The end of the 3rd Quarter-The Fall Housing Market edition.
Thomas Roberts
Licensed Real Estate Salesperson at William Raveis Real Estate, Mortgage & Insurance, Entrepreneur, and Leader
Hi Everyone,
I just wanted to give you some end-of-the- 3rd quarter information on the real estate market in Westchester County.??
This summer the housing market continued to be very tight with limited housing inventory and prices for consumables such as food, oil, gas, and other household items have also remained high in price. I have attached the CPI chart so you can review it (St. Louis FRED CPI). House prices for single-family homes over that past year have increased. Many frustrated home buyers have had to consider the increase in mortgage rates and home prices to readjust their housing searches. Also, as a result, many home sellers are unable to tap into the equity in their homes?preventing them from moving forward with their next housing plans.? Continuing, the vicious housing shortage cycle we are currently in.
I want to point out that this does not mean that the current housing market is in a bubble and home prices will come crashing down. There will be some decline in home prices over the next 6 to 12 months. Please keep in mind that 65% of the US population owns a home (Homeownership St. Louis Fred) where they are paying a mortgage rate of 3%. Also, be aware that 37% of that number (65%) of homeowners have paid off their mortgages completely.??It is cheaper for many homeowners to stay where they are than sell their current homes. So, at this point, many homeowners are not under any pressure to sell their homes, meaning the housing inventory will remain tight.??
Please keep in mind that if there are large numbers of job layoffs and the unemployment numbers rise, people will be forced to sell their homes and increasing inventory will bring home prices down.
Current Westchester County Housing Prices In Westchester County, NY.
When you click on the links below, you can toggle between the different house style such as Single Family, Condo, Multi-family, and co-op.
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Lower Westchester
The Rivertowns
Central Westchester
Northern Westchester
If you are interested in what houses are selling for in your neighborhood or what the value is of your home, please send me a personal message or you can call/text me at (914)755-9816.
Just a reminder, if you do reach out to me our conversation is strictly confidential and there is no obligation to list or buy a home with me.
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