Westchester County’s real estate market is navigating a complex environment in 2024. On one hand, there is a significant push to develop more affordable housing through the county’s $100 million Housing Flex Fund (HFF). This initiative is designed to boost the production of affordable housing units, a critical need as housing costs continue to rise. On the other hand, the broader real estate market remains tight, with high demand, low inventory, and rising mortgage rates complicating the buying process.
Affordable Housing Push Westchester County has launched the HFF program to address the ongoing need for affordable housing. With federal funding through the American Rescue Plan Act, the county plans to double the number of affordable units being built. This funding is available as loans to both nonprofit and for-profit developers, targeting households earning at or below 65% of the Area Median Income. The county is focusing on accelerating shovel-ready projects to meet the growing demand for affordable housing.
Challenges in the Broader Market While affordable housing efforts are underway, Westchester’s overall real estate market remains highly competitive. Inventory has dropped, with a 20% decline in available homes during the first half of 2024. Coupled with mortgage rates exceeding 7%, the cost of buying a home has surged, making it difficult for many potential buyers. Homes are selling quickly, often with multiple offers above asking price, leading to tough competition and disappointment for many buyers
So The County is actively working to balance the real estate market by boosting affordable housing through programs like the HFF. However, the broader market remains challenging, with limited inventory and high mortgage rates creating hurdles for buyers. Whether you’re looking for an affordable option or navigating the tight market, staying informed and patient can make a big difference in finding the right home.
source: http://www.homesinwestchester.com/blog-homes/2024/8/29/westchesters-real-estate-landscape-affordable-housing-and-tight-markets