Bronx Real Estate Market Update: April 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’ll provide you with the 5 key numbers that will give you all the information you need to know about the Bronx real estate market in April 2023. 

Bronx Real Estate Prices

In the Bronx, the median sales price is currently $585,000, slightly down from $590,000 last month and down from $622,000 this time last year. Prices have been decreasing since last August when we peaked at $642,000 but increased last month and are still higher now than in January so overall it looks like the market is turning. 

Bronx Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. Currently we’re just under 95% which is up from just under 94% last month. The sales price to list price peaked in June of last year at 100% and had been decreasing until this month so great to see and let’s see if this continues next month. 

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. Currently, we’re at 52 days down from 64 days last month. This is also positive and great to see. As a rule of thumb, less than 120 days is considered a sellers market and we are half of that.

Number of Homes For Sale in Bronx

Let’s look at how many homes are for sale now and how it’s trending. The number of active homes for sale is 238 down from 251 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

Let’s take a look at how often sellers are reducing their prices in the Bronx. On average, 10 sellers reduced their asking prices each week last month vs 13 each week the prior month so 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 April was a positive month for real estate in the Bronx. On the positive side, the sales price to list price ratio increased, and the number of days on the market, homes for sale, and price reductions are all down. On the negative side, the median sales price has slightly decreased compared to last month and year over year.  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.