Westchester County’s housing market closed out 2018 with a decrease in overall sales from 2017. Total housing sales fell for the first time in seven years. The residential brokers attribute the slowdown to buyer concerns with rising interest rates, lack of inventory and sellers not pricing for the market.
According to an article in the Westchester County Business Journal on January 28, 2019 by Ryan Deffenbaugh, there were 1358 sales of single family homes in Westchester in October & December, down about 6% from the same period in 2017. The Hudson Gateway Association of Realtors states that closing a year in which Westchester County’s 5876 total sales of single family homes, condominiums, cooperative and two to four family homes dropped 4% from 2017.
The fourth quarter of 2018 marks the sixth straight quarter in which total single family homes declined. Prices are still going up which shows demand is strong. The median price for a single family home in 2018 went up to $650,000 which is up 1.2% from 2017 and up 3.5% from 2015. Entry level prices are in demand in the $400,000 price range which is especially intense. Demand in the low and mid-priced market has elevated prices for those homes.