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 data because it offers forward-looking insight, but it’s not the sole indicator needed to predict the direction of the market. If we were also seeing rising inventory levels and an increase of days on market (both of which remain relatively steady year-over-year), that would signal a potential slowdown. For now, the recent uptick in local price reductions may just reflect overly ambitious pricing by sellers rather than a shift in the market.