In next week’s newsletter, I’ll be diving into the year-end statistics, but for now, above is a sneak peek at Westchester County’s highest and lowest sales of 2024.
Search Last Year’s Sold Listing Data Here
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Zillow’s natural language search is redefining how we house-hunt. This AI-powered feature has opened a window into what buyers are dreaming of — and it’s not all patios and garages. Since its 2023 launch, the tool has highlighted priorities ranging from the practical to the whimsical. Think “laser tag rooms,” “spooky charm,” or even requests as niche as personal bowling alleys.
The most popular search terms were “pool,” topping the list in 38 states, and “garage,” leading in 46 states. However, some buyers got creative: at least one person in 22 states searched for “haunted” homes, a shopper in Colorado looked for a property with a “roller coaster,” and someone else scoured the entire country…
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Younger Americans who purchased homes during the COVID-19 pandemic are expected to be the primary home sellers in 2025 according to a Bright MLS survey. These homeowners, particularly those in their 30s and 40s, are motivated by family and career changes, despite current mortgage rates averaging above 6%. Many secured mortgages with interest rates below 4% during the pandemic and have accumulated significant home equity due to a 37% increase in national median list prices over the past five years. In contrast, only about 6% of homeowners aged 60 and above plan to sell in 2025, with the majority owning their homes outright and expressing little interest in moving.
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As 2024 comes to a finish, the year is set to close with around 4 million transactions — our lowest level since the 2008 financial crisis. For additional perspective, annual home sales over the past 20 years have averaged 5.15 million, peaking at 7 million in 2005. This year's decline was driven by higher mortgage rates, potential sellers holding off and limiting inventory, the Presidential Election, and affordability challenges for buyers. As housing forecasts for 2025 begin to emerge, the chart above highlights some of the current predictions for next year.
Most experts anticipate roughly a 5% growth in home sales next year, though this remains below historical…
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First-time homebuyers now represent only 24% of the market, a historic low compared to 32% last year, according to the newly released 2024 Profile of Home Buyers and Sellers report. Additionally, the average age of homebuyers has reached an all-time high of 59, up from 49 in 2023. First-time buyers are now, on average, 38 years old (up from 35), while repeat buyers are averaging 61 years (up from 58). The report covers transactions from July 2023 to June 2024. Key insights include:
90% of sellers used a real estate agent (up from 89%)
17% of buyers purchased a multigenerational home (all-time high)
Median down payment: First-time: 9%, Repeat: 23% (Overall 18%)
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22% of U.S. residents are more likely to move now that the election is over, according to Redfin. Among these individuals, 36% are considering relocating to another country, while 26% are contemplating a move to a different state. Conversely, 21% of respondents indicated they are less likely to move post-election. Additionally, a survey conducted in October, found that nearly 25% of first-time homebuyers were waiting until after the election to resume or start their search.
The survey, conducted last Thursday and Friday during a time of heightened emotions across the political spectrum, revealed that about 1 in 5 respondents considering a move said the election results…
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Real estate economists estimate that the market is short by about three million homes — a classic case of demand outpacing supply. While most homeowners are holding onto favorable sub-6% mortgage rates, making new listings scarce, interested buyers are taking creative steps to stay competitive. Many buyers are using strategies like escalation clauses and partial appraisal waivers, acknowledging the challenge of finding the right home amid high prices and rising costs.
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Donald Trump’s presidential win is already impacting the mortgage market. Concerns over tax changes and tariffs have fueled inflation fears and pushed up the 10-year Treasury yield, leading to higher mortgage rates. Analysts anticipate that Trump’s administration will encourage freer markets, reduced oversight, with potential plans to privatize Fannie Mae and Freddie Mac. The Mortgage Bankers Association has expressed optimism, expecting reduced regulatory burdens and lower costs for the mortgage industry over the next four years.
There’s much to consider for housing under the new Trump administration, and with policy details still unfolding, mortgage rates are likely to…
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Each year, home sales naturally ease up a bit in the fall but during an election year, the slowdown tends to be a bit more pronounced. This year, nearly 23% of first-time buyers are hitting pause until after the election, likely waiting for a clearer view of what’s ahead.
Home Sales: Home sales typically rebound quickly. With the political uncertainties in the rearview, both buyers and sellers regain confidence, fueling a more active market. Data from the Department of Housing and Urban Development (HUD) and the National Association of Realtors (NAR) show that home sales increased the year following 9 of the past 11 presidential elections — a…
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The number of newly listed single-family homes in Westchester County surged by 56.8% from August to September. This increase in inventory is seen as a positive development for active homebuyers and those returning to the market, especially as mortgage rates have decreased recently. While August saw a historically low number of new listings YOY — the fewest in over a decade — the more significant trend may be the September increase, which aligns with patterns seen in pre-pandemic years.
The key question is — how will the upward trend of new listings between August and September impact the market this month? Westchester County has typically had a significant drop in new…
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