By Cynthia Landis, Managing Director, Bronxville Office of Houlihan Lawrence

Jan. 11, 2017:  The year 2016 was an interesting year in the village. 

Single-Family Homes:  The median price of a single-family home continued its rise, ending the year at a new high of $2,605,000.

The number of closed sales dropped slightly from 45 to 42, and the price per square foot was slightly down, by 2%, to $670.

There were nine closings below $2,000,000, nine sales from $3,000,000 to $3,999,999, and four closings above $4,000,000. The highest village sale was $5,200,000, and the lowest was $1,425,000.

Townhouses:  The townhouse market provides additional housing options in addition to the single-family market. The median continues to hover around the million-dollar mark; in 2016 it was $1,056,500, up from 2015's $999,000, and the price per square foot remains essentially unchanged at $620.

For the most part, townhouses are a sought-after alternative to single-family detached homes, although buyers are naturally price-sensitive. The spread continues to grow. The highest townhouse sale was $1,504,000, and the lowest was $810,000.

Co-ops:  As related last year, the co-op market has experienced a steady climb in price per square foot since 2010, and 2016 continued the trend: $485 per square foot vs. 2015's $441. The number of closings was down to 38 from 44 in 2015. The highest sale was $1,304,000, and the lowest was $154,000.

Trends:  Trends to watch for in 2017 are inventory growth in the high end of the market as baby boomer demographics show owners wanting to downsize and simplify. The new turnkey condos in the village have attracted lots of attention, and occupancy there will begin later this year.

On a national level, the growth in the Dow is "creating wealth," a positive trend in the real estate market. Interest rates remain low by historic standards, although the recent uptick spurred buyers to get off the sidelines.

Millennials are finally beginning to make a difference as a demographic trend, but all towns across Westchester are courting those buyers.

Bronxville and the surrounding areas continue to offer an unparalleled lifestyle with easy access to New York City, a quaint yet modern downtown, highly regarded schools, both private and public, and housing options for many price ranges. Those fundamentals never grow old, but the key ingredient is proper pricing.  

Here's to a steady 2017!

Pictured here:  Cynthia Landis, managing director, Bronxville office of Houlihan Lawrence.

Photo courtesy Houlihan Lawrence