Here is my summary and analysis of the real estate market for Bronxville Single Family homes in the Bronxville Village market and my thoughts for 2020.
A few notes:
The increase in volume of transactions in 2019 (57) over 2018 (39) is the single most significant factor in projecting where this market is going. It is clear that buyers still value what Bronxville has to offer – an easy commute, great schools, great community. However, the prices that buyers are willing to pay are not at the levels they were a few years ago.
In December of 2019, seven homes in the Village went into contract. This is a phenomenal level of activity for the month of December when, typically, only one or two homes go to contract. It feels more like the beginning of a spring market. This has happened in years past but not recent.
[It is interesting to note that the market in the Scarsdale school district has a very similar sales history to what is happening in Bronxville]
The 2019 sales volume clearly indicates that the market has turned a corner. I predict that prices in the Village will level off in 2020 and will remain key in how a property is received by the market. At the end of the day, overpricing will always result in a lower sale price.
I am excited to be starting the year on a positive note and believe it will continue throughout 2020.
Houlihan & O’Malley Real Estate Services