As we move through the second quarter of 2024, it’s crucial for both home sellers and buyers in Westchester County to understand the current real estate landscape. The final Q1 2024 market report provides us with valuable data that can guide your decisions in this competitive environment. Understanding this data and trends should be included as expectations when selling and/or buying your home in Westchester County.
Market Resilience Amidst Economic Adjustments
The first quarter of 2024 has shown us that the Westchester County real estate market, particularly for single-family homes, remains resilient. Regardless of how you interpret economic news, the demand for single-family homes in Westchester County continues to be robust, with a median sales price increase of 9.8% to $837,500. This is a testament to the area’s enduring appeal, offering a blend of suburban tranquility, culture, arts, parks, high-end retail, and proximity to New York City.
Inventory and Sales Dynamics
Closed Sales saw a 9.3% decrease with 757 transactions. Sounds like bad news to Sellers but considering the 22% drop of inventory, the ratio ensures that those who do decide to list their properties are well-positioned to capitalize on their investments. Even with an additional 281 New Listings since April 1st, it only puts a small dent in the overall rash of the record low Single-Family Homes for sale in Westchester County.
Buyer Sentiments and Strategies
For buyers, the market presents both challenges and opportunities. The competitive landscape means that working with a knowledgeable buyer’s agent is more important than ever. This expertise can provide invaluable guidance and market insight, ensuring that buyer clients make confident and effective decisions. The report indicates that multiple offers remain a common occurrence, underscoring the need for buyers to be strategic and decisive.
The Role of Real Estate Professionals
Whether you are Buying a single-family home in Westchester or Selling your Westchester property, partnering with an experienced Realtor® for education support and market acumen should be your highest priority to start. An experienced agent can simply and effectively portray the market to fit your needs and goals, can make all the difference in your plans.
Looking Ahead
Projections on Real estate market trends in Westchester through the rest of 2024 show a clear picture that the Westchester County single-family home market will continue to appreciate even as rates flutter at 6.25% - 7%. Sellers can take comfort in the strong pricing environment, while buyers may find solace in the potential for softening interest rates. Staying informed and working with the right professionals will be your keys to success in this dynamic market.
For a more detailed analysis or to discuss your specific real estate needs, feel free to connect with me. Let’s navigate the Westchester County real estate market together, armed with the best data and insights available.