As 2024 comes to an end, there's much to be said about Westchester County’s real estate market. Several factors shaped the local market this year, from strong buyer interest to broader economic trends.
Our dynamic year was marked by fluctuating interest rates, limited inventory, and increasing home values. Competitive bidding was a common theme in many sought-after neighborhoods and sellers who priced their homes strategically often found success. Continuing reading for detailed insights.
What Influenced Westchester County's 2024 Real Estate Market?
This year, a combination of factors shaped the real estate market into one of resilience and adaptability. Limited inventory remained a key driver, creating competitive conditions for buyers eager to secure homes in the region's sought-after neighborhoods. Rising interest rates played a significant role, influencing both buying power and seller strategies, with many homeowners opting to stay put rather than trade up.
Additionally, Westchester’s enduring appeal—characterized by its blend of suburban tranquility, top-notch schools, and proximity to New York City—kept demand steady, particularly among families and professionals seeking more space and a better quality of life. These dynamics underscored the importance of strategic pricing and informed decision-making in navigating the year’s challenges and opportunities.
Buyer Demand Remained High
Westchester County remained a top choice for families and professionals seeking space and a good quality of life without venturing too far from New York City. The hybrid work model, still prominent post-pandemic, has solidified the county’s appeal as commuters seek a balance between accessibility and tranquility.
According to a recent article in the Daily Voice, "[Quarter 3] Listings in Westchester increased by an average of 3 percent year-over-year, while some areas had inventory rises as high as 22 percent. The median sale price reached $999,000, an 8 percent increase over the previous year, while the average sale price rose 7 percent to $1,323,585.”
Limited Inventory Challenges
One of the defining trends of 2024 was tight inventory. Many homeowners who secured low-interest-rate mortgages in recent years are reluctant to sell, limiting new listings. This scarcity of available homes has created a competitive market, driving up prices and making it challenging for buyers to find affordable options.
However, for sellers, this tight inventory has been advantageous, often leading to higher offers and quicker sales. Some buyers, though faced with limited options, have become more creative, exploring new construction or up-and-coming areas, which can lead to unexpected opportunities and investment potential. This trend reflects a strong demand, signaling resilience and long-term growth in the housing market.
Home Prices Did Not Crash
While prices remain elevated, they’ve shown signs of stabilizing after years of double-digit growth. Westchester County attracts affluent buyers, but affordability concerns push some to consider neighboring counties. Sellers still hold an advantage in prime locations, but strategic pricing is key in a more cautious buyer environment.
Interest Rates Remain High
Higher mortgage rates hovering around 6-7% influenced buyer behavior. First-time buyers and those upgrading took longer to decide, emphasizing value and long-term investment potential. Cash buyers, however, remained active, particularly in the luxury segment.
What's Ahead in 2025?
Experts predict that home prices will continue to increase by 4.4% in the upcoming year. While challenges like limited inventory and high rates persist, the county’s enduring appeal ensures a dynamic market for the foreseeable future. Whether you’re buying or selling, staying informed is key to navigating Westchester County's exciting real estate landscape.
Stay tuned to our blog for the latest insights, trends, and expert tips to help you navigate Westchester County's ever-evolving real estate market and reach out to The Geiger Stern Team with questions.
