According to a report from real estate brokerage Houlihan Lawrence, the number of single-family homes sold in Westchester County increased this quarter by 38.9% over first quarter of 2020, while the median sale price rose 10.9%.
Homes sold in Putnam County rose 63% and median sale price rose 16%. In Dutchess County, homes sold rose 38.4 percent and median sale price was up 25.9%. All submarkets surveyed in the three counties showed increases in homes sold and median sale price.
The inventory shortage has made it challenging for buyers looking to relocate out of the City and for sellers to make a move. While some are ready for a change, they fear listing their homes and not having a place to go. Additionally, there are still potential “downsizers” who remain in their larger homes out of necessity as they continue to have multiple family members working from home.
“If the opportunity avails, there is no better time to list your home. There is high demand in all three counties and most price points. The number of showings has increased considerably year over year, and with fewer homes on the market, it is typical to have more than one buyer interested in a property. This is creating multiple bid situations on properly priced homes, and sellers are reaping the benefit,” said Elizabeth Nunan, President and CEO, Houlihan Lawrence.
Since the pandemic, says the report, buyers are less concerned about the distance to the City. They are either planning to work remotely at least part of the time.
Due to the prevailing low inventory numbers and the high buyer demand, it is anticipated that the real estate market will remain robust through the summer of 2021.