Westchester Real Estate Buying Trends 2015
- Millenials (described as those born between early 1980’s & mid 1990’s) will be the largest component of homebuyers in 2015.
- Millenials are trending as more interested in convenience of living (distance to work/highway/train/restaurants/shops) than living space.
- Buyers in 2014 have shown that they are willing to pay top dollar for new construction and/or renovated move-in quality. I see this as a continuing trend in 2015. Sellers need to be strategic with their agents in how to market and properly represent those homes that have not been renovated.
- With the economy on the rise, we are happy to see that the return of the 2nd home market. Buyers are looking towards buying a weekend home in the Northern Westchester communities of Armonk, Chappaqua, Bedford, Katonah & Pound Ridge for weekend relaxation.
According to Houlihan Lawrence’s President/CEO and Managing Principal, Stephen & Chris Meyers, they see the following Westchester County real estate selling trends for 2015:
- Westchester single-family home prices are rising and getting closer to the all-time highs of 2007.*
- Numbers are showing that sales are happening faster and average days on the market for Westchester single-family homes are the lowest since 2006.
- Westchester luxury market surged at the end of the year with sales of homes priced above $2 million up 16% in 2014.
The outlook for 2015 looks great! Buyers and sellers are both motivated. It’s time to move, let’s make it happen together. Looking forward to helping everyone reach their goals in 2015. Your goals are my goals!
*Real estate is Local. It is important to look at each town’s statistics as the Northern suburbs have been slower to rebound.