In the wake of a spike in activity in the Westchester County real estate market, just outside of New York City, area home sales have significantly risen, The New York Times reports.
According to the newspaper, a number of prospective homebuyers capitalized on low prices and affordable mortgage rates to buy homes in the lower-tier of properties in Westchester. This surge in activity in the $500,000 to $600,000 market was unexpected by most local real estate experts, as the median local home price is currently $1.23 million.
The report indicated that as of the end of 2011, there were 336 homes sold in Westchester County for less than $500,000 – marking a 39 percent increase from the previous year. This is the highest the sales rate in the area has been since 2002, according to local real estate firm Houlihan Lawrence.
While many housing markets surrounding the Big Apple have seen considerable reduction in activity during recent years, this upswing is a positive indicator that the marketplace could be turning around. Purchasing a home for sale in New York City could prove to be a healthy investment for years to come.
