Real Estate 3rd Quarter 2023 for Westchester County

In my ongoing commitment to keeping you well-informed about the dynamic real estate landscape, I'm excited to share some key insights gathered from the Realtors Confidence Index and other pertinent sources. Additionally, I've included highlights from the latest Raveis Local Housing Report. These Insights can be found at the bottom of this newsletter under those clickable links.

Key Highlights:

High Demand Persists:

The real estate market continues to witness robust demand. In August 2023, properties maintained their appeal, spending an average of only 20 days on the market. While this mirrors the stability seen in July, it does mark a slight uptick from the 16 days recorded in August 2022. Notably, an impressive 72% of homes found new owners within a month of being listed.

Challenges for First-Time Homebuyers:

In this competitive market, first-time homebuyers are facing challenges, with only one-third of purchases attributed to this group. Navigating the intricacies of the current market requires strategic planning and a well-informed approach.

Shift in Mortgage Rates:

As of September 14th, Freddie Mac reported a noteworthy shift in mortgage rates. The 30-year fixed-rate mortgage now averages 7.18%, a significant increase from the 6.02% recorded a year ago. This shift underscores the evolving financial landscape for homebuyers.

Persisting Mortgage Demand:

Despite the rise in interest rates, there is still a strong demand for mortgages. In August, 70% of sales were financed, marking a steady increase since August 2022. This resilience in mortgage demand signals a continued appetite for homeownership.

Stay tuned for more updates as we navigate the ever-evolving real estate terrain together. If you have any questions or insights to share, feel free to engage in the comments!

The Links Below are live

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