North Salem Real Estate Market Update
The numbers are in, and North Salem real estate continues to outperform itself with some of the highest sales numbers that we’ve seen in the last seven years. With the help of two high-end transactions in the local luxury market, we ended Q3 2021 with a year-to-date average single-family sales price at $1,021,144 – more than a 30% increase from 2020, which was already a very hot year for our market. Median price, which is generally a more accurate indicator of the “sweet spot,” also jumped a solid 16.7% from $606,000 to $707,500.
As a seller this means that now, more than ever, is the ideal time to list your property to see the greatest return in the shortest amount of time. We have been experiencing an extremely fast-paced sellers’ market since spring of 2020 when the pandemic fueled an intense wave of lifestyle changes for buyers in search of increased space and privacy, quieter communities, and a desire to be connected to nature. Coupled with interest rates that remain historically low, families now have more buying power than ever before and they are ready to invest in and call our beautiful town their home.
Based on what I’ve seen over the past couple of weeks, I anticipate that our market is returning to pre-pandemic seasonality and that we will be relatively quiet in Q4 while families take advantage of the opportunity to finally spend the holiday season all together again. I have already begun meeting with both buyers and sellers who are thinking forward to the moves they’d like to make in the spring. Buyers are attending open houses and exploring the various towns in Northern Westchester to decide which area is the best fit for their family, and sellers are starting to consider what it might take to prepare their home to sell.
Buyers are excited about our community of North Salem because we can offer many of the criteria they’re looking for – beautiful homes with reasonable taxes, a highly-rated school district, and access to open space and preserved natural landscape. Whether you’re planning to buy or sell in 2022, now is the time to make a plan and get ready.
Contact Jessica Broomhead at 214-497-8819 or Jessica.firstname.lastname@example.org for access to the detailed Westchester County Market Report by School District, or to prepare and strategize for the spring buying season.
Sources: OneKey MLS, North Salem School District, Single-Family, January-September 2020 vs. January-September 2021