Inside Westchester’s Bidding Wars

The Westchester County housing market continues to see a high volume of homes selling above their asking price. My analysis of single-family home sales by school district reveals that 56.2% of closed sales last year sold above list price. Of the 39 school districts I reviewed, 30 had a majority of sales close above asking, while only 9 districts fell below the 50% mark. Every school district, with the exception of Bronxville (99.3%) and Tuckahoe (96.8%), had an average sale-to-list price ratio above 100%.

Ralph’s Take

Back in the middle of my career, especially right after the 2008 recession, negotiations between buyers and sellers often unfolded over several days. It was common for homes to sell below asking price, and sellers were generally willing to make concessions on most inspection items. Fast forward to today, and the pace has changed dramatically. Sellers now move quickly, frequently requesting “highest and best” offers just days after a listing goes live. Still, I find it fascinating just how many homes sold above their final asking price last year.