January Real Estate Forecast: Buyers Must Be Ready to Pounce

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

By Meg Allen Rodriguez of Berkshire Hathaway HomeServices

Finishing out 2022, demand continues to outpace supply. Only one new single family home came on the market in December.  

Rye City buyers remain in a fast moving market when a well-priced home in good condition becomes available. Heavy buyer traffic at open houses and short days on the market underscore this trend. Buyers must be ready to pounce.

Year over year stats demonstrate the omnipresent strength of the Rye market:

• The Average Listing Price was up 4.27% Year over Year. In 2021 Average Listing Price was $2,371,795. In 2022 Average Listing Price was $2,472,972. 
• The Average Selling Price was up 9.24% Year over Year. In 2021 the Average Selling Price was $2,354,229. In 2022 the Average Selling Price was $2,571,706. 
• Average Days on Market was down 21.28% to 37 Average Days on Market in 2022. 
• List to Selling Price ratio is up Year over Year 4.48%. The List/Sell ratio in 2022 was 104.2% 

Rye City remains a sellers market. With the anticipation of mortgage rates stabilizing and an increase in inventory in 2023 we should see a solid market in the coming months. 

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

• 11 Ridgewood Drive
  • Seller: Jamie Davitt
  • Buyer: not yet reported
  • Listed: $2,349,000 
  • Sold: $2,285,000
  • Days on Market: 9

• 4 Fairlawn Court
  • Seller: Peter & Sarah Wells
  • Buyer: not yet reported
  • Listed: $1,699,000
  • Sold: $2,100,000
  • Days on Market: 3

• 95 Wappanocca Avenue
  • Seller: Lukas Morell
  • Buyer: Scott McGorry & Mary Rosato
  • Listed: $1,700,000
  • Sold: $1,660,000
  • Days on Market: 31

• 61 Midland Avenue
  • Seller: Edward & Lindsay Timlin
  • Buyer: Christian & Allison Steube
  • Listed: $1,549,000
  • Sold: $1,575,000
  • Days on Market: 8

• 183 Grace Church Street
  • Seller: Phillip & Christine Patouhas
  • Buyer: not yet reported
  • Listed: $1,995,000
  • Sold: $1,550,000
  • Days on Market: 121

• 652 Forest Avenue
  • Seller: Marcelyn Gordon Trust
  • Buyer: Parkway 1000 Llc
  • Listed: $949,000
  • Sold: $999,000
  • Days on Market: 17

• 38 Soundview Avenue
  • Seller: Michael & Jeanne O’Mealy
  • Buyer: not yet reported
  • Listed: $1,100,000
  • Sold: $999,000
  • Days on Market: 9