demand is soaring in westchester’s housing market
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By Ryan Noel | Published on October 19, 2023
Westchester’s housing market struggles in Q3 amid record-low inventory and surging prices, according to Houlihan Lawrence.
Westchester continues to experience sale declines due to record-low inventory, according to Houlihan Lawrence‘s Q3 market report. As the Westchester housing market fails to meet buyers’ needs, both home sales and pending contracts have diminished. According to the report, home sales in Westchester were down 20% while median sale price went up 6.7%
The intense buyer competition in Westchester is spread out across most price categories. And, with properties in high demand, homes throughout the county have been spending the shortest amount of time on the market in years. This is due to the willingness of buyers and a large amount of cash purchases being made over the year.
“In certain markets, the number of top price-tier listings is beginning to increase, affording more variety for buyers. While the demand might suggest otherwise, buyers remain discerning. Accurate pricing remains critical as overly inflated prices can cause homes to be overlooked and seller disappointment,” says Houlihan Lawrence President and CEO Liz Nunan.
If we focus on the luxury market in Westchester, it’s noted that a low supply of luxury homes for sale continues to cause lower sales in Q3. Because of a lower supply, many buyers are widening their search in the area. On top of that, many luxury sales are closing over asking price.
Anthony P. Cutugno, Sr. Vice President, Private Brokerage says, “About one-half of this quarter’s Westchester County luxury sales closed over asking, from as little as $10,000 to a whopping $1 million over list price.” He notes that with just three months until the close of 2023, the forecast shows that markets will finish down from 2022, but higher total sales compared to the pre-COVID years of 2013-2019.