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3Q Market Report

Overall, the housing news is encouraging for Westchester. According to Prudential Douglas Elliman’s 3Q market report, not only do the findings show an increase in the number of home sales (up 21.9% from this period last year) but a 9.8% drop in inventory during the same timeframe—a combination that makes it the fastest growing market pace in five years. While single-family sales led the way with a 25.9% increase from last year, a 7.6% rise in condo sales also contributed to the positive picture. The news wasn’t quite as encouraging on the high end of the spectrum with median prices in the luxury market remaining 13.8% lower than a year ago. Although the report indicates housing prices remained relatively stable with the median sales price dipping by 1.1% to $490,000 from the past year’s figure of $495,625, the average home size dropped by 1.7%.

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Housing Notes by Jonathan Miller

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