The local real estate market has experienced notable shifts, with home prices reaching unprecedented levels. Understanding these trends is crucial for both prospective buyers and sellers navigating this dynamic landscape.
Current Market Trends
As of February 2025, the median list price for single-family homes in Westchester County soared to $1,080,000, marking a 16.3% increase from the previous month. Active listings also saw a rise, with a median list price of $1,150,000, up 5.5% from January 2025. The median sales price for single-family homes reached $860,000, reflecting a 3.5% year-over-year increase.
In the co-op market, prices have remained relatively stable. The median sales price rose 7.8% year-over-year to $215,000.
Factors Influencing the Market
Several elements contribute to these rising home prices:
Limited Inventory: The supply of available homes remains constrained, intensifying competition among buyers.
High Demand: An influx of buyers, particularly younger demographics entering the market, has heightened demand.
Economic Conditions: Favorable economic factors and the appeal of Westchester County's proximity to New York City continue to attract buyers.
Implications for Buyers and Sellers
For Buyers: Navigating this competitive market requires preparedness. Securing mortgage pre-approval, acting swiftly on desirable properties, and considering flexibility in negotiations can enhance success. Understanding current market dynamics is essential to make informed decisions.
For Sellers: The current environment presents opportunities to achieve favorable sale prices. Properly pricing the property, enhancing its appeal through staging or minor renovations, and strategically timing the listing can maximize returns.
Future Outlook
Experts anticipate that while home prices may continue to rise, the rate of increase could moderate as more inventory becomes available and interest rates stabilize around 6%. This potential shift may lead to a more balanced market, offering opportunities for both buyers and sellers.
Staying informed about these trends is vital for anyone involved in the Westchester County real estate market. Consulting with local real estate professionals can provide personalized guidance tailored to individual circumstances.
