Home prices continue to surge in our area, creating excellent conditions for sellers. Our latest data from the first ten months of this year shows a total of 445 sales recorded, with a strong median sales price of $529,900.
If you're thinking of selling, here are the key trends driving the current market and what they mean for you:
The Luxury Market is Fueling Price Growth
A significant driver of rising home values is the high-end segment. Homes priced over $1 million are currently responsible for over 25% of our total residential sales. This activity at the top is pulling the overall home prices upward, confirming the strength of our market.
Speed and Cash Rule the Day
Buyers remain highly motivated, and properties are moving quickly—especially those priced well. Over 29% of all sales closed within the first 30 days. This speed is largely attributed to a notable number of cash transactions, which eliminate mortgage contingencies and accelerate the timeline.
Urban Concerns are Increasing Local Demand
We are seeing continued high demand from buyers currently residing in New York City. Concerns that a new mayor may have a negative impact on real estate values in the city are prompting a segment of New York City buyers to actively look for properties here, further fueling our market.
The Road Ahead: Stability vs. Uncertainty
While the market currently favors sellers, there are some indications of a coming shift. A slowly rising number of homes available for sale could, if that trend continues, have a stabilizing effect on prices.
Ultimately, all real estate markets respond best to stability. While the Federal Reserve has lowered some benchmark rates, we haven't seen a significant corresponding decrease in mortgage rates yet. As long as broader concerns about the economy continue, we remain in uncharted waters.
If you are considering selling, now is the time to leverage the current momentum. Contact us today to discuss how these powerful market trends affect your home's value.
