Will Real Estate Prices Go Down in Westchester County, NY?

As a real estate agent in Westchester County, NY, I often hear the question: Will real estate prices go down? With the market’s dynamic nature, it’s a valid concern for buyers and sellers alike. Let’s dive into recent trends and forecasts to provide clarity on what to expect in 2025.

Westchester County’s real estate market has been exceptionally strong, driven by its proximity to New York City, top-tier school districts, and suburban charm. In July 2025, the median home sale price reached $890,000, a 4.7% increase from the previous year, with homes selling in just 21 days on average. This reflects a persistent seller’s market, characterized by low inventory, only 2.8 months of supply in May 2025, and high demand, particularly in sought-after areas like Scarsdale, Rye, and Bronxville.

Looking ahead, forecasts suggest that home prices will continue to appreciate, though at a slower pace of 3-5% in 2025. Factors like stabilizing interest rates, projected to hover between 5.5-6%, and a slight increase in inventory could ease some pressure on prices. However, the luxury market (homes over $1 million) remains robust, with areas like Chappaqua and Bedford seeing strong demand for move-in-ready properties.

Could prices drop? A significant decline seems unlikely. While some markets nationwide anticipate slight corrections, Westchester’s unique appeal, excellent schools, commuter access, and limited land for new construction, keeps demand high. Even with a modest increase in listings, competition for well priced homes in desirable neighborhoods will likely keep prices elevated. For buyers, this means acting quickly and strategically, possibly targeting homes needing minor updates to avoid bidding wars. Sellers, on the other hand, should price competitively to capitalize on demand.

As your local real estate expert, I can help navigate these trends to achieve your goals. Contact me today to discuss your next move in Westchester’s thriving market!

Disclaimer: Real estate markets are subject to change. For the latest data, consult a local professional.