Why Speed Sells: Westchester Luxury Market Sees Premiums for Quick Deals in 2024

Westchester County continues a cautious recovery in the ultra-luxury space, with average sales prices reaching $10.4 million in 2024. While this reflects a modest gain over 2023, values remain below the peak years of 2018 and 2022. Unlike other East Coast markets that saw robust post-COVID growth, Westchester has moved sideways over the last eight years.

2024 Market Highlights:

• Average Sale Price: $10.4M
• Days on Market (DOM): 577 days (significantly above the national luxury average)
• Quick Sales (<180 DOM): Sold at 108% of original list price
• Slow Sales (>180 DOM): Settled at 85% of list price

Key Insight: Selling Quickly = Premium Pricing

In a market where patience doesn’t always pay, Westchester luxury homeowners should optimize their pricing, staging, and marketing strategy to sell within the first 6 months. Homes that sold within 180 days commanded an 8% premium, a remarkable figure in the ultra-luxury segment.

This premium far outpaced the national average and represents a dramatic year-over-year improvement (up from 3% in 2023). Conversely, listings that sat on the market too long lost 15% of their initial asking value.

Historical Trends:

• 2018 & 2022: Strong years for valuations
• 2019–2020: Market trough
• 2024: Part of a 5-year slow rebound, but still lagging the national 8-year luxury market growth average of 55%

Seller Strategy for 2025:

To sell successfully in Westchester’s slow-moving luxury market:

• Price strategically at launch
• Leverage professional photography, drone, and video
• List with an agent who specializes in high-end buyer behavior
• Focus on early momentum and competitive positioning
• Consider auction-style marketing or pre-market strategies

Local Advantage:

Partnering with an experienced local expert, such as a Coldwell Banker Global Luxury® agent, gives sellers an edge. With tailored marketing plans, national syndication, and international exposure, you maximize reach during that crucial <180-day window.

Conclusion:

In 2024, Westchester rewards those who prepare well and move fast. If you're considering listing your estate or luxury property, the difference between a 108% sale and an 85% deal may come down to timing, preparation, and positioning.

Contact Eric Radecki Licensed Real Estate Salesperson New York and Connecticut affiliated with Coldwell Banker Realty LLC. Call 475-245-4205 or register at ColdwellBankerLuxuryHome.com. Get a free market consultation with our team at Coldwell Banker Global Luxury.

Data provided by Concierge Auctions and Wall Street Journal.