Bronx Real Estate Market Update: May 2023

If you’re interested in the latest updates on the Bronx real estate market, you’re in the right place! In this update, I’m going to provide you with 5 key points that will give you an overview of the Bronx real estate market in May 2023. 

Bronx Real Estate Prices

Let’s start with prices. In the Bronx, the median sales price is currently $589,000, which is up from $585,000 last month and up from our low of $575,000 in January. Positive news here that we are seeing a few months of increases after month over month decreases in the second half of last year.

Bronx Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. The higher this percentage, the higher the sales price is relative to the asking price. Currently we’re at 95.5% up from 94.8% last month. This is more positive news that sellers are getting closer to asking price. 

Bronx Days on Market

Next up is the number of days on market, which tells how long on average it takes to get a property in contract in the Bronx. We are currently at 63 days which is up from 52 days last month but consistent with January and February’s numbers. Just to put things in perspective, less than 120 days is considered a sellers market and we are half of that. 

Number of Homes For Sale in the Bronx

Let’s look at how many homes are for sale now and how it’s trending. The number of active homes for sale in the Bronx is 236 down from 257 last month. The number of homes for sale peaked at 372 last year and has been on a steep decline, which is good news for sellers for sure and this trend is continuing. 

Number of Price Reductions in the Bronx

Now let’s take a look at how often sellers are reducing their prices in the Bronx. On average, 9 sellers reduced their asking prices each week last month vs 11 each week the prior month so we are also moving in the right direction. And we’re below the recent average of 18 so we’re in good shape relative to recent history. Price decreases are considered a leading indicator and give you an idea of what’s going to happen in the future.

Bronx Real Estate Market Summary

Overall May was a neutral month for real estate in the Bronx. On the positive side, another month over month median sales price increase, the sales price to list price ratio is up and the number of homes for sale and the number of price reductions are both down. On the negative side, the number of days on market is up. If you’re interested in buying or selling real estate in the Bronx, we can help! Call me directly at 917-626-2372 or email me at justin@braithrealty.com.