westchester’s housing inventory hits a record low
/
By Ryan Noel | Published on April 11, 2023
The Westchester housing market continues to exhibit a high demand for properties while inventory drops to a record low.
As we transition into the warmer seasons, Houlihan Lawrence released its quarter one report to help us navigate the housing market. In brief, not much has changed since quarter four of 2022. Westchester’s housing demand remains high while inventory declines to record lows. As the lack of inventory remains an issue, inevitably so do sales, according to the Houlihan Lawrence Q1 market report.
Unit sales in Westchester County are dropping to the lowest levels they have been at in over 10 years. The dip is happening in response to the shortage of inventory. A few towns sprinkled across the county have experienced a lower demand in luxury price points, but overall, the county continues to be in high demand for prospective residents.
“Interest rate hikes and the recent threats to the banking industry continue to impact the industry, with some buyers more hesitant to trade their record low interest rates for less favorable ones and, overall, a sensitivity to pricing,” says Liz Nunan, President and CEO of Houlihan Lawrence.
Compared to quarter one last year, home sales throughout all of Westchester are down 33.1% and median sale prices are up 4.8%. In Mount Vernon, New Rochelle, Pelham, and Yonkers, home sales are down 22% and medium sale prices rose 1%.
Looking at the river towns, home sales were down 29% while median sale prices jumped 13%. If you continue to dissect the data through the rest of Westchester, you will find comparable numbers.
If we take an even bigger step back and compare this quarter one data to the pre-COVID housing market, we see an interesting comparison. Inventory in Westchester County is down by 68% compared to 2019 and the median year-to-date sale price is up by 25.6%.
Overall, the sellers market remains strong while buyers continue to embark upon the real estate hunt in Westchester County.