Welcome to a comprehensive exploration of “Why You Should Consider Westchester and Connecticut for Your Real Estate Project.” In this article, we delve into the appealing attributes and strategic advantages of these two prime locations, examining the factors that make them ideal for real estate investment and development. Join us on this insightful journey as we explore the unique qualities of Westchester and Connecticut, from their scenic landscapes and vibrant communities to their robust economies and accessibility to major metropolitan areas. Gain a nuanced understanding of why these regions offer exceptional opportunities for your next real estate project. Discover why you should consider Westchester and Connecticut for your real estate project in BARNES’ article for the French-American Chamber of Commerce.
Tag: Westchester
What is the average house price in Westchester?
Westchester County is located in the southern part of New York State. It’s one of the most desirable locations for people looking for a home, especially if they are working in New York City or want to be close to it.
It has plenty of natural landscapes, diverse cultures, and plenty of educational opportunities. The real estate market in the area has grown in popularity in recent years (and for good reason). We’ll discuss what the average house prices are in Westchester in this guide.
We’ll also cover anything else that you may need to know about the real estate market in the area. If living in Westchester County is something that interests you, keep reading.
What is the Westchester County real estate market like?
The Westchester County real estate market is thriving. As of right now, it has a median home value of $791,000 as of June 2024 according to OneKeyMLS data. This was a 9.1 percent increase from the previous year and higher than the national median home value of $725,000.
The home value has increased due to the high demand for real estate in the area. Not to mention, there are several factors that make Westchester County an attractive location. The proximity to New York City is one of them.
Another thing that makes Westchester County attractive is its accessibility. With a robust transportation network including highways, rails, and buses, it will be easy to get around, meaning you can take a trip to NYC or even neighboring New Jersey using local transit.
Likewise, you can also access different cities in New York State via Amtrak. You can get around the entire country on Amtrak even via Westchester County (although New York City is often a hub to get you just about anywhere in the country). You will also be in close proximity to the three major airports in the NYC area (LaGuardia, JFK, and Newark).
What is the average house price in Westchester?
The average house price in Westchester will vary on several factors. The major factor is the location. The median price for a house in Yonkers is estimated at $490,000, as of June 2024.
If you travel to neighboring towns such as Rye or Scarsdale, you’ll see the average house price increase dramatically. Scarsdale has a higher median home prices, close to $2.3 million, while Rye is close to $1.1 million. If you’re looking for a home that fits your price range, some towns may fit the profile while others may not.
You may find the home of your dreams in White Plains if it fits your budget range. Even if you have to narrow your search area, you’re bound to find a place that you can call home. This includes plenty of high-end properties including luxury townhomes, sprawling estates, and historic homes.
If you are looking for something more affordable, there’s always smaller single-family homes and apartments.
What to consider before you buy a property in Westchester?
If you intend to buy a property in Westchester, there are plenty of factors to consider. Your most critical needs will be addressed. They vary from one buyer to another.
Let’s take a look at the following factors below:
Commute time
If you are working in New York City or the surrounding area, this will be important. How much time would you use to commute to and from work? Even better question – what will you rely on for the commute in general.
You have plenty of options for commuting including rail and bus. If you want to drive, that is also an option, although you will need to consider parking. Even though there are plenty of people that have eschewed the idea of commuting thanks to remote work – you might still want or need to commute yourself.
Find a home where the average commute time suits you best.
Budget
What is your desired price range? How much are you willing to spend on a home? This will whittle down plenty of options.
It may also mean narrowing down your search area. You might be dead set on getting a home in New Rochelle, but your options in the city may be none in terms of affordability. But don’t lose hope.
You can find a place that you’ll enjoy calling home, even if it’s not in your original intended location. Better yet, you may find a few hidden benefits (like a shorter commute time or being close to all the action downtown).
Summary
The average house price in Westchester may be a bit higher than the national average. Yet, you can find one that may be on par with it. It all depends on where you find it.
Remember, finding a home will be based on your critical needs and preferences, as well as your budget. Contact us today to help you find a place for you.
What is the real estate market like in Westchester?
The Westchester County Real Estate Market has been in high demand lately, in large part, due to the global pandemic. As a result, more than ever, people are leaving New York City and traveling north, trying to find property in less crowded and more spacious areas while still remaining a train ride away from all the big city action.
Homes, condos, townhomes, and even rental units are selling for record prices. As a result, the supply is dwindling. And buyers are jumping on whatever they can get and almost always enter competitive bidding wars that often send the property’s sale price over what was originally asked.
Just how competitive is the Westchester county real estate market?
According to a report put out by Bloomberg last year, properties in Westchester have been in such high demand that the supply of the properties, if it continues at its current rate, will be completely drained by the end of the year. In Westchester County’s history, a shortage of that severity has never been recorded before.
And because of that shortage, the Westchester County Real Estate Market is very tense and properties are now being sold for record rates.
Why is Westchester county so competitive?
One of the main reasons the Westchester County Real Estate Market is so competitive is because of its close proximity to New York City. It’s no secret that while many people want to move out of the city, they do not want to cut ties with it completely. They want to remain close, and Westchester being the first northern county to border New York City proper, keeps them close.
But that’s not all—Westchester county is also known for its high quality of life, and its experienced workforce, including more than a few Fortune 500 companies. All these features make the Westchester County Real Estate Market a good place to invest.
