Westchester, NY

Westchester

With average sales prices at $10.4M in 2024, Westchester seems able to continue a slow 5-year climb out of the lowest years of 2019 and 2020. Along with a handful of other markets in its region, it demonstrates reluctant growth in valuations, but at a rate below the US average. Over the last 8 years, Westchester saw both 2018 and 2022 register higher than average valuations. Whereas US averages see a 55% growth over this period, Westchester moved sideways.

Highlights

• Sales prices are $10.4M on average, up from 2023, but below 2022 and 2018 peaks.

• At 577 DOM, sellers should brace for very long sales cycles or price accordingly

• Selling quickly is far better than selling slowly

In Westchester, selling quickly is the path to riches Although average transaction values are lower than the regional and national average for ultra luxury markets, it is noteworthy that Westchester sees an enormous divergence between those properties that sell quickly—under 180 Days On Market (DOM)—and those that take longer. Westchester has historically recorded a high average DOM, and 2024 is no exception at 577, almost double the average across all US luxury markets. 

Sales that took over 180 days generally settled at 85% of their listing value. Notably, quicker sales were able to secure 108% of their original listing price, meaning final transactions were are at an 8% premium to the listing price. This was 3% in 2023. Such values are unusual in luxury real estate. In Westchester, it pays to optimize for selling quickly.