Westchester County NY Real Estate Blog - Sellers

May 2025 Housing Market Report

The Hudson Gateway Association of REALTORS released its May 2025 housing market report this week. Westchester County remains the region’s most competitive market.

Here are the highlights:

• Median Sale Price:  $999,000 for single-family homes (2% increase from last year).

• Closed Sales:  Up 7.4% compared to May 2024, indicating strong demand.

• Market Supply:  2.8 months (+3.7%) - still deeply a seller’s market.

• Buyer Activity:  High demand continues, especially in entry-level and mid-tier markets where inventory is scarcest.

• Market Dynamics:  Sellers continue to benefit from tight supply, though pricing competitively and timely listing remain important to attract offers.

As we near…

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Market Shifts Are Reshaping Westchester’s Peak Season

Market Shifts Are Reshaping Westchester’s Peak Season

Click the Chart for All Statistics

Spring 2025 may have brought another early peak in Westchester’s real estate market. For the third year in a row, new listings declined from April to May, bucking the pre-2020 trend where May was usually the high point. Although inventory is up from last year, it's still well below historical norms, with fewer than half as many homes for sale this spring as in 2015. Here’s a deeper dive into Westchester County’s Spring markets since 2015:

• Earlier New Listing Peak: April has outpaced May for new listings in recent years, possibly due to sellers trying to attract buyers ahead of rising competition.

• Inventory Trends: The peak in…

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More Homes Selling to the Highest (Cash) Bidder

More Homes Selling to the Highest (Cash) Bidder

Westchester County’s housing market has strongly favored sellers in recent years, with many buyers forced to offer above the asking price just to stay competitive. According to my research, 56.2% of homes in Westchester sold for more than the listed price last year.  With all-cash offers becoming more frequent,  HousingWire is reporting that New York ranks second in the nation with 40.4% of purchases made in cash. It begs the question: What makes cash offers so appealing to sellers?

1. Fewer Risks: No appraisal and mortgage approvals are required.

2. Can Close “As-Is”: The ability to close with issues like open permits or code violations which lenders will typically…

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Inside Westchester County's Bidding Wars

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%.

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$100k Over Asking!

After 5 emails, 21 phone calls, and 181 text messages - we had a deal.

As a service-based business, it’s natural to want to share only the wins, but it’s just as important to be honest about the tough moments, too. If you’ve been house hunting lately, you know how tough the market is.

Last week, my buyers offered $100,000 over asking with excellent terms — strong down payment, no formal inspection, and a flexible closing — for a home they truly loved. It wasn’t a bidding war, but there was competition, and comparable sales supported the offer. So, we led with a strong and serious offer.

Then, we lost — to an all-cash buyer.

We regrouped, removed the escalation clause (since $20k over all-cash wasn’t enough of an…

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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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What If You Bought Your Home in 1995?

What If You Bought Your Home in 1995?

According to ResiClub's analysis of the Freddie Mac House Price Index, U.S. home prices surged by an impressive 300% from March 1995 to March 2025. Despite market fluctuations over the past three decades, homeowners experienced substantial gains in home equity, highlighting the enduring value of real estate as a wealth-building tool. Some may argue that stocks offer superior returns, noting that the S&P 500 Index rose by roughly 926% over the same period, but consider this:

• Leverage: Home price gains can yield far higher returns on a buyer’s down payment due to mortgage leverage.

• Opportunity Cost: Choosing to skip homeownership often means paying rent and underinvesting in…

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Locked-In & Loaded: Homeowners Sitting on a Mountain of Equity

Locked-In & Loaded: Homeowners Sitting on a Mountain of Equity

According to new numbers from FHFA and BatchService via ResiClub, the national average loan-to-value ratio (LTV) sits at just 62.2%. That means the typical homeowner today owns nearly 40% of their home outright — a powerful financial position. 

For reference: If a home is worth $400,000, and the mortgage balance is $320,000, the LTV is 80% (20% equity). A lower LTV = stronger footing. Nationally, that figure has plummeted, with some states far below average.

Ralph’s Take

This aligns perfectly with what we’re seeing in Westchester. Many sellers aren’t under pressure — they’ve built up significant equity and are comfortably locked into ultra-low…

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The Longer a House Sits, The Less It Sells For

The Longer a House Sits, The Less It Sells For

Overpricing your house could cost you more than you think.

Homes that sit on the market tend to sell for less — and it usually comes down to pricing. When a property is listed at or just below market value, it often sells quickly, sometimes with multiple offers. But overprice it, and things stall. Interest fades, and sellers end up cutting the price or accepting less. Today’s buyers are savvy. With market data at their fingertips, they know when a price is off — and many won’t bother engaging with a seller who seems unrealistic.

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The Top Price Ranges Driving Westchester’s Real Estate Market

The Top Price Ranges Driving Westchester’s Real Estate Market

The chart above provides a breakdown of property showings by price range for homes listed under $2 million in Westchester County, from January 1st to March 15th. It highlights which price segments that are attracting the most buyer interest, showing trends in demand based on the number of showings per listing. Key findings:

Most Active Price Ranges:

1. $600K – $699K: The lead in every category, representing 12.19% of all showings.

2. $700K – $799K: Placed second in all categories except showings per listing (10th)

3. $1.6M – $1.69M: Second in showings per listing (21.24), despite overall low volume.

Ralph’s Take

…

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