October Real Estate Forecast: Rye Outperforming National Trends

Special promotional content provided by Meg Allen Rodriguez of Berkshire Hathaway HomeServices in Rye

By Meg Allen Rodriguez of Berkshire Hathaway HomeServices

Across the country the real estate market is in flux due to the uncertain economy. Spiking mortgage rates along with home price growth fueled by the pandemic has put serious pressure on affordability. The market will continue to favor sellers, although not as much as in the last two years. 

Many homebuyers in Rye and Westchester move to the area for access to New York City. Did you know that homeownership is not the norm in New York City?  In fact, two thirds of the people who live in New York City rent their home.  With the much-written-about rebound of post-pandemic rents, the cost of living in New York City is back to eye watering levels.  These recently increased rents continue to prompt suburban buying decisions. 

Rye offers an appealing alternative to New York City; beautiful housing stock, wonderful education options, and reliable train service to NYC when needed.  Inventory is still severely limited in Rye City therefore well priced homes are selling rapidly.  For these reasons, Rye City continues to outperform the national trends, it continues to be a favorable time to sell your home in Rye City.

October’s takeaways:

• Prices Remain Up. The average selling price in Rye City continued to rise.  September Year to Date numbers for single family homes in the Rye City show the median sales price up year over year 15.84% to $2,295,000 in 2022 from $1,981,250 in 2021
• Sales are still Quick. In September average days on the market for sold properties declined sharply to just 19. In contrast, September 2021 average days on market was 54. Year to date Average Days on Market is 37 for 2022 down 19.57% from 46 in 2021.
• Inventory Remains Tight. Fifteen new single family home listings came on the market in September 2022, the same number of new homes on the market in 2021. Year to date Rye City is down 7.46% on new listings; 2022 has had 186 listings YTD, 2021 had 201 listings at this point last year. 
• Buyers are Discerning. Buyers are educated, many have been in the market for a while, and are responding quickly to well priced homes. The homes on the market the shortest number of days had the highest percentages sold over asking.

Here are the nine Single Family Home sales for September 2022 in the City of Rye (shown from highest sale price to lowest):

• 6-8 Upper Dogwood Lane
  • Listed: $7,650,000 
  • Sold:    $7,850,000
  • DOM (days on market): 12
  • Seller: Mark & Bridget Davis    
  • Buyer: not yet reported

• 13 Fairlawn Street
  • Listed: $3,495,000
  • Sold:    $4,275,000
  • DOM: 3
  • Seller: Christopher & Susan Adams 
  • Buyer: Jerry & Ewelina Serowik

• 51 Green Avenue Rye
  • Listed: 2,950,000
  • Sold: $3,250,000
  • DOM: 2
  • Seller: Christopher & Kelly McCoy
  • Buyer: not yet reported

• 131 Old Post Road
  • Listed: $3,195,000
  • Sold: $3,000,000
  • DOM: 16
  • Seller: C & L Hadjipanayis
  • Buyer: not yet reported

• 29 Beck Avenue
  • Listed: $2,595,000
  • Sold: $2,300,000
  • DOM: 23
  • Seller: Mitchell & Wendy Baruchowitz
  • Buyer: Marcelo & Simoes Barbosa

• 54 Midland Avenue
  • Listed: $1,975,000
  • Sold: $2,005,000
  • DOM: 3
  • Seller: Patrik & Towe Nemeth 
  • Buyer: Charles & Blair Benedict

• 40 Bradford Avenue
  • Listed: $1,450,000
  • Sold: $1,350,000
  • DOM: 37
  • Seller: Julie & Michael Wang
  • Buyer: New Street Dev. LLC

• 228 Central Avenue
  • Listed: $1,345,000
  • Sold: $1,325,000
  • DOM: 30
  • Seller: Jee & Song Yu
  • Buyer: B & L Gloden

• 161 Osborn Road
  • Listed: $929,000
  • Sold: $900,000
  • DOM: 51
  • Seller: Sam & Kathryn Di Edwards
  • Buyer: not yet reported