The real estate market for single-family homes in Westchester County has undergone significant changes in the past year, indicating a dynamic and prosperous environment. With a noticeable uptick in sales activity and pricing during the spring months of April and May, the market’s dynamics have shifted, painting an optimistic picture for potential homebuyers. Here, we will explore the main trends and insights from the most recent data, emphasizing Westchester’s flourishing real estate market, especially in the single-family homes sector.
Westchester Real Estate Market: A Year-Over-Year Surge
The real estate market in Westchester County has exhibited a substantial year-over-year change, characterized by increased sales activity and a notable rise in prices. Comparing the data from April-May 2023 to the same period in 2024, Westchester home sales have surged by 5%. This activity increase underscores a more dynamic market driven by heightened demand and a growing interest in the region’s real estate offerings.
Significant Rise in Median Sold Price
One of the most striking developments in the Westchester real estate market is the significant rise in the median sold price for single-family homes. In 2023, the median sale price for these homes during April and May was $799,000. Fast forward to 2024, and this figure has jumped to an impressive $910,000, reflecting a nearly 14% increase. This pricing surge highlights Westchester’s growing demand and market strength, making it an attractive destination for homebuyers and investors.
Market Activity and Days on Market (DOM)
Analyzing market activity provides deeper insights into the dynamics of the local real estate market. One key metric in this regard is the median days on market (DOM), which indicates how quickly homes sell. In April-May 2023, single-family homes typically spent 20 days on the market. This year, that number has decreased to 17 days, illustrating a high demand for properties in this New York City suburb. The reduction in DOM clearly indicates the market’s vibrancy and the urgency among buyers to secure homes in Westchester County.
Suggestions for Snagging Properties BEFORE They Sell
With homes selling faster, we have some helpful recommendations for prospective homebuyers.
First, be sure to have your pre-approval letter updated. This letter not only allows you to determine your budget/price point but also signals to sellers that your finances have already been vetted. Your real estate agent will use your pre-approval letter as part of your offer when the time comes to begin negotiations on any given property. Having this letter handy will reduce the wait time when putting your bid in on a home that will likely sell within a couple of weeks.
Next, choose a real estate attorney to represent you. With New York being an ‘Attorney State,’ all sales contracts are to be drafted, reviewed, revised, and finalized by attorneys. In other, non-attorney states, real estate agents and brokers can do this. Having selected a real estate attorney, you are demonstrating to the seller that you are not only interested in making an initial offer but are also prepared for the next steps in the process should your offer be accepted. This tip can save you 1-2 business days AND potentially secure the deal.
Lastly, be prepared to clear your schedule for the home inspection. If the seller accepts your offer, you will have to move quickly to secure the deal. An accepted offer is NOT a legally binding contract, which means that other prospective homebuyers can still bid on the home. Having your home inspector ready and your schedule clear for the next few days will help you move the purchase process along more smoothly.
Spotlight on High-Performing Towns
Certain towns within Westchester County have emerged as hotspots for single-family home sales, reflecting localized demand and market trends. Greenburgh leads the pack with 66 homes sold, followed closely by Yonkers and Cortlandt, each with 44 homes sold during the April-May period. These towns exemplify the broader market trends and highlight specific areas where demand is particularly robust.
Potential buyers and investors should focus on these high-performing locales, as they represent promising opportunities within the Westchester real estate market. Many have said that real estate is’ a numbers game’, meaning the more properties you see, the better chance you have of finding the right one. Focusing on areas with high volume/activity allows you to choose from many options with less competition compared to neighborhoods with just a handful of properties on the market.
Understanding the Broader Implications
Current Westchester real estate market trends offer valuable insights for various stakeholders, including homebuyers, sellers, and investors. For potential buyers, the increasing median sold price signifies a need to act swiftly to secure properties before prices climb even higher. On the other hand, investors can view this upward trend as a sign of a booming market with substantial returns on investment. Sellers stand to benefit from the high demand and reduced days on market, making it an opportune time to list properties.
A Thriving Real Estate Environment
The data from the past year paints a clear picture of a thriving real estate environment in Westchester County, particularly for single-family homes. The combination of increased sales activity, a significant rise in median sold price, and reduced days on market underscores the region’s appeal and strength. As the demand for homes in this NYC suburb continues to grow, Westchester County remains desirable for those seeking a stable real estate market.
Conclusion: Opportunities Abound
In conclusion, the Westchester real estate market, especially the single-family homes segment, is progressing upward. With rising median sold prices and brisk sales activity, the market presents numerous opportunities for buyers and investors. Towns like Greenburgh, Yonkers, and Cortlandt are at the forefront of this trend, reflecting the localized demand and vibrant market conditions. As we move forward, keeping a close eye on these trends will be crucial for anyone looking to make the most of the Westchester real estate market’s promising prospects.
Analyzing market activity provides deeper insights into the dynamics of the local real estate market. One key metric in this regard is the median days on market (DOM), which indicates how quickly homes sell. In April-May 2023, single-family homes typically spent 20 days on the market. This year, that number has decreased to 17 days, illustrating a high demand for properties in this New York City suburb. The reduction in DOM clearly indicates the market’s vibrancy and the urgency among buyers to secure homes in Westchester County.
