Landlord Tips & Tricks
April 4, 2024

Yonkers Real Estate Market Overview - 2024

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Yonkers Real Estate Market Snapshot

The Yonkers real estate market has shown a varying trend in recent months, reflecting changes in median sale prices and housing inventory levels.

Market Dynamics

In Yonkers, real estate dynamics are characterized by moderately competitive conditions. Homes in the city have experienced fluctuating median sale prices, which recently stood at $523K, indicating a significant year-over-year (YoY) increase. The median price per square foot has also risen to $309, another indicator of the market's strength. Such figures help buyers and sellers set expectations for property values in the area.

Current Trends

Analyzing the current trends, properties in Yonkers are generally selling within 38 days on market, which suggests a steady pace of transactions. Monitoring inventory is crucial as it affects buyer competition and pricing. With a slight increase in the number of available homes recently, potential buyers have seen a modest expansion in options. It is important to track such trends to understand the market's trajectory and to anticipate future movements.

Property Listings and Sales Data

In the Yonkers real estate market, data from recent sales and current listings provide a comprehensive view of property trends, including the performance of various home types and the general pricing landscape.

Recent Sales Statistics

The Yonkers market has experienced notable transactions with varying home prices. Recent data indicates that the median sale price of a home in Yonkers has seen significant change over the past year. Specifically, in February 2024, homes with more than five bedrooms had an average price increase of 1.8%. The median sale price was reported to be $566,000 in the previous month, which was a year-over-year increase of 33.1%. Details from RocketHomes reflect these fluctuations. Additionally, Redfin offers insights, stating that homes in Yonkers sell after approximately 33 days on the market and usually receive one offer on average.

Current Listings Overview

The current listings provide a window into the diversity of properties available within the Yonkers real estate. There is a range of homes for sale, from single-family houses to condo/townhomes. According to Realtor.com, the median listing home price during the same period was $244,000, showing a slight decrease from the previous year. This figure comes alongside a median price per square foot of $244. On another front, the comprehensive OneKey® MLS, often accessed through IDX information, offers real-time listings and a detailed outlook of active homes in Yonkers, including their features and pricing. For those interested in acquiring in-depth property data, platforms like PropertyShark provide enriched property reports and value estimates for those listed properties.

Price Points and Affordability

The Yonkers real estate market presents a diversity of options, catering to varying budget constraints. At the heart of affordability is the median sale price, which stands as a critical indicator of the market's accessibility. In recent times, the median sale price of a home in Yonkers has experienced fluctuations, reflective of market trends and economic factors.

In the past year, properties in Yonkers have seen a significant appreciation in value. Specifically, the median sale price was reported at approximately [[_$566K_]](https://www.redfin.com/city/20735/NY/Yonkers/housing-market), underscoring a 33.1% increase from the previous year. This increment is paired with the median sale price per square foot at _$309_, marking a 21.4% rise over the same period.

Homes in Yonkers do not linger long on the market. The average property sells in around 33 days, illustrating the market's vibrancy and buyers' readiness to secure purchases swiftly. Here, a standard lease agreement for residential property aligns with the market's dynamism, often reflecting prevailing pricing trends.

It's essential to consider that while some segments of the market have witnessed a positive trajectory, variations do exist. There were instances where the median listing home price dropped to _$244K_ in a given month, signifying a modest decline of 1.8% year-over-year.

Prospective homeowners and investors must scrutinize these numbers, balancing the median home sold prices and lease options within their financial reach. The Yonkers market offers a broad spectrum of opportunities, but the imperative remains to navigate through these fiscal dynamics discerningly.

Local Neighborhood Profiles

Yonkers, NY, offers a diverse variety of neighborhoods, each with its distinct character and appeal. These areas vary in their demographic composition, real estate market trends, and proximity to key attractions in Westchester County.

Central Yonkers

Central Yonkers serves as a vibrant hub characterized by a mix of residential and commercial areas. It is home to landmarks such as the Yonkers Raceway and is in close proximity to the Cross County Shopping Center. The real estate in Central Yonkers often appeals to those seeking an urban lifestyle with easy access to public transportation and city amenities.

