The Westchester County, NY housing market continues to be a hotbed of activity in 2024. While national trends may hint at a cooling market, Westchester remains a seller's paradise characterized by low inventory and persistent buyer demand.

Inventory Dwindles, Competition Heats Up:

Compared to last year, available properties in Westchester have shrunk significantly. This limited supply, coupled with steady buyer interest, has created a competitive landscape for potential homeowners. Bidding wars are becoming increasingly common, with homes frequently fetching prices above the asking amount. Data from the Westchester County Association of Realtors confirms this trend, showcasing a decrease in available properties and a rise in median sales price.

Challenges for Buyers in a Fast-Paced Market:

Navigating this competitive market can be frustrating for buyers. Properties often receive multiple offers, many exceeding the listed price. To be competitive, buyers may be forced to waive crucial contingencies like inspections or appraisals, potentially exposing them to unforeseen issues down the line.

Sellers Enjoying a Prime Opportunity:

For sellers, however, the current market presents a prime opportunity. The low inventory and high buyer demand create a strong seller's advantage. Homes are likely to sell quickly and potentially for a premium, making it an ideal time to list a property.

Looking Ahead: A Seller's Market for the Foreseeable Future:

While future market trends are always subject to change, current indicators suggest that Westchester's seller's market is likely to persist in the near future. Existing homeowners looking to capitalize on the strong market conditions may find success in listing their properties. However, potential buyers should be prepared for a competitive landscape and may need to adjust their strategies to be successful.