Few Westchester home listings available going into new year
"When you mention Westchester people think oh that's bougie," says Yonkers resident Levonie Lawrence.
There's a reason it has that reputation. Because to live here, it'll cost you a pretty penny. A million dollars just won't get you what it once did.
"In Bronxville for instance, it would get you a two- to three-bedroom co-op. In Scarsdale, it would get you a 1,500-square-foot starter home," says Compass Realty real estate agent Ari LeFauve.
"I have a friend who just moved to Vegas, beautiful house, brand-new, in a gated community and she's paying like half she would pay here," says Lawrence.
But despite the price of homes here, Westchester is still as hot as ever, perhaps even the most desirable it has ever been.
"There are just no listings to sell, we have a real inventory shortage here. When you have no inventory, the homes sell very fast, very well for top prices with multiple interested parties," says LeFauve.
One reason the percentage of home sales has dropped is because less homeowners are selling their homes. And with mortgage rates as high as they are, they have no place to go.
"I actually have a two-family, and my tenants have been house shopping for the past two years, and they can't find anything because the rates are so high," says Lawrence.
Looking toward 2024, LeFauve says mortgage rates going down could change everything.
"As soon as rates come down to the mid-fives to high-fives, all these sellers will feel like they can finally move again, which will unlock a lot of inventory. It’ll bring a lot of buyers back off the sidelines," says LeFauve.
So If you're looking to buy, make sure you keep a close eye on the market.