, our Westchester market is showing resilience."

Median Sales Price: A Robust Increase

Westchester County 12 Month Median Selling Price

The median sales price has risen by 2% compared to last year, now standing at a robust $815,000. This figure is 26% higher than pre-pandemic prices, and despite the decreased closed volume, it’s still 6% higher than this time in 2019.

The Power of Supply and Demand

Westchester County Number of Homes On Market

How is this possible? As Matthew explains, "It's all about supply and demand, my friends." Even with higher borrowing costs, the demand for homes in Westchester remains strong due to a limited supply, which is down 38% since last year.

Significant Price Rises in School Districts

Westchester County Prices by School District

The prices of Westchester County single-family homes within the school districts of Croton-Harmon, Eastchester, Greenburgh, Hartsdale, Hendrick Hudson, Mount Vernon, Pleasantville, and Tarrytown have all risen between 5% and 10%. Edgemont and Ossining gained up to 14% in value, while most dramatically, the prices of single-family homes within the school district of Suny Purchase rose 39% since last year.

Edgemont & Ossining Prices

Single-Family Homes Near SUNY Purchase

The Pandemic Effect on Housing Preferences

The ongoing pandemic has triggered a reevaluation of living situations, with many people now seeking homes that offer extra space for home offices, gyms, or spacious backyards. This shift in lifestyle preferences is keeping our market hot.

In summary, the Westchester real estate market is thriving with opportunities for buyers, sellers, and observers alike. As Matthew wisely suggests, "Every market swing is a new opportunity." Stay tuned for more insights and remember to like and subscribe to keep these market insights coming.


Westchester Real Estate Market Update | June 2023

This past month, Westchester County witnessed a notable 12.4% increase in the number of listings. Interestingly, competition is heating up, with more than 287 listings being sold above the asking price in May alone.

Median List Price & Market Duration

The median list price for homes in May stood just over $656,000, a healthy figure that showcases the strength of our local market. On average, homes were on the market for 41 days, translating to just under two months from listing to closing.

A Look Back at April's Market

April 2023 saw a decrease in new listings for single-family homes, condos, and co-ops compared to the previous year. However, the median sales price for condos experienced a significant increase of 21.1 percent.

The Growing Demand for Condos

In April 2023, the median sales price for condos was $516,250, up from $426,250 in 2022. This substantial increase reflects the growing demand for condos in our area.

Westchester: A Vibrant Place to Live

Despite the market fluctuations, one thing remains clear: Westchester is a vibrant, sought-after place to live. Whether you're looking to buy or sell, understanding the market is key.

Stay tuned for more updates from the heart of Westchester's real estate scene. Until then, enjoy exploring the neighborhood!


Westchester Real Estate Market Update | May 2023

In the picturesque landscape of Westchester County, the real estate market is experiencing a blazing uptick, with multiple offers and bidding wars becoming increasingly common. Here are the latest developments in the Westchester real estate scene.

A Red-Hot Seller's Market

Westchester's sellers are currently basking in an impressive surge of demand. The median sold price in the county increased by 1.6% - a notable boost, especially considering the proximity of certain towns to New York City, which are witnessing an even larger yearly increase.

In the past month alone, 164 listings sold above the asking price, with 75 selling at the asking price. This heightened demand has propelled listing prices upwards, with a 2% increase for two-bedroom homes, a 4.8% rise for three-bedrooms, and a whopping 5.5% jump for four-bedrooms.

The Suburban Shift

This surge in demand continues to validate a trend we've been observing: a gradual migration from big city life to the tranquility and spaciousness of the suburbs. However, while this might seem daunting for prospective buyers, there's a silver lining.

Inventory Rising: A Ray of Hope for Buyers

While Westchester is a hotbed for sellers, data suggests that the market might be starting to level out. There's been a 9.2% increase in the total number of homes for sale in Westchester County, with 4,072 homes now on the market.

In terms of specific inventory shifts: one-bedroom homes increased by 3.5%, two-bedrooms surged by 10.3%, three-bedrooms rose by 9.1%, four-bedrooms saw a substantial 13% increase, and five-bedrooms also enjoyed a 9.2% rise. These figures hint at potential market changes that we will continue to monitor closely.

No matter where you are in your home-buying journey, you always need to be up to date on the latest real estate market trends. Whether you're buying or selling in Westchester, you can count on your local real estate agents to give you the insight you need.

Westchester County Real Estate Market Report | April 2023

The average sale price of homes in Westchester County for April 2023 is $1,057,841 — an increase of 12% from last year’s median average. This increase can be attributed to Westchester's growing popularity with those looking to escape the city while still being able to easily access it.

In March 2023, there were 545 homes sold in Westchester County — a slight increase from last year’s numbers. This data indicates that despite rising prices and high demand for housing in the area, buyers are still finding homes that meet their needs.

The days on market for residential properties has remained fairly steady over the past few months, with an average of 48 days in March 2023. But take this number with a grain of salt. Generally speaking, areas closer to New York City are moving very quickly, while areas on the outskirts are taking much longer than 48 days to sell.

Are you looking to buy your first home or want to sell your current property? The Bizzarro Real Estate Agency is ready to be at your service!

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

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