By Cindy Landis, Brokerage Office Manager, Bronxville and Yonkers Offices, Houlihan Lawrence

Jan. 6, 2016:  In the Village of Bronxville, the year 2015 saw the median price of a single-family home rise to an all-time high of $2,455,000, up 12% over last year's median. The village boasts the highest median sale price in all of Westchester County, although that distinction can be a double-edged sword.

In addition, the average price per square foot rose to $685, up 9% over 2014. Predictably, when prices rise, demand often eases somewhat, and that also occurred in 2015. The number of single-family home sales declined by around 22%, compared with the number in 2014; 45 houses closed in 2015 vs. 58 in 2014 and 60 in 2013.

In the townhouse market, the median sale price settled back below $1,000,000, but only barely: $999,000 was the median. Although down by 13% from 2014, 2015's median is still higher than 2013's $939,000 by more than 6%. Price per square foot was $619, compared with the price of $627 in 2014, a strong indicator. Seventeen townhouses closed last year; they continue to be sought after.

The village coop market experienced another rise in price per square foot, up to $441. Price per square foot has risen steadily since 2010, and the median was up to $542,000 from last year's $400,000. Median coop prices are largely affected by the supply of inventory that comes to market each year, which is why price per square foot can be a more reliable indicator of coop prices. There were 44 village coop sales in 2014.

Looking Forward

Bronxville Village continues to remain an extremely desirable community, as these statistics indicate. In addition, Bronxville has a diversity of housing stock, which enables those who wish to take advantage of the school, the community, and our proximity to NYC a broader selection of choices. However, buyers often comparison shop among other Westchester and Connecticut communities to determine the "right" fit for their particular circumstances. Prices and value perceptions need to remain in line or buyers might ultimately purchase elsewhere.

Happily, the last few weeks of 2015 saw quite a flurry of activity! There were four townhouses in contract at the end of 2015 and five single-family houses as well. A great end to the year and a strong start for the new one!

Pictured here:  Cindy Landis, Brokerage Office Manager, Bronxville and Yonkers Offices, Houlihan Lawrence

Photo courtesy Houlihan Lawrence