Northwest Yonkers

Situated near the border of Hastings-on-Hudson, Northwest Yonkers boasts scenic views along the Hudson River. This area features a variety of homes from luxurious riverside properties to more modest family residences. Nature enthusiasts appreciate the close access to Untermyer Park and Gardens, a historic park with beautifully landscaped gardens and walking paths.

Northeast Yonkers

Northeast Yonkers is known for its quiet, residential character and borders the upscale neighborhoods of Scarsdale and Eastchester. Housing here mainly consists of single-family homes, with numerous properties constructed between 1940 and 1969. The neighborhood of Lawrence Park West also lies within this region, offering tranquil living and spacious properties.

Housing Market Analysis

In the realm of real estate, understanding the Yonkers market relies heavily on thorough analysis and robust data. This section delves into the granular details through year-over-year comparisons of housing trends and insightful market predictions.

Year-Over-Year Comparisons

Data from the Yonkers Housing Market reveals consistent growth. For instance, comparing median sale prices, the real estate market witnessed a notable increase from $523K to $635K—a testament to the area's competitiveness. Moreover, the median sale price per square foot has escalated from $309 to $418 within a year. Redfin's report mirrors this growth, showing a 21.4% rise. The number of transactions, though, have seen a decrement of 33.7% year-over-year as per PropertyShark's insights.

In 2023, the median sale price was $523,000 with a median sale price per square foot of $309, accompanied by a notable 33.7% decrease in transaction volume. However, in 2024, the median sale price rose to $635,000, corresponding to a higher median sale price per square foot of $418. There is no specified percentage change in transaction volume for 2024, indicating that this data might not yet be available or was not provided.

Market Predictions

Moving forward, the real estate market in Yonkers is poised for nuanced shifts. The analysis has taken into account various factors including but not limited to historical trends, economic indicators, and Census Bureau data projections. Professionals predict that while the market may maintain its upward trajectory in sale prices, fluctuations in the housing supply could potentially moderate this growth. Consensus from Rocket Homes aligns with this projection, noting a modest increase in available homes for sale compared to the previous month.

The predictions for the housing market indicate a continuation of growth in the median sale price, albeit at a slower rate compared to previous periods. There is an expectation of a slight increase in housing supply, which could provide more options for buyers. Additionally, the average days on the market are forecasted to remain consistent with the trends observed in the previous year, suggesting a stable selling environment where homes are expected to sell within a similar timeframe as before.

The insightful integration of Census Bureau data APIs assists in corroborating these predictions, offering a comprehensive understanding of Yonkers' real estate market dynamics.

Schools and Education Impact

When examining the Yonkers real estate market, schools and education play a pivotal role in influencing home values and neighborhood desirability. Families often prioritize the quality of education, which brings institutions like Bronxville Elementary School and Patricia A. DiChiaro School into focus. These schools are known for their high academic standards and commitment to student success.

GreatSchools ratings are frequently consulted by prospective homebuyers to assess local schools. The ratings can significantly affect public perception and, by extension, real estate values. A school like Montessori School 27, with its alternative education model, also adds to the educational diversity of the area, attracting families interested in unique learning environments.

Paideia School 24 is another institution that adds value to the Yonkers housing market through its innovative programs and parent involvement efforts. The school's emphasis on fostering a supportive learning community bolsters its reputation.

Furthermore, PEARLS Hawthorne stands out with its strong parental support and extracurricular offerings, which serve as important factors for families considering a move.

The schools in the area offer a range of educational experiences and ratings on GreatSchools. Bronxville Elementary stands out with a high rating, known for its academic excellence and community-focused approach. Patricia A. DiChiaro School follows with an above-average rating, offering diverse programs and engaged teachers. Montessori School 27 provides an average rating, focusing on alternative education and student-centered learning. Paideia School 24 boasts an above-average rating, known for its innovative approach and strong parental involvement. PEARLS Hawthorne also holds a high rating, offering a variety of extracurricular activities and opportunities for parental involvement in the educational experience.

