December Real Estate Forecast: Tight Market & Musical Chairs

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

By Meg Allen Rodriguez of Berkshire Hathaway HomeServices

While the pandemic real estate frenzy has subsided in many parts of the country, Rye continues to see outsized demand. We continue to see extremely low inventory, with just five single family homes coming on the market in November. Combine this short supply with a constant march of buyers, and prices are standing firm.

The average listing price year to date in 2022 is up 7.38% to $2,510,755. In 2021 the average listing price YTD was $2,338,094. The average selling price year to date 2022 is $2,614,958 up 12.58% over 2021’s $2,322,842. 

The List to Sell price ratio is up 4.55% to 104.5% (in other words, in 2022 on average homes sold for 4.5% over list price). In 2021 YTD single family homes sold for 99.9% of the list price. 

The most curious market insight? Every reported buyer in November 2022 moved from another home in Rye–these are the ultimate educated buyers!  They know the community, they know value, and they are ready to act when the right house comes on the market.

Here are the seven single family home sales for November 2022 in the City of Rye (shown from highest sale price to lowest) 

• 12 Eve Lane
  • Seller: Shujuan Bao
  • Buyer: Thomas & Kelly Fallon
  • Listed: $4,885,000 
  • Sold: $4,600,000
  • Days on Market: 64

• 3 Rockridge Road
  • Seller: Thomas & Kelly Fallon
  • Buyer: Megan Monaghan & John Willey
  • Listed: $2,450,000 
  • Sold: $2,324,531
  • Days on Market: 14

• 9 Redfield Street
  • Seller: John Willey
  • Buyer: Patrick & Madison Winters
  • Listed: $1,650,000
  • Sold:$1,876,000
  • Days on Market: 2

• 9 Hook Road
  • Seller: Shirley Hollis
  • Buyer: Grandview Development
  • Listed: $1,900,000
  • Sold: $1,725,000
  • Days on Market: 15

• 51 Palisade Road
  • Seller: Heather & James Davies
  • Buyer: Not Reported
  • Listed: $1,495,000 
  • Sold: $1,596,250
  • Days on Market: 27

• 656 Forest Avenue
  • Seller: Nancy Licea Trust
  • Buyer: Rebecca & Wesley Willetts
  • Listed: $925,000 
  • Sold: $1,017,378
  • Days on Market: 13

• 12 Fenton Street
  • Buyer: Michael Vitulli
  • Seller: Not Reported
  • Listed: $1,100,000 
  • Sold: $950,000
  • Days on Market: 50