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Westchester County 2018 Second Quarter Market Report Summary
Westchester County saw an increase in average sales price and fewer days on market in the second quarter of 2018 when compared to 2017. In the luxury segment, home prices increased by 2% this quarter. While the number of sales in excess of $2 million remained flat year over year, days on market for homes sold in this range decreased nearly 15% to 213 days. Home sales were down 6% year over year across the County and once again, the “sweet spot” was in the $500,000 to $1,000,000 price range, which saw a 7% increase in sales year over year. During the month of June there was an uptick in homes sold in this price range and average price was up to nearly 2%. This price range is where a growing number of young professionals and empty nesters alike are finding a good balance between home sizes and financial costs.
The third quarter will be a true test for 2018’s housing market; a continued increase in inventory would help keep up with the buyer demand in our competitive market. Price, location and condition continue to be the biggest drivers as buyers are searching online daily and acting quickly as they know to expect competition. Multiple offer activity combined with new development opportunities and job growth are encouraging for our state’s housing market.
If you have any questions regarding this report or real estate questions in general, Berkshire Hathaway HomeServices Westchester Properties sales executives are here to help you navigate the current market with expert knowledge and exceptional service.
VIEW WESTCHESTER COUNTY MARKET REPORT