This interplay between educational quality and housing desirability underscores how crucial the impact of schools is in real estate considerations within Yonkers.

Buyer and Seller Resources

When delving into the Yonkers real estate market, buyers and sellers should equip themselves with comprehensive resources that provide clarity on property listings and stay informed about the legal landscape to ensure a transparent transaction.

Understanding the MLS

The Multiple Listing Service (MLS) is an essential tool that aggregates real estate listings provided by brokers participating in the collaboration. It offers expansive exposure for sellers and a wealth of options for buyers. The metadata of properties, such as dimensions, age, and features, is typically detailed. In Yonkers, accessing a current MLS database can provide invaluable, up-to-date insights into available properties and local market trends.

Note: The use of MLS data is usually regulated by copyright agreements, which mandate that users and real estate professionals respect intellectual property rights. In 2024, the protection of MLS data continues to be imperative to prevent unauthorized distribution.

Legal and Ethical Considerations

Navigating the Yonkers housing market entails adhering to a host of legal and ethical considerations. From fair housing laws to local ordinances, parties involved in real estate transactions must operate within the framework of current legislation. Proper legal advice should be obtained to address specific issues such as contracts, disclosures, and zoning laws, which reduces liability risks for all parties.

The complexity of real estate transactions further underscores the necessity for transparency and ethical conduct. Real estate professionals must ensure they are providing accurate information and representing their clients' interests without compromising ethical standards.

Real Estate Professional Insights

In assessing the Yonkers real estate market, insights from local professionals are invaluable. They provide reliable information and guidance tailored to both consumers and investors, ensuring decision-making is based on accuracy and expertise.

Local Expertise

Professionals immersed in the Yonkers property landscape offer localized knowledge that is critical for navigating market trends. This expertise is particularly beneficial for prospective buyers and sellers who require the most up-to-date and pertinent data about neighborhood-specific trends. Local agents can dissect the intricacies of the market, from assessing the guaranteed rate of return on investment properties to providing advice on the most desirable streets for residential living.

Brokerage Firms and Agents

Yonkers is home to numerous brokerage firms and independent real estate agents, who form the backbone of the local property market. Zillow, Inc., for instance, provides a comprehensive platform where consumers can search for listings; however, it is crucial to note that the information provided is for non-commercial use and may not substitute professional advice. These firms not only facilitate transactions but also offer a spectrum of services, highlighting compensation plans that align with clients' needs. Through their nuanced understanding of the market dynamics, they are instrumental in offering a service where guaranteed success cannot be promised, but efforts are maximized for optimal outcomes.

Frequently Asked Questions

In this section, we address common inquiries regarding the trends, prices, and projections for the Yonkers real estate market, helping readers understand the dynamics at play in this local economy.

What is the current trend in the Yonkers real estate market?

The Yonkers housing market is currently experiencing a somewhat competitive climate, with properties receiving offers and generally selling within a month's time.

What are the median home prices in Yonkers as of the latest data?

As of recently, the median sale price for homes in Yonkers was registering a significant year-over-year increase, reflecting the city's rising desirability among homebuyers.

How do Yonkers real estate prices compare with the wider Westchester County area?

Home prices in Yonkers have been following an upwards trend in comparison to the overall Westchester County, with notable increases recorded in both median sale prices and price per square foot.

What are the projections for the Yonkers real estate market in the upcoming year?

Projections for the Yonkers real estate market point to a continued upward trajectory, although at a pace that is subject to the influences of wider economic conditions and local developments.

What factors are currently influencing the Yonkers real estate market?

Current influence factors on the Yonkers market include local economic developments, interest rates, housing inventory, and broader trends in the Greater New York City metropolitan area.

How has the Yonkers real estate market changed over the past five years?

Over the past half-decade, the Yonkers market has seen a steady increase in housing prices, indicative of its growing appeal and the overall strengthening of the real estate market in the region.

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