By Liz Nunan, President and CEO, Houlihan Lawrence

Jan. 15, 2025: As we close out 2024, we are inspired by the overwhelming demand from buyers eager to settle into the vibrant markets we serve north of New York City.

This year has been marked by significant market dynamics that underscore the appeal and resilience of our region's real estate.

Inventory levels continued to decline across most of our markets, contributing to a competitive landscape for buyers. This scarcity of homes for sale has driven median prices upward, with increases ranging from 2% to 22%. While these conditions have posed challenges for buyers, sellers have undeniably benefited from heightened demand and rising home values.

Throughout 2024, the supply-to-demand ratio remained exceptionally high across many price points. However, the fourth quarter has shown early signs of certain markets beginning to shift toward a more balanced demand, particularly at the higher luxury price points.

The luxury segment has been a standout performer this year. In Westchester County, sales of homes priced over $2 million saw a remarkable 28% increase, while Putnam and Dutchess Counties experienced a 66% surge in sales of homes priced over $1 million. This robust growth in the luxury market reflects continued interest from buyers seeking premium properties in our region.

Looking specifically at the Bronxville market, 49 homes sold in 2024 at a median sales price of $2,750,000 compared with 53 in 2023 at a median sales price of $2,570,000.

The outlook for 2025 remains positive, with home sales and prices expected to grow at a more sustainable pace. Moderating mortgage rates may help create a more normalized market environment, potentially easing conditions for buyers while maintaining opportunities for sellers.

For the complete 2024 Market Report CLICK HERE.