The 2021 median single family home sales price in North Salem was just over $700,000

2021 was another strong year for Westchester County real estate. The county retained its status as being one of the top destinations north of New York City as many buyers continued to leave their apartments in the city for spacious properties in the suburbs. In terms of total sales volume, single family home purchases increased 22% in 2021 amounting to over $7.75B in sales. The average sales price for a single family home in the county increased 10%, and in 2021 Westchester County recorded its highest median home price ever at $780,000.

North Salem also benefited from the strong market in 2021. Here, North Salem’s 2021 real estate market by the numbers:

• 99 single family home sales
• 25% YOY increase in sales volume (compared to 2020)
• Median single family home price $700,100 (compared to $597,000 in 2020)
• Average single family home price $1,004,614 (compared to $755,521 in 2020)
• Average days on the market: 80 (compared to 91 in 2020)

What's next for our market? In response to speculation that interest rates may hike three times in 2022, buyers are firing up their search earlier in the season to lock in the lowest rate possible. I predict we will experience an early and prolonged spring market that continues to favor sellers while supply remains low.

Contact Jessica Broomhead at 214-497-8819 or Jessica.Broomhead@Compass.com for access to the detailed Westchester County 2021 Market Report by school district, or to prepare and strategize for the spring buying season.

Sources: OneKey MLS, Westchester County, 01/01/2020-12/31/2020 vs. 01/01/2021-12/31/2021 and Compass 2021 Year in Review Westchester Market Report.