577 Harris Rd, Bedford Hills. Photo courtesy of Houlihan Lawrence
Westchester continues to be a sellers market as buyer demand increases and the selection of homes on the market remains limited.
Thinking about selling your property? You’ve picked a good time, because right now the number of buyers in Westchester outweighs the inventory available. Buyer demands are high throughout the county, and the third quarter market report shows just that.
The Houlihan Lawrence Q3 Market Report released on October 5 indicates that there was a clear decline over the last year in both inventory and sales, one consequently effecting the other.
“Notwithstanding current economic news, it remains an excellent time to sell your home. The number of buyers far outweighs the inventory, which is the perfect formula for a seller,” says Liz Nunan, President and CEO of Houlihan Lawrence.
As we saw in the second quarter of this year, buyer demands were strong, and nothing has seemed to change in that department. Families who are hunting for properties in Westchester can assess the towns and villages with the help of our Best Places to Live in Westchester guide.
Let’s take a look at how this compares to last year’s third quarter. The 2021 Q3 report saw a decline in sales in Westchester by 15.3%. Six out of the seven submarkets in the county saw no increase, the lone soldier being northern Westchester. However, Westchester did see an increase in median price sales by 1.8%.
Fairly priced homes across most price points are still seeing a handful of bidders, and cash buyers are still present within the market. On the other hand, for the first time in over two years, the high-end homes in Westchester are seemingly in low demand, while all other price points are increasingly desired.
“Luxury real estate relies on demand from high-net-worth individuals (HNWI). The rapid downturn in the stock market and the threat of wealth erosion is a tangible fear. Continued declines can negatively impact HNWI’s desire for luxury real estate sales. Until then, it’s an opportune time to be a seller north of NYC,” says Anthony P. Cutugno, Senior Vice President, Director of Private Brokerage of Houlihan Lawrence.
Are you considering whether it’s time to sell your property in Westchester? Read up on these tips to prepare your home to sell, then get scouting for the best places to live in the 914 when it’s time to make your move.
Related: On the Market: This Briarcliff Manor Home Has Views of the Hudson River
