By Cindy G. Landis, Brokerage Manager, Bronxville Office of Houlihan Lawrence

Jan. 13, 2021: Dear Neighbors, Happy New Year! 

Scrolling through my social media feeds, I saw that many people were happy to bid adieu to 2020. The year was certainly unprecedented.  

There was a silver lining for the Bronxville real estate market in 2020. #NorthofNYC. First reactions to the pandemic were from renters, who urgently sought short-term solutions to sequester themselves and their families and ride out the storm. Ultimately, many people accelerated their timelines for moving out of the city, leaving a year or more earlier than expected. 

Additionally, people sought more space to accommodate working and learning from home and sought outdoor recreation with privacy. This resulted in a boon for many suburban communities.

In Bronxville village, single-family detached home sales rose nearly 9% on top of a 2019 unit increase of 46%. Sixty-two units closed, which is the highest number of sales in a decade and perhaps one of the largest numbers of closings in memory. 

The median sale price was lifted by strength in the $3 million+ price range and rose 20% to $2,337,500. The sweet spot was in the $2 to $2.99 million range, which accounted for 53% of sales. 

Price per square foot declined slightly to $581 per square foot from $590 per square foot in 2019. It is the third year over year dip. Prices per square foot were upward of $600 from 2013-2018. 

The highest sale was $6,975,000, and there were no sales less than $1,000,000.

Bronxville village townhouse sales increased slightly to 13 closings in 2020 compared with 12 in 2019, which continued a 2-year upward trend. 

The median sales price declined to $1,100,000 in 2020 from $1,117,750 in 2019 (-1.5%), but the average price per square foot rose to $635, higher than 2019’s $611 and above the price per square foot for single-family detached homes. 

The range of sale prices was $827,000 to $1,275,000.

Bronxville village coops experienced a decline in units, from 33 in 2019 to 27 in 2020, but the median sale price shot up to $700,000, an 11+% increase.  Likewise, the price per square foot rose to $513 per square foot from 2019’s $463. That’s nearly 11%. 

Sale prices ranged from a studio apartment sold at $229,000 to a beautiful penthouse that closed for $1,525,000.

Other Surrounding Markets:

Bronxville PO/Yonkers sales climbed 71%. Seventy-two units closed in 2020 compared to 42 in 2019. The median sale price rose to $775,000 from slightly shy of $700,000 last year. 

The trifecta was a rise in price per square foot: $351 compared to 2019’s $328, a 7% increase. 

Only three homes sold for less than $500,000, and 12 homes closed above $1,000,000. The highest sale was $1,675,000.

Bronxville PO/Tuckahoe also benefitted from the rising tide. Unit closings rose to 36 in 2020 from 25 in 2019, a 44% increase in transactions. The median price was also up nearly 7%, and 15 of the 36 closings were over $1,000,000.

The Fleetwood area of Mount Vernon (10552) experienced a rise in median price of 13% to a median of $650,000 from $575,000. The number of sales declined ever so slightly from 89 closings in 2019 to 86 in 2020, but there were four sales over $1,000,000.

Thoughts for 2021:

Strategic initial pricing is important to capture buyers and avoid logging high days on the market.

Updated, high-quality finishes continue to hold maximum appeal to buyers.

Inventory is low, but buyers are choosy.

Stay well.

Pictured: Cindy G. Landis, brokerage manager, Bronxville office of Houlihan Lawrence.

Photo courtesy Houlihan Lawrence

Editor's note: As a public service, MyhometownBronxville publishes articles from local institutions, officeholders, and individuals. MyhometownBronxville does not fact-check statements therein, and any opinions expressed therein do not necessarily reflect the thinking of its staff.