As the winter chill settles over Westchester County, it's a good time to reflect on how well the real estate market did this year, as well as key indicators and insights to help better explore what December has in store for buyers and sellers heading into the new year. Of course, the market has been shaped by various factors such as economic trends, rising interest rates, and buyer preferences. Let's delve into the data to understand how the market has evolved and what might be expected as we close out the year.
Market Trends
Throughout the year, Westchester County has experienced a resilient real estate market, characterized by steady demand and a limited housing inventory. Initial pandemic-related uncertainties have given way to a more stable environment, with steady demand for homes persisting. The county's proximity to New York City and its reputation for excellent schools and picturesque neighborhoods have maintained its appeal to homebuyers.
November Sales Say A lot
In November, the average number of days homes were on the market shortened across the board in Scarsdale, Edgemont, Pelham, and in White Plains, NY. During this time, we witnessed a notable uptick in median sale prices across several areas, suggesting a buoyant market sentiment leading into the holiday season.
A significant catalyst behind this surge is the recent drop in interest rates, prompting a ripple effect across neighborhoods like Scarsdale, Edgemont, Pelham, and White Plains, NY. One of the tangible effects of this trend is the reduction in the average number of days homes linger on the market, indicating an increased pace in real estate transactions.
How the Holidays Will Affect the Market
Traditionally, the holiday season sees a slowdown in real estate activities as individuals focus on festive celebrations and put their property plans on hold. However, there is a sense of optimism that January will usher in renewed vigor and energy into the market. The expectation is that both inventory and sales will experience an upswing as individuals resume their real estate endeavors post-holiday festivities.
What’s Ahead for the New Year?
Looking ahead to 2024, industry experts project a steady trajectory for home prices and anticipate interest rates stabilizing within the 5.5 - 6% range at some point during the year. This stability in both pricing and interest rates presents a compelling window of opportunity for prospective buyers and sellers alike. For those contemplating entering the real estate arena, now might be the opportune moment to make a move before the competition intensifies in the coming months.
Whether you're considering buying or selling, staying informed about the latest data and market trends will be crucial for making well-informed decisions as we bid farewell to 2023 in Westchester County.
Want more advice on how to capitalize on this changing market? Reach out to our team. We’re here to help you navigate your next move whether it’s now or in the coming year!
