Mid-year 2021 Market Recap

Happy mid-summer, everyone!

And boy does it ever feel good to take time off and enjoy the things we normally love to do every summer. Hurray! 

The first half of 2021 has — so far — delivered on our hopes. Many are back in the office part or even full time, and life around town seems pretty normal here in Bronxville and in the city. The market for detached single-family homes remains strong and active, with a greater sense of normalcy than in 2020.

The village median price of detached homes sold has increased 21% to $2.75 million, versus an already-strong median of $2.275 in 2020. Qualified buyers diligently watch the market and move forward when they see the right opportunity, but they are also conscientious about not overpaying in a seller’s market.

The biggest challenge in the single-family home market is low inventory. We had only 21 active detached home listings in June — the lowest number during this period in at least five years, with a five-year average of 40 active listings in June. Despite low inventory, we’re on track with the number of sales compared to 2020.

The number of attached townhouse sales and those in contract seems to be on par or slightly lower than last year. The number of co-op sales and price per square foot is stable; however, the co-op inventory of 22 active listings as of June 30 is at its highest within at least five years. This is in keeping with buyers looking for more space to accommodate working from home.

If you are considering buying or selling a home, now is a good time to assess your strategy and next steps. Please check out my resources like the “Getting Your Home Ready for Market Checklist.”

Cheers!
Val