Eastchester School District Median Sale Price Rises

The average single family home in the Eastchester School District is a 1,926 square foot 3 Bedroom, 2 and a half bath home. The median sales price has increased over the last six months within the area from 739,000 to 750,000, reflecting a 1.47% increase in the average yield that sellers are capturing the current market.

The average days on market currently within the Eastchester School District in 41 days, with move-in-ready homes flying off the market reflecting a high demand not only for Eastchester but Westchester County as a whole.

It’s a great market to be a seller, and a rather competitive market to be a buyer, many sellers are apprehensive to put their homes on the market in fear that they will be unable to find a new home to move into.

Interest rates remain at an all time low, which is great for purchasers, and the job market has become increasingly good in the countries economic recovery, though we definitely would like to see a more balanced housing market for our potential first time home buyers and millennials that are making up a third of the purchasers for new homes according to the National Association of Realtors(NAR.)

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Westchester County Development

Developers have reared their heads in full force throughout the county as the housing market strengthens. You may have noticed some recent developments in downtown New Rochelle, along the Saw Mill Parkway in Dobbs Ferry, and talks of a 40 million dollar development in Peekskill. Supply and demand creates this necessity for commercial and residential units in Westchester, there are many purchasers and renters who desire the New York City suburb, but there is not enough inventory on the market to choose from, this has caused the rent rates along with the housing prices to increase in every sector, co-op, condo, single family, and multi family.

There has also been a huge migration from New York City into the suburbs as many residents have hit the threshold for cost of living. It’s and especially good time to be a seller or landlord in Westchester County, with reports of luxury studios being rented for NYC prices in a small new development called The Avenue located directly across from the Crestwood Train Station in Tuckahoe, NY. Hopefully for the sake of purchasers and those looking to rent in the area the builders can keep pace with this demand and will counter-balance the supply issue.

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