If you’re considering buying or selling a home in Bronxville, Tuckahoe, or Eastchester, you’re probably wondering: Is it a seller’s market or a buyer’s market right now? The state of the real estate market can change quickly, and understanding whether we’re in a seller’s or buyer’s market can help you make better decisions—whether you’re looking to get top dollar for your property or find a great deal on your dream home.
In this blog, we’ll explore the current real estate market conditions in Bronxville, Tuckahoe, and Eastchester, along with factors that influence whether it’s a seller’s market or a buyer’s market. We’ll also provide tips for navigating the market, whether you’re buying or selling.
What’s a Seller’s Market vs. a Buyer’s Market?
Before diving into the specifics of these towns, let’s clarify what a seller’s market and a buyer’s market mean:
- Seller’s Market: A seller’s market occurs when demand for homes exceeds supply. In this type of market, there are more buyers than homes available for sale, which often leads to higher prices, multiple offers, and homes selling faster. Sellers typically have the upper hand in negotiations.
- Buyer’s Market: A buyer’s market happens when supply exceeds demand. There are more homes for sale than buyers, which can lead to lower prices, longer times on the market, and more room for negotiation. In this situation, buyers tend to have more bargaining power.
Current Market Conditions in Bronxville, Tuckahoe, and Eastchester
Bronxville: A Seller’s Market (But Cooling Off)
Bronxville, with its affluent real estate, charming village atmosphere, and easy commute to Manhattan, has historically been a strong seller’s market. Right now, Bronxville is still experiencing a seller’s market, but there are signs that things are starting to stabilize.
- Demand: The demand for homes in Bronxville remains high, especially for properties that are well-located near the train station or in the most desirable school districts. The town’s proximity to Manhattan continues to draw buyers, especially high-income professionals and families looking for prestigious suburban living.
- Price Trends: Home prices in Bronxville have remained strong, with a median sale price that typically hovers above $1.5 million. Sellers are still getting strong offers, and homes tend to sell quickly, but prices are beginning to level off as we move through 2024, especially in the higher price brackets.
- Inventory: The supply of homes for sale in Bronxville is still relatively limited, which contributes to the seller’s market. However, the lack of inventory is not as severe as it was in the past couple of years, and some buyers are taking more time to make decisions.
- Outlook: We can expect Bronxville’s market to remain relatively competitive for sellers, particularly for properties priced below $2 million. However, for higher-end homes, we may see more price negotiations and longer time on the market as buyers become more cautious.
Tuckahoe: A Strong Seller’s Market with High Demand
Tuckahoe is one of the more affordable towns compared to Bronxville, but it’s still a desirable location for buyers, particularly those who want easy access to Manhattan at a lower price point. Right now, Tuckahoe is experiencing a seller’s market as well, though it’s not as competitive as Bronxville.
- Demand: There’s steady demand for homes in Tuckahoe, particularly from first-time buyers and families looking for a more affordable suburban lifestyle. Tuckahoe’s proximity to Bronxville and Eastchester adds to its appeal, as buyers can enjoy the benefits of those communities without paying the premium prices.
- Price Trends: Home prices in Tuckahoe have been on the rise, with the median sale price for homes around $700,000. While prices have increased, they are still more affordable compared to its neighbors, making it an attractive option for buyers looking to stay within budget.
- Inventory: Tuckahoe has seen a moderate amount of inventory on the market, but homes are still selling relatively quickly, especially those that are move-in ready or updated. Sellers are generally receiving asking price or close to it, though the market isn’t as intense as in Bronxville.
- Outlook: Tuckahoe is likely to remain a seller’s market for the near future. As long as inventory remains somewhat low and demand continues, sellers will likely retain the advantage in most transactions. However, the pace of sales might slow slightly as interest rates and inflation impact buyer sentiment.
Eastchester: Seller’s Market with Signs of Stabilization
Eastchester, a town that offers a nice balance of suburban living and city convenience, is also experiencing a seller’s market at the moment. However, much like Bronxville and Tuckahoe, we’re beginning to see signs of stabilization.
- Demand: Eastchester remains an attractive option for families due to its highly-rated school district and proximity to both Bronxville and New Rochelle. The demand is high, especially for homes near the train station or in desirable residential areas like Lake Isle or Chester Heights.
- Price Trends: The median home price in Eastchester hovers around $900,000, with some homes in sought-after areas surpassing $1 million. Prices have risen over the past year, but they are not escalating as rapidly as they were during the peak of the pandemic. Buyers are still showing strong interest, but some are more cautious due to economic factors.
- Inventory: Inventory levels in Eastchester are relatively low, especially for single-family homes in prime locations. Sellers are still seeing quick sales and often multiple offers on well-priced properties.
- Outlook: Eastchester will likely remain in a seller’s market for the near future, though the pace may slow somewhat as buyers become more selective. Homes that are priced well and in desirable neighborhoods will continue to attract strong interest.
How Should Buyers and Sellers Navigate the Current Market?
For Sellers:
- Time to Sell: If you’re considering selling your home in Bronxville, Tuckahoe, or Eastchester, now is still a good time. Sellers have the upper hand in terms of price and negotiation, particularly if your home is in a desirable location and in move-in condition.
- Be Prepared for Multiple Offers: In a seller’s market, you may receive multiple offers, especially if your home is priced correctly. Be prepared for some level of competition, but also be mindful of setting a fair asking price to avoid chasing the market.
- Know When to Be Flexible: While sellers may have the advantage, we are seeing some signs of stabilization in prices, particularly for higher-priced homes. Be ready for a little more negotiation on price, especially for homes that have been on the market for a while.
For Buyers:
- Act Quickly and Be Prepared to Compete: In a seller’s market, homes can sell quickly, so it’s important to act fast when you find a home you love. Be prepared to make competitive offers and possibly face bidding wars. Working with a knowledgeable agent can help you navigate multiple offer situations.
- Stay within Budget: While the market is competitive, make sure to set a budget and stick to it. It’s easy to get caught up in a bidding war, but it’s important to make sure the home is still a good value for you.
- Consider Non-Price Terms: In multiple offer situations, sellers often consider factors beyond just the price, such as flexible closing dates or fewer contingencies. Work with your real estate agent to strengthen your offer in ways that may be more attractive to the seller.
Overall, the real estate market in Bronxville, Tuckahoe, and Eastchester remains a seller’s market as we move through 2024, with high demand, limited inventory, and rising prices. However, we are starting to see some signs of stabilization in all three towns, particularly in the higher price ranges. While sellers continue to hold the advantage, buyers should still be prepared to compete for the best homes, especially in the most desirable neighborhoods.Whether you’re looking to sell or buy, working with an experienced local real estate agent who understands the nuances of these neighborhoods will help you navigate the market and make the best possible decision for your needs.