With the pandemic easing — young, mid-career professionals continue to look beyond the confines of New York City for safe, amenity-filled homes in cultured and sophisticated communities. Westchester County provides the perfect setting, but the limited inventory of available homes has made the transition to suburban homeownership considerably more competitive. The turnaround time for available homes has accelerated significantly-the number of days a property stays on the market has decreased 34% vs Q1/20. There has also been a marked increase in the number of multiple offers made on properties, and a surge in overall sales price is up 14% vs Q1-20.
It seems this trend is here to stay. Buyer demand remains strong and the number of available single-family homes continues to be very limited. At the end of Q1-21, the inventory of single-family homes for sale was 42% lower than during the same period in 2020! New listings are down more than 7%, while the number of sales which closed in Q1-21 is up a whopping 41% from Q1-20.
Sale prices in Westchester have risen as a result of the increased demand created by the continued inpouring of post-NYC suburbanites coupled with limited inventory. The median sale price for a single-family home in Q1-21 increased 11% to $710,000.
Through the early days of pandemic diminishing, Westchester has continued to cement its reputation as the logical habitat for former city dwellers looking for a less dense environment with easy transportation to NYC. The Metro-North railroad serves many of the charming cities, towns and villages in Westchester, providing quick access to New York City.
Nearby counties, including Dutchess and Putnam, have seen similar spikes in interest. Albeit of relatively milder proportions. All in all, the message remains clear, the suburban sprawl of New York is showing no signs of slowing down and the pandemic bubble seems to be here to stay.
Houlihan & O’Malley has been serving home buyers and sellers in the Westchester market for more than 20 years. All of our clients are treated like members of the family. They receive exceptional service from our real estate agents who are among the most knowledgeable, detail-oriented and dedicated in the business.