By Your Houlihan Lawrence Bronxville Team

Jan. 19, 2022:  Dear Neighbors, Happy New Year! While many of us had expected to end 2021 with Covid in the rearview mirror, the development of Omicron has given rise to an eerily similar start to the New Year. Two hallmarks of the real estate market that continued to develop throughout 2021 in Bronxville were exceptionally low inventory and increasingly high buyer demand across all property types. We continued to see people re-evaluate their work lifestyle as remote and hybrid plans became more of a long-term reality than an interim response to the Virus. As a result, buyers were looking for more living space to accommodate home offices, home gyms, and additional family members.

Bronxville’s unique appeal continued to distinguish it from other suburban communities thanks to its walkability, vibrant downtown, first class services and highly rated school district. While many schools in NYC were remote last year, the Bronxville School quickly implemented safety features to ensure our K-12 students would be in the classroom. As NYC opened up again, Bronxville’s desirable proximity to the City proved, yet again, to be a driving factor for buyers #NorthofNYC.

Our forecast for 2022: Mortgage rates are expected to continue to rise. As a result, buyers will have to re-examine affordability. With that said, a prolonged lack of inventory and an increase of pent-up demand will once again remain positive factors for sellers as we progress into 2022. With our consistently charming house stock, our premier outdoor dining options and boutique shopping, Bronxville remains uniquely appealing and will continue to be a destination town.

Village Single Family Detached home sales were down slightly from 2020 with 59 units closing in 2021, a figure not seen since 2013. The 62 homes sold in 2020 was a difficult number to beat as it was perhaps one of the largest number of closings in memory. We ended 2021 with an almost 86% increase over 2020 in pending sales. Sales in the $3MM+ range were up 44%. The end of 2021 was marked by exceptionally low inventory with 55% of the available inventory over $5MM. The average price per square foot rose 11% to $646 from $581, recovering from the downward trend of the past 3 years. The median sale price continued its ascent from 2020 levels with help from a 50% increase in the number of sales over $3MM. 

Village Townhouse sales decreased 31% to 9 units sold vs. 13 in 2020. The median sale price was up 7% to $1,175,000. The average price per square foot rose over 9% to $694 vs $635 in 2020. All units sold were in the sweet spot of $1MM-1.5MM, apart from 1 which closed at $1,525,000.

Village Cooperatives experienced a significant increase in units sold with 35 units closed in 2021 vs. 27 in 2020, a notable upturn of almost 30%! Most of this increase occurred in the under $700K category which accounted for 57% of the units. The median sales price declined 11% to $625,000 fully reversing the upward trend we experienced in 2020.

Bronxville PO/Yonkers in 2021, the number of sales leveled off at 70 units, a slight decrease of 3% over 2020 which saw an astounding increase of 71% over the prior year. The median sale price continued its ascent up 11% to $869,750.

Bronxville PO/Tuckahoe while the number of units sold in 2021 decreased slightly to 34, the average price per square foot rose 5% to $376. The median sale price was $925,000, an over 8% increase versus 2020 thanks to a couple of sales at $2,200,000 and $2,675,000.

The Fleetwood area of Mount Vernon (10552) experienced a rise in sales in 2021 with 95 closed units, an increase of 11% versus 86 in 2020.The median sale price rose slightly to $660,000. The average price per square foot increased 7% to $292.