2022 Bronxville Market Update: Quarter 3

Hi friends and neighbors, 

Fall seems to have descended upon us with a decided CA-CLUNK in more ways than one.

Only a week or two ago, it still felt like summer – but this morning I donned my winter coat to ward off those cool winds. Talk about a major shift! As we enter the final quarter of 2022, it makes sense to take the time to pause and reflect on where you are with respect to your goals for the year – like health, financial, family and personal development – and to remember to keep perspective, with an eye on the long term.

Bronxville village single family detached and attached homes

As we face a changing economy, understanding the value of your home is more important than ever. This blog post is intended to give you a snapshot understanding of the Bronxville Village performance so far this year.

Single Family Homes, Detached

The median price of single family homes sold in the village is $2.8 million, a 19% increase vs. last year. This data reflects the past 9 months, including the super hot spring market where properties were consistently going above asking price. A good indication of today’s market performance is a supply demand analysis, where you look at the number of active listings divided by the number of homes in contract. The lower the number, the higher the demand. With 20 active listings and 4 homes in contract, the supply demand ratio of 5 is considered balanced, though slightly softer than the supply demand ratio of 4 this time last year. At the end of May this year, typically the hottest time of year, demand was very high, with a one to one ratio of active homes on the market to homes in contract. Despite some softening in demand this quarter, average price per square foot of homes sold remains high at $731/SF.

Single Family Homes, Attached

Bronxville townhouses have always been a great choice for first time homebuyers interested in Bronxville. The median price of homes sold of $1.3 million has grown 5% versus this time last year and so far 12 homes have sold compared to 6 this time last year. With interest rates on the rise, some buyers have paused to evaluate the impact of higher interest rates on their budget. There are currently 3 homes on the market and nothing in contract, a reflection of the fact that the school year has already begun and new buyers are sensitive to any economic uncertainty. Price per square foot remains strong at $796/SF vs. $681 this time last year, and the number of days on market was also low at only 12 days compared to an already low 28 days last year.

Bronxville village coops

Coops

It's been a busy year so far with 34 coops sold compared to 24 this time last year. The supply demand ratio of 2 (17 active listings divided by 9 coops in contract) illustrates high demand, despite some softening of the median price (-5% versus last year) of $605,000. There has been a significant drop of -26% in listings, perhaps explaining the high demand.

If you would like a deeper dive on the market or want to better understand the value of your home, please give me a call. You can also check my resources page for more tips and info for home buyers and sellers.

Stay warm everyone! 

Val