Westchester Real Estate Market Updates

Welcome to our comprehensive Westchester real estate market update. This post is updated monthly with the latest trends, data, and insights to help you make informed decisions.

May 2024: Westchester Real Estate Update: Navigating the Surge in Home Prices and Sales

As of May 2024, the Westchester real estate market is experiencing a notable surge in home prices and sales activity. For both buyers and sellers, understanding these trends is essential for making informed decisions. Here’s an in-depth analysis of the current market conditions in Westchester.

Market Overview

The median sold price for homes in Westchester County has reached $686,000, marking a 5.6% increase from last year. This rise reflects broader trends across various property types:

  • One-bedroom units: Increased by 4.4%
  • Two-bedroom homes: Experienced a significant 8.1% jump
  • Three-bedroom homes: Saw a 4.1% increase
  • Four and five-bedroom homes: Rose by 7.1% and 10.2% respectively

Inventory and Sales Trends

The inventory levels in Westchester have surged, with 3,895 homes listed in April—a 17.9% increase. This growth spans across all property types, notably:

  • Three-bedroom homes: Increased by 23%
  • Five-bedroom homes: Rose by 27.8%
  • One and two-bedroom homes: Increased by 8% and 11% respectively

Sales activity has intensified with 536 homes sold in April, marking a 32.7% increase from March. Remarkably, 50% of these sales were above the asking price. Additionally, the average days on the market decreased from 67 days to 45 days, indicating a robust buying frenzy.

Implications for Buyers and Sellers

For Buyers:

  • Market Preparedness: Buyers should be prepared for competitive bidding, especially in the two-bedroom and larger home segments.
  • Decisive Action: Acting swiftly is crucial given the high demand and rapid turnover of properties.

For Sellers:

  • Optimal Conditions: The market currently favors sellers, with increased prices and sales activity.
  • Strategic Pricing: Even in a strong seller’s market, setting competitive prices can attract serious buyers quickly.
  • Preparation: Ensuring all documentation and preparations are in order can expedite the sale process and capitalize on the current momentum.

Conclusion

The Westchester real estate market presents significant opportunities for both buyers and sellers. Staying informed about these trends can help navigate the market effectively and make strategic decisions.

For personalized advice and expert guidance, reach out to the Bizzarro Agency. We are here to assist you through every step of your real estate journey.


April 2024: Bizzarro's Market Update | Westchester's Soaring Prices & Quick Sales!


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


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


January 2024 and older updates for Westchester County.


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