The rental market in Westchester County has climbed as rents become more and more inflated each quarter. The job market has become more healthy as unemployment is low, and the average median income has increased nation-wide.
Due to these market conditions, the demand for housing has become very strong throughout Westchester County, especially in neighborhoods directly outside of the city such as Eastchester, Tuckahoe, Bronxville, Pelham, Scarsdale, New Rochelle, and White Plains. There are a couple of market indicators that have caused this strong demand for housing, whether young millennials are looking for move in ready homes or some families are down sizing.
The single family median sales priced decreased in Westchester County by 1.2 percent to 668,500, a decline in the median price I typical during the third quarter because their are typically a larger amount of pending home sales ready to close for year end.
Overall, a pent up demand and low interest rates for homebuyers are most likely going to continue the trend of home prices increasing year over year throughout the county.
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Courtesy of HGMLS.