522 The Parkway, Mamaroneck, NY. Photo courtesy of Houlihan Lawrence
In quarter two, Westchester’s housing market has faced a plethora of challenges, including a decline in home sales and low inventory.
Westchester’s housing market has encountered a number of challenges in quarter two of 2023, according to the Houlihan Lawrence Westchester-Putnam-Dutchess Q2 Market Report. For starters, throughout the county there’s low inventory, and homeowners are paying increased mortgage interest rates.
It seems that throughout the past few quarters, low inventory has become part of the landscape in Westchester’s real estate. The lack of properties, including luxury properties, has sparked intense competition between buyers. This competition has encouraged sellers to increase their price points.
Noted by the report, a key reason for the downtick in inventory is because the majority of local homeowners with mortgages are paying below the historical average rate of 6.7%. This is the highest the number has been in 20 years.
“This environment has resulted in a beneficial situation for homeowners who decide to sell and, with mortgage rates currently stabilizing, they are becoming more inclined to make a move. At all price points, sellers are often able to realize top dollar for their properties, when properly priced, and achieve significant returns on their real estate investments,” says Liz Nunan, President and CEO of Houlihan Lawrence.
In addition, Westchester saw a massive decline in home sales, which are down by 24.4% this quarter. The same goes for median sale prices, which went down 4.1%. These numbers are for the most part consistent throughout Westchester’s submarkets.
“Houlihan Lawrence is fortunate to operate within the thriving markets north of New York City. The region offers exceptional housing choices, making it accessible to a broad range of buyers. The cultural richness, abundance of parks, proximity to beaches, and recreational opportunities in our counties is unparalleled. As a result, our strong demand for housing over the decades has remained constant, with a few exceptions,” says Nunan.
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