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Home values continue to rise as real estate agents struggle to keep up with growing demand.
Local real estate giant Houlihan Laurent recently released its third quarter market report for Westchester County, confirming that rising prices and the mass exodus of those who can afford to leave Manhattan and Brooklyn is a trend we’re likely to see continue for some time. time again.
Read more: How quarantine has changed Westchester’s housing market
Combined with the influx of city dwellers desperate for more space in the age of social distancing, buyers in native counties are still placing a premium on new home features such as home offices and multi-purpose living spaces. Rising demand has consequently reduced supply, driving up the median sale price of Westchester homes by 16.5%, with the average home selling for $812,000.
“New York shoppers moving out of town have rewritten the rules of what today’s shoppers want and need,” said Houlihan Lawrence, CEO and President Elizabeth Nunan. “As whole families work from the same home, additional space is a necessity, and the safety of low-density communities during the pandemic has driven demand to historic levels in Westchester.”
Over the past three months, sales volume across the county has also increased, up 11.7% overall. Volume was down only in Northwestern cities (down 10%) and the naturally crowded White Plains region (down 50%). All other regions saw significant growth, led by the more rural/suburban North East of Westchester, which saw 50% more sales year-over-year and 21% growth in sales prices .
For homes priced between $700,000 and $1 million, pending sales to active listings form an almost perfect 1:1 ratio. For homes priced below $500,000, the number of pending sales is almost double active listings, with Houlihan Lawrence classifying every price point in the county below $4 million as “high demand.” Simply put: it’s a seller’s market right now.
“Homes on large lots that will accommodate an extended family with space for one or more home offices are the ideal new home,” Nunan said. Where are these packages located is actually less important with parents and students working online. For the first time in the history of real estate, the most important thing is do not “location, location, location.”