4th Quarter for 2023

Westchester County Real Estate Market Review 2023

As we reflect on the real estate market trends of 2023, it’s clear that the year was marked by significant changes in Westchester County.

Market Overview

Total home sales in Westchester County were down 23.7% for the full year and 15.3% lower in the fourth quarter. Despite this, the median home sale price for single-family homes rose 4.3% to $850,000 for the full year, while the fourth quarter saw an impressive 11.8% increase to $840,000.

Inventory Shortfalls

All markets suffered significant for-sale inventory shortfalls in 2023. Westchester County, for instance, posted a 24.3% decline in residential properties on the market for sale, ending the year with just 1,044 properties available.

Fourth Quarter Challenges

The fourth quarter proved particularly challenging for the U.S. housing market. The supply of homes for sale remained scarce, and the average 30-year fixed-rate mortgage hit a 23-year high of 7.79% in October, according to Freddie Mac. This, coupled with rising home prices, caused existing-home sales to slump nationwide.

Affordability Challenges

Affordability challenges continue to weigh down both buyer and seller activity, creating a standstill of sorts: fewer people can afford to buy, and fewer people can afford to sell. This further constrains the already tight supply of homes for sale and puts upward pressure on sale prices.

Sales Overview

Single-Family Closed Sales were down 19.6 percent to 996.

• Condos Closed Sales were down 12.0 percent to 257.
• Co-ops Closed Sales were down 1.8 percent to 446.

Price Overview

• Single-Family Median Sales Price increased 11.6 percent to $840,000.
• Condos Median Sales Price increased 9.7 percent to $480,000.
• Co-ops Median Sales Price increased 3.9 percent to $200,000.

In conclusion, the current market is such that few people can afford to purchase a home and fewer people can afford to sell. As we move into 2024, we will continue to monitor these trends and provide you with the most up-to-date market insights.

If you want to know some of the Sales numbers with Real Estate in your community- Look Below.

The communities below each have a clickable link that will give you the most updated market data for that particular area. When you click on your community you can toggle between house types indicated by the photo to the right.

1. Armonk, NY
2. Ardsley, NY
3. Bedford, NY
4. Chappaqua, NY
5. Elmsford, NY
6. Hartsdale, NY
7. Harrison, NY
8. Katonah, NY
9. Pelham, NY
10. Larchmont, NY
11. Mamaroneck, NY
12. Mount Kisco, NY
13. Mount Vernon, NY
14. New Rochelle, NY
15. Pelham, NY
16. Port Chester, NY
17. Rye, NY
18. Scarsdale, NY
19. South Salem, NY
20. Tarrytown, NY
21. Tuckahoe, NY
22. White Plains, NY
23. Yonkers, NY