Are there any parts of Westchester not as affected by the real estate market?
Unfortunately, not really. As a whole, Westchester County is in a lower supply of properties than usual. That low supply has driven up the selling price of available properties.
According to a report by Miller Samuel, the selling price for properties in Westchester County has increased, on average, by approximately 1.5% from the previous year. In comparison, the number of properties being sold fell by nearly 13.4% in that same period. That means more people are trying to buy than sell in the Westchester County Real Estate Market.
What are the most in demand cities and towns in Westchester?
Anything along the coast is always in high demand, and places like New Rochelle and Larchmont up to Rye and Port Chester, which have picturesque waterside views and thriving downtowns, are avidly sought. And then there are places like Yonkers, Tarrytown, and Croton-on-Hudson, all of which are located along the Hudson River and similarly popular.
Why is the eastern coastline in such high demand?
The eastern coastline of Westchester County consists of New Rochelle, Larchmont, Rye, Port Chester, and a few other cities and towns. They are home to many young and experienced working professionals and ample nature parks.
What can I expect in New Rochelle?
New Rochelle is the southernmost coastal city in Westchester and the seventh-largest city in the state. It is approximately 15 miles to New York City (Manhattan), which translates to just over 20 minutes away by car or thirty minutes by train.
New Rochelle is chock full of everything water-related. It has sailing schools, yacht clubs, rowing clubs, nature preserves, museums, and beer gardens. Its own downtown offers everything you need, so you don’t need to make the trip to New York City if you don’t want to.
The average sale price for its homes is often around $415,000, making it far more accessible than the city itself.
What can I expect in Larchmont?
Larchmont is immediately north of New Rochelle and its average sale price for homes at the time of this writing was $1.6 million USD.
Larchmont has a walkable downtown, plenty of spacious homes, and offers all of the same conveniences as New Rochelle, like parks, yacht clubs, and ample beaches.
What about Rye and Port Chester?
Rye and Port Chester are the northernmost waterside cities on the eastern coast of Westchester. Rye’s average sale price for homes is $1.6 million, while Port Chester sported a cheaper $598,000 price tag, on average.
Rye is a food haven—there are ample restaurants, cafes, and coffee shops that dot its enviable downtown, and there is no shortage of explorable parks. Of the coastal cities in the county, it has a more suburban feel to it, and most residents own their homes.
Port Chester is just north of Rye and offers plenty of museums, movie and performing arts theaters, and an abundance of restaurants downtown. Plus, being so close to Rye, any of Rye’s amenities are just a short drive, or train ride, away.
What about the cities along the Hudson River?
The Hudson River cities of Yonkers, Tarrytown, and Croton-on-Hudson carried a smaller price tag for homes than the eastern coastline. The sale price for homes in the river cities is approximately $750,000 on average, with Tarrytown driving that average up.
What is Tarrytown like?
Tarrytown is a diverse city with idyllic tree-lined streets and Victorian-style homes. Many of its residents describe Tarrytown as quiet, peaceful, and beautiful. And it’s that beauty and style that have inspired many well-known works of art, including the novel ‘The Legend of the Sleepy Hollow.’
Home prices here sell for around $1.4 million on average.
What is Yonkers like?
Yonkers is the closest Westchester city to New York City, and originally began as an industrial extension. However, that was its past; Yonkers has since been transformed, while keeping its historical buildings intact, into a residential haven filled with four-star restaurants, luxury properties, and a booming downtown.
It’s got great culture and diversity to boot too, and, with the prices of homes starting near $342,000, you can do little wrong buying property here.
What about Croton-on-Hudson?
Croton-on-Hudson is located at the intersection of the Croton and Hudson Rivers. It is a 5-square-mile town that is packed with plenty of things to do and eat. Of the mentioned Hudson River cities, Croton-on-Hudson has the most suburban feel to it, but it comes with many amenities like highly-sought-after housing, high-end restaurants, and plenty of scenic parks.
On average, its home prices are typically around $951,000.
When is the right time to buy in Westchester?
Real estate is a tricky subject right now. There are more people wanting to buy property than there are people willing to sell their property. Because of that reason, the selling price often goes above and beyond the asking price.
As a result, buyers should be ready to be bidding against a handful of other interested parties.
For more information on Westchester and its real estate market, contact BARNES New York!
BARNES New York & Westchester, proud sponsor of FASNY Drive-in Movie Night
BARNES New York & Westchester had the incredible opportunity to sponsor the FASNY (French-American School of New York) drive-in movie night, that took place with great success on April 23rd, 2021. This great evening was the opportunity for FASNY to celebrate its 40th Birthday, enthusiastically following the famous Yellow Brick Road to Oz in the perfect location with yummy snacks and a lot of fun.
In an effort to reinforce its presence in the Upper New York state area, as well as supporting the French community in the Northern part of the state, BARNES New York will expand with a new agency opening very soon in the Westchester region. BARNES is at your disposal to support you in all your real estate projects, in New York City itself or throughout the metropolitan area. Do not hesitate to contact us.
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ABOUT FASNY
The French-American School of New York (FASNY) is an international, independent, coeducational day school providing a global education to approximately 800 students in nursery through grade 12. FASNY is the only school in the New York metropolitan area accredited to offer both the International Baccalaureate and the French baccalaureate. FASNY is located in Westchester County, NY, with campus in Larchmont and Mamaroneck.
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