March Real Estate Forecast: What You Need to Know for the Spring Market

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

By Meg Allen Rodriguez of Berkshire Hathaway HomeServices

Buying? Selling? Watching the local Rye real estate market?

Here is what you need to know for the spring market.

Homes in move-in condition and priced accurately continue to sell for over the asking price and don’t last very long on the market. Half of the homes which closed in February sold for well over the asking price (see our reporting below). 

The challenge for Rye City and the surrounding communities continues to be historically low inventory of homes available for sale. Buying? Know what you want and be prepared to act quickly. Selling? An organized go-to-market plan will help attract buyers and achieve the best price.

The summary activity in February in the City of Rye:

• Thirteen (13) new Single Family Home listings
  • Median list price for these newly listed homes: $2,025,000
• Ten (10) Single Family Homes went into pending sale
  • Median Days on the Market for these pending homes: 8
• Eight (8) Single Family Homes sold. Median Sold Price: $2,212,500
  • Median Days on Market for these sold homes: 9

The eight (8) Single Family Home sales for February 2023 in the City of Rye (shown from highest sale price to lowest): 

• 859 Forest Avenue
  • Seller: Brendan & Jane O’Sullivan
  • Buyer: Old Firehouse No 4 llc
  • Listed: $13,995,000
  • Sold:   $12,250,000
  • Days on Market: 231
• 410 Park Avenue
  • Seller:2015 Park Ave LLC
  • Buyer: Not reported
  • Listed:$4,795,000
  • Sold:$4,960,000
  • Days on Market: 4
• 56 Intervale Place
  • Seller:Denise & Kevin Denson
  • Buyer:Not reported
  • Listed:$3,149,000
  • Sold:$3,400,000
  • Days on Market: 6
• 39 Ormond Place
  • Seller: Michael Schultz
  • Buyer: Matthew Hantz
  • Listed: $2,295,000
  • Sold: $2,600,000
  • Days on Market: 2
• 31 Brookdale Place
  • Seller: Crista Demasi
  • Buyer: Not reported
  • Listed: $1,755,000
  • Sold: $1,825,000
  • Days on Market: 10
• 25A Howard Place
  • Seller:Lois M Stanton
  • Buyer: 753 BPR LLC
  • Listed:$1,000,000
  • Sold:$925,000
  • Days on Market:237
• 18 Cedar Place
  • Seller: Taylor Joseph
  • Buyer: 18 Cedar Place llc
  • Listed: $995,000
  • Sold: $790,000
  • Days on Market: 109
• 10 Ellsworth Street
  • Seller: Frank Marino
  • Buyer: 10 Ellsworth llc
  • Listed: $849,000
  • Sold: $710,000
  • Days on Market: 90