Westchester real estate prices continue to risePosted: Updated:
Real estate prices in Westchester County are continuing to rise, according to a new report from Real Estate In-Depth.
In the second quarter of 2018, the median sale price for a single-family residential home in Westchester was just over $710,000. That's up 6 percent from this time last year.
Experts say the increase is largely to do with the lack of houses on the market. Co-ops, for example, are very popular. And because of a major drop in inventory, the median price has increased nearly 5 percent.
"The inventory is down about 23 percent for co-ops, which represent really an entry property for many buyers, new buyers, as well as those looking to downsize," says Barry Kramer, of the Hudson Gateway Association of Realtors.
Kramer says rising interest rates and President Donald Trump's tax reform plan may negatively affect the market in the future.