Westchester Home Prices Pushed to Record High By Bidding Wars

(Bloomberg) — Home prices in Westchester County surged to a record in the third quarter as bidders from New York City battled for a chance to buy a suburban retreat.

The median price of single-family homes that changed hands in the quarter jumped 16% from a year earlier to $808,500, the highest in data going back to 1986, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.



chart, histogram: Sellers Winning in Westchester


© Bloomberg
Sellers Winning in Westchester

Open houses have drawn crowds, and multiple offers on the same day, largely from city-dwellers seeking space for a prolonged period of working from home throughout the Covid-19 pandemic. Their purchases nearly cleared the market of listings, which tumbled 30% from a year earlier.

“We’re all preparing for what could be a second wave of spiking cases,” Douglas Elliman President Scott Durkin said in an interview. “Everyone is positioning themselves

Read More Read more