Bronx Real Estate Market Update: December 2023

Prices are lower this month in the Bronx but still up year over year.  In this update, I’ll be sharing how the local market is performing and where it’s headed. We’ll take a look at the latest data on prices, the sales price to list price ratio, the number of days on market and the number of homes for sale. So let’s get started. 

Bronx Real Estate Prices

Let’s start with prices. In the Bronx, the median sales price is down to $620,000 from $645,000 last month. Year over year, we are still up 3%. 

Bronx Sales Price to List Price Ratio

Next, how much are sellers discounting asking prices? The sales price to list price ratio is better this month at roughly 98% from 96% last month. This puts us over last year’s average of 97.4%.

Bronx Days on Market

Next, if you list a property, how long does it take to go into contract? The answer is 35 days, which is also better than 47 days last month. Does that make it a sellers or buyers market? 35 days is a sellers market. That’s right, despite everything you hear on the news, inventory is low and it’s a sellers market in the Bronx. 

Number of Homes For Sale in Bronx

Finally, how many properties are for sale in the Bronx? 228 homes are currently on the market similar to last month. One important note – there’s still about 13% fewer homes for sale compared to the average over the past 5 years which is supporting prices despite higher mortgage rates. 

Bronx Real Estate Market Summary

Overall December was a positive month for real estate in the Bronx. The sales price to list price ratio is up, the number of days on market is down, active homes for sale are low. The only negative is the median sales price is down. Taking all of this into account, the market looks like it’s strengthening. Let’s see what happens in the new 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.