Real Estate Market Report: Third Quarter 2018 – Westchester County, NY

The Westchester housing market held steady in the third quarter of 2018, with a small decline in sales coupled with flat pricing. We believe that the decline in sales comes largely from a shortage of viable inventory, rather than a lack of demand, but it may be that the 2018 tax reform changes have hampered demand in the highest end of the market, increasing the percentage of lower‑priced homes in the mix of properties sold and thereby suppressing price appreciation. That would explain why, for example, average prices are increasing dramatically in the lower‑priced condo (up over 5%) and coop (up almost 4%) markets, as well as the more affordable neighboring counties. That said, tax reform is having only a modest impact on this market, with prices still up slightly for the rolling year. Going forward, we believe that demand is strong enough to overcome the tax concerns and that Westchester will experience a strong end to the year and a robust 2019.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.

Posted on October 10, 2018 at 9:28 am
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , , ,

Comments are closed.