2024 Q1 Westchester Real Estate Market Insights

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The first quarter of 2024 has unfolded with remarkable trends in the Westchester real estate market. As a dedicated realtor and your guide through the intricacies of buying and selling in Westchester County, I'm here to provide you with the most relevant insights that could influence your real estate decisions.

A Quick Overview of Market Dynamics

The start of the year has seen a diverse range of activity across different property types in Westchester. Here’s a snapshot of what’s been happening:

  • Single Family Homes: While the total number of sales has seen a slight decrease of 9.5% compared to the previous year, the average price of single-family homes has risen by 5.6%, now averaging $1,108,264. This increase in average price indicates a continuing appreciation in home values, making now an opportune time for homeowners thinking of selling.
  • Condos: Contrasting the overall trend, the condo market in Westchester has experienced a surge with a 26.7% increase in sold volume and a 7.8% increase in the number of sales. The median price for condos has also grown by 8.0%, reflecting a robust demand in this segment.
  • Co-ops: The co-op market has faced some challenges, with a 19.4% decline in sales and a 19.5% drop in sold volume. However, the median price has seen a nominal increase.
  • Residential Rentals: On the rental front, there’s been a 3.3% increase in the number of transactions, alongside significant growth in rental prices, indicating a strong rental market in Westchester.

Deep Dive into Local Insights

For those interested in specifics, here are a few highlights from prominent Westchester locales:

  • Rye: Notably, Rye has seen a significant uptick in activity with property values appreciating, showing a robust interest in this desirable area.
  • Scarsdale and Bronxville: These areas continue to attract premium valuations with considerable increases in median prices.
  • Pelham: Pelham remains a sought-after location for families, with stable market conditions and growing interest.

What Does This Mean for You?

Whether you’re looking to buy, sell, or rent, understanding the nuances of your local market is crucial. For sellers, the market offers promising potential for substantial returns on investment, particularly in high-demand areas like Rye and Bronxville. Buyers, on the other hand, will find competitive markets but also opportunities in areas like condos and rentals where market dynamics are more favorable.

How Can I Assist You?

Navigating the real estate market can be complex, but you don’t have to do it alone. With my expertise and deep understanding of Westchester’s diverse markets, I can help you make informed decisions whether you’re selling your family home, looking for a great investment condo, or finding the perfect rental property.

Let’s connect and discuss how you can leverage the current market trends to meet your real estate goals.

Don't miss out on this exciting market!

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