Westchester’s Housing Market Remains Strong in Q1

Houlihan Lawrence released its housing market update for Q1 in Westchester County. Read on to see why the market is favoring local sellers.

According to the Houlihan Lawrence real estate report, the housing market throughout Westchester has remained strong in the first quarter of 2024. The market has seen healthy buyer demand paired with historically low inventory levels, causing property prices to skyrocket in both Northern and Southern Westchester.

With that being said, the 2024 market thus far has shaped into one that’s favorable toward local sellers. For prospective buyers, meanwhile, the market remains a challenging one.

Compared to last year, home sales were down 9.8%, and median sale price went up 9.4% throughout the county. If we take a closer look, home sales were down 15% or more in lower Westchester, the Rivertowns, greater White Plains, and in New York City gateways. In Northern Westchester, on the other hand, home sales were up 10%.

 

View this post on Instagram

 

A post shared by Houlihan Lawrence (@houlihanlawrence)

- Advertisement -

“Multiple offers remain a common occurrence, demonstrating the importance of working with a knowledgeable buyers’ agent to secure a home. Their expertise can provide invaluable guidance and market insight, ensuring that buyers make informed and effective decisions,” says Houlihan Lawrence president and CEO Liz Nunan.

In Westchester, the luxury housing market experienced an uptick in inventory during quarter one. If we compare the first quarter to last year’s, luxury sales are at a healthy pace with closing sales ranging $2 million and higher. Houlihan Lawrence recorded that sales listed in the high $2 millions closed over asking, with sales wrapping up into the $3 million and $4 million price bracket. In quarter one, there were 74 homes sold at $2 million or higher in Westchester.

If you’re looking to purchase a home in Westchester County and are curious about which town would be ideal for you and your family, check out our city and town guide. In terms of schooling, our guide to the region’s schools, from nursery schools to high schools and colleges, has it all.

Related: 5 Family-Owned Westchester Restaurants for Comforting Dishes

Our Wine & Food Festival returns June 4-9!

Our Wunderkinds event takes place on May 23!

Our Best of Business Ballot is open through May 15!

Our Healthcare Heroes Awards event takes place on May 9!

Our Westchester Home Builders Awards take place on April 4!

Our Diversity, Equity & Inclusion Forum is March 14!

Unveiled: A Boutique Bridal Brunch is February 25!

Our Best of Westchester Elimination Ballot is open through March 6!

Holiday flash sale ... subscribe and save 50%

Limited time offer. New subscribers only.