Local Real Estate Market Report for 2024
By Liz Nunan, President and CEO, Houlihan Lawrence
Jan. 15, 2025: As we close out 2024, we are inspired by the overwhelming demand from buyers eager to settle into the vibrant markets we serve north of New York City.
This year has been marked by significant market dynamics that underscore the appeal and resilience of our region's real estate.
Inventory levels continued to decline across most of our markets, contributing to a competitive landscape for buyers. This scarcity of homes for sale has driven median prices upward, with increases ranging from 2% to 22%. While these conditions have posed challenges for buyers, sellers have undeniably benefited from heightened demand and rising home values.
Throughout 2024, the supply-to-demand ratio remained exceptionally high across many price points. However, the fourth quarter has shown early signs of certain markets beginning to shift toward a more balanced demand, particularly at the higher luxury price points.
The luxury segment has been a standout performer this year. In Westchester County, sales of homes priced over $2 million saw a remarkable 28% increase, while Putnam and Dutchess Counties experienced a 66% surge in sales of homes priced over $1 million. This robust growth in the luxury market reflects continued interest from buyers seeking premium properties in our region.
Looking specifically at the Bronxville market, 49 homes sold in 2024 at a median sales price of $2,750,000 compared with 53 in 2023 at a median sales price of $2,570,000.
The outlook for 2025 remains positive, with home sales and prices expected to grow at a more sustainable pace. Moderating mortgage rates may help create a more normalized market environment, potentially easing conditions for buyers while maintaining opportunities for sellers.
Government & History Directory
Bronxville is a quaint village (one square mile) located just 16 miles north of midtown Manhattan (roughly 30 minutes on the train) and has a population of approximately 6,500. It is known as a premier community with an excellent public school (K-12) and easy access to Manhattan. Bronxville offers many amenities including an attractive business district, a hospital (Lawrence Hospital), public paddle and tennis courts, fine dining at local restaurants, two private country clubs and a community library.
While the earliest settlers of Bronxville date back to the first half of the 18th century, the history of the modern suburb of Bronxville began in 1890 when William Van Duzer Lawrence purchased a farm and commissioned the architect, William A. Bates, to design a planned community of houses for well-known artists and professionals that became a thriving art colony. This community, now called Lawrence Park, is listed on the National register of Historic Places and many of the homes still have artists’ studios. A neighborhood association within Lawrence Park called “The Hilltop Association” keeps this heritage alive with art shows and other events for neighbors.
Bronxville offers many charming neighborhoods as well as a variety of living options for residents including single family homes, town houses, cooperatives and condominiums. One of the chief benefits of living in “the village” is that your children can attend the Bronxville School.
The Bronxville postal zone (10708, known as “Bronxville PO”) includes the village of Bronxville as well as the Chester Heights section of Eastchester, parts of Tuckahoe and the Lawrence Park West, Cedar Knolls, Armour Villa and Longvale sections of Yonkers. Many of these areas have their own distinct character. For instance, the Armour Villa section has many historic homes and even has its own newsletter called “The Villa Voice” which reports on neighborhood news.
Link to Village of Bronxville One Square Mile Monthly Newsletter
Village of Bronxville Administrative Offices
337-6500
Open 9:00am - 4pm excluding holidays and weekends
Bronxville Police Department
337-0500
Open 24 hours
Bronxville Parking Violations
337-2024
Open 9:00am - 4pm excluding holidays and weekends
Bronxville Fire Deparment
793-6400
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