April Real Estate Forecast: Spring in Full Swing

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?

The spring market is in full swing.

Buyers are seasoned and continue to favor homes which require little or no work and are priced accurately. Of the six homes which closed in March, two sold for over the asking price after being on the market for just days. Two sold for the asking price, and two sold for less than asking after being on the market for 228 and 237 days respectively.

Inventory remains tight with historically low inventory of homes. Buyers must know what they want and be prepared to act quickly. Sellers must have a well organized go-to-market plan to help attract buyers and achieve the best price.

The summary activity in March in the City of Rye:

• Seventeen (17) new Single Family Home listings
  • Median list price for these newly listed homes: $4,275,000

• Six (6) Single Family Homes sold. Median Sold Price: $3,795,999
  • Median Days on Market for these sold homes: 72

• The big jump in both median and average prices in March on a year over year basis reflect the few number of data points and higher home values which closed this March (see transactions below).

The six (6) Single Family Home sales for February 2023 in the City of Rye (shown from highest sale price to lowest): 

• 300 Grace Church Street 
  • Seller: Bernard & Jaime Costello
  • Buyer: Abby & Alexander Goldstein 
  • Listed: $5,895,000
  • Sold: $6,100,000
  • Days on Market: 2
• 35 Island Drive
  • Seller: Viviane Megalli
  • Buyer: Lemw LLC
  • Listed: $7,495,000
  • Sold: $5,550,000
  • Days on Market: 228

• 612 Forest Avenue
  • Seller: Amcap Rentals LLC
  • Buyer: 612 Forest Avenue Associates
  • Listed: $5,200,000
  • Sold: $5,200,000
  • Days on Market: 13

• 25 Maple Avenue
  • Seller: 25 Maple Avenue LLC
  • Buyer: Michael & Alison Walsh
  • Listed: $3,350,000
  • Sold: $3,350,000
  • Days on Market: 267

• 17 Fairlawn Street
  • Seller: John A. Johnson, Jr
  • Buyer: Kyle and Courtney Sevy
  • Listed: $1,350,000
  • Sold: $1,450,999
  • Days on Market: 7

• 78 Grapal 
  • Seller: CJ Depauw
  • Buyer: not reported
  • Listed: $1,350,000
  • Sold: $1,125,000
  • Days on Market: 237