Home Buyers Enjoy The Opportunities Of Westchester This Winter

Home Buyers Enjoy The Opportunities Of Westchester This Winter

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Westchester home prices taper, allowing buyers the opportunity to purchase at slightly lower prices than this time last year.  Although the surrounding counties are experiencing a dramatic increase in the median home price, Westchester County’s median home price is down by 1% from the third quarter last year.  This may be the opportunity that buyers are looking for.  The recently released “2018 Third Quarter Residential Real Estate Sales Report for Westchester, Rockland, Orange and Sullivan Counties, NY” states that other than Westchester, all other counties in the region saw the median price of a single-family residential unit increase by more than 5%.Image title

This past spring and Summer, Westchester county experienced extremely low inventory of single and multifamily homes.  The bidding wars which ensued, turned off many buyers who postponed their purchase until the market calmed down.  Many buyers have been waiting to see what the fall and winter market have to bring.  While inventory levels have still not reached a desirable level, sellers are benefiting from listing their homes now and feeding the anxious home buyers.  Westcjester county allows hoeowners the convenience of commuting into New York in, most cases, less than an hour while enjoying country living.

According to the October issue of Real Estate In-Depth (published by the Hudson Gateway Multiple Listing Service), this fall’s inventory is at the lowest levels the market has experienced in many years.  They also explain that as of the third quarter, 2018, it does not appear that the tax reform law passed earlier in the year has had a material effect on sales, nor has gradually rising mortgage interest rates.  While both could manifest and influence at a later date, the housing market in the lower Hudson Valley currently remains strong.

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Shaun Manning Headshot
Author:
Phone: 347-612-9825
Dated: November 5th 2018
Views: 238
About Shaun: Shaun's focus is on residential real estate in Fairfield, Westchester, Putnam, Dutchess and the surr...

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