Simply put, it could not be a better time to be a seller in the current real estate market.
Here are the facts as they pertain to the market for ‘single family’ homes in Westchester County:
- There is a lack of competition – with so few properties being offered for sale, the ones that do come on the market get a lot of attention
- The ever-shorter marketing periods each year indicate very strong demand for homes. This is shown by the median DOM (Days on Market)– days from listing to contract, the median marketing period of only 21 days for both 2022 & 2023
- Interest rates have retreated from their peak of 7.75% and are now hovering around 6.5%
- The median price has steadily increased as a result of the imbalance between supply and demand — although the rate of increase has cooled
The 5-year chart below is very telling from year to year, as the number of sales shrink, the selling prices increase and the days on market shorten:
| # of Sales | Median Price | Median DOM* | Price Change | |||||
| 2023 | 4,680 | $850,000 | 21 | +1.8% | ||||
| 2022 | 6,132 | $835,000 | 21 | +4.0% | ||||
| 2021 | 7,436 | $800,000 | 31 | +8.0% | ||||
| 2020 | 6,665 | $740,000 | 54 | +10% | ||||
| 2019 | 5,837 | $675,000 | 56 | 0% |
*DOM – Days on Market
Although the current market is a sellers’ market, it does not mean that pricing well in excess of the market will result in a successful transaction. In fact, in this environment, pricing your home at its correct value can result in receiving multiple bids, and a sale price above asking. This strategy requires a detailed careful analysis. Many experts predict a gradual improvement in interest rates in 2024 which will encourage more sellers to list their homes. One thing for sure, we are in unusual times in real estate—I guess we’ll have to sit tight and see where the future of this market leads us.
But, if you are looking to buy or sell a home, our team is always on top of what is happening in the real estate market in Westchester County and will be glad to guide you through the process. Our real estate agents know how to help you successfully sell your home or buy that dream home your looking for.