Luxury Home Prices Jump 3x Faster Than Average

Luxury Home Prices Jump 3x Faster Than Average

Luxury housing continued to outperform the broader market in October, with prices up 5.5% — nearly triple the growth of non-luxury homes, according to Redfin. Strong equity markets and cash-heavy buyers are keeping high-end demand resilient, even as typical buyers remain constrained by current mortgage rates. Additional findings:

• Number of sales: Luxury up 2.9%. Non-luxury sales at 0.7%.

  • Both markets are still near decade-low October levels.

• Inventory: Luxury up 6.4%. Non-luxury up 9.5%

  • Highest October levels in 5 years, but still below pre-pandemic norms.

• Days on Market: Luxury up to 58…

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The Westchester Market: From Hot to Healthy?

The Westchester Market: From Hot to Healthy?

The latest Market Hotness Rank from Realtor.com® and the Federal Reserve Bank of St. Louis (FRED) shows that Westchester County’s housing market could be transitioning toward a more balanced pace after two years of intense competition. The rank measures how “hot” an area’s market is compared to all U.S. counties — with 1 representing the hottest and 1,612 the coolest in the nation.

Westchester’s Market Hotness Rank so far in 2025:

• January (Rank 636): Soft start to the year following late-2024 cooldown.

• March (Rank 360): ???? Peak Spring demand.

• June (Rank 590): Early signs of the summer slowdown.

• August (Rank 851): ❄️…

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Realtor.com Says It’s Go Time for Buyers

Realtor.com Says It’s Go Time for Buyers

Still looking for the right home to buy? Mid-October may be your best shot. Realtor.com data shows that the week of October 12–18 is when the market tilts in buyers’ favor: more listings, lower prices, and fewer bidding wars. Sellers are more motivated, competition eases, and prices dip just enough to make a real difference — about $15,000 in savings on a median home. Here’s the breakdown:

• Listings jump 32% higher compared to earlier months.

• Prices dip 3–4% below peak levels.

• Competition falls by roughly 30%, easing bidding wars.

• October posts the lowest seller premium of the year (~8.8%).

• Buyers gain leverage to…

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Think Prices Are Dropping? Not in New York

Think Prices Are Dropping? Not in New York

According to Realtor.com, 18% of home listings nationwide had price reductions last month, marking the highest percentage for any April since 2016. While the article doesn’t define what constitutes a "healthy" rate, historical trends suggest that around 10% to 15% of active listings typically undergo a price cut. Many Southern and Western states reported reductions above 15%, and nearly all states experienced an increase in price reductions compared to last year. In Westchester County, 224 out of 1,328 active listings in April had a price drop, a 6.67% increase from the same period in 2024.

Ralph’s Take

What does this mean for Westchester County? I track price reduction…

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Are Investors Really Buying All the Homes?

Are Investors Really Buying All the Homes?

If you’ve been worried about competing with Wall Street for a home, here’s some good news: Institutional investors (those owning 1,000+ homes) make up a small amount of the market, and they’re pulling back, according to multiple outlets. At the peak of the pandemic housing boom in Q3 2021, institutional investors made up 2.2% of home purchases. By Q2 2024, that number had dropped to just 0.3%.

• Institutional investors currently own 0.4% of the market.

• Small investors account for around 18% of the market.

• Total investor purchases, meaning all non-primary home buyers, hit 14.8% of home sales in Q1 2024, the highest share recorded since data tracking began in 2001.

  …

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Homeownership Rate in Decline

Homeownership Rate in Decline

According to the Census Bureau, the U.S. homeownership rate stands at 65.7%, well below its 2004 peak of 69.2%. Meanwhile, the median homebuyer age has reached record highs: 38 for first-time buyers and 61 for repeat buyers, as rising home prices and high mortgage rates push younger generations out of the housing market. Here are the key factors influencing each generation:

• Baby Boomers: Staying in their homes longer, limiting available housing.

• Gen X: Less impacted by affordability, as most bought homes earlier, but some have invested in rental properties, limiting supply for buyers.

• Millennials: The largest share of homebuyers today, but face affordability challenges, forcing…

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Home Sales End Tough Year with December Rebound

Home Sales End Tough Year with December Rebound

Earlier today, the National Association of REALTORS released the 2024 Existing-Home Sales Data.  In December, U.S. existing-home sales rose 2.2% from the previous month to a seasonally adjusted annual rate of 4.24 million — the highest level since February 2024.  However, total sales for the year fell 0.7% compared to 2023, marking the lowest annual total since 1995. The national median existing-home price in December was $404,400, up 6% from December 2023, driven by limited inventory.

• 2024 Sales: Finished at 4.06 million, the lowest level in almost 30 years.

• 2024 Median Prices: December's median sales price rose to $404,400, a 6% increase, contributing to a…

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Housing Market Gains Momentum in 2024’s Final Push

Housing Market Gains Momentum in 2024’s Final Push

Redfin’s Homebuyer Demand Index is sitting near its highest level since September 2023. The index, which tracks seasonally adjusted metrics like tours and other services provided by Redfin agents, has risen 7% compared to the same period last year. Meanwhile, mortgage-purchase applications have risen 17% month-over-month, while pending sales are up 6.5% year-over-year.

Ralph’s Take

This comes as no surprise, as many buyers had postponed making significant decisions until after the election, resulting in a post-election surge in activities like property tours — a trend that persists. At the same time, buyers are adjusting to current mortgage rates, recognizing that a…

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Luxury Home Sales Jump by Double Digits in Q3

Luxury Home Sales Jump by Double Digits in Q3

In the third quarter of 2024, luxury home sales in markets north of New York City saw significant growth, with double-digit increases in Westchester, Putnam, and Dutchess counties. The lower end of the luxury market experienced the bulk of the activity, while sales of homes priced above $5 million slowed.

Ralph’s Take

The ongoing strength of the stock market, combined with a recent decline in interest rates, offers promising signs for the…

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July’s Real Estate Statistics for Westchester

July’s Real Estate Statistics for Westchester

New Listings and Median Home Prices had gains across all property types last month while the total amount of homes for sale continued to decline.

• Single-family home sales in Westchester County saw a 6.6% increase in new listings and a 1.6% rise in closed sales, with the median sales price up 6.3% to $1,010,000.

• Condos experienced strong growth, with new listings up 18.5%, closed sales up 30.5%, and a 16.7% increase in the median sales price to $525,000.

• Cooperatives had mixed results, with new listings up 18.4%, but closed sales down 10%, while the median sales price rose slightly by 1.9% to $214,000.

Ralph’s Take

It’s…

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