Bronx Real Estate Market Update: February 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 five key numbers that will give you all the information you need to know about the Bronx real estate market in February 2023. 

Bronx Real Estate Prices

In the Bronx, the median sales price is currently $575,000. This is down from $624,000 last month and $585,000 this time last year. Prices in the Bronx