Source:https://youtu.be/mImxoKAb8tU

Greetings to all Chestnut Ridge Homeowners! It is time for the housing market update specifically just for you! The Chestnut Ridge Housing Market is so exciting, and we’re very glad to give you an up to date information about it. So, without further ado, let’s get into the numbers and see what is going on.

Running the Numbers

In 2022, the homes in Chestnut Ridge sold for around $415,000 each on average. More specifically in the last three months, we’ve seen the average home prices in Chesnut Ridge go up to $447,000. That’s an 8% increase in the total purchase price of homes. Hence, we can see that home prices, on average, continually go up.

Another important number is the days on the market or how many days it takes to get your home sold. And that number for 2022 is 18 days. But, in the last three months, that number has gone down to 11 days. Thus, we can see that houses are getting sold faster lately compared to what we had earlier this year.

Making Sense of the Numbers

With all these numbers, what does this mean for you as a Chestnut Ridge homeowner? 

So the simple breakdown is the average home price has gone up, while the number of days on market has gone down. This means there’s very high buyer demand in your neighborhood. In other words, a lot of people are buying homes, and there are not enough homes being listed to keep up with the demand. 

Hence, Chestnut Ridge is now on a Seller’s Market. In this kind of market, houses are being sold more rapidly, signaling a very high buyer demand. The price increase that we see is not because people can’t afford houses. It is because people are buying houses and the available homes are getting fewer and fewer, hence the scarcity, which pumps up the price.

If you are buying houses, this could mean you need to put your A-game in your offers, since you know that many people are buying houses as well. This also means that if you need to sell a home, now is also a great time to list it at a good price since so many people are willing to buy it anytime. Either way, this is a great time to buy or sell houses, since you can expect a deal in just under two weeks!

Final Thoughts

So with all this buyer demand and how quickly these homes are selling, we don’t see these numbers changing anytime soon. And now is the best time to buy those homes. If you don’t take action now, somebody else will take hold of your dream home in Chestnut Ridge. 

So, if you want to grab this opportunity while we are in a hot seller’s market, contact us today at Loft Realty and together we can strategize and move quickly to grab on to the best deal for your home in Chestnut Ridge. See you in the next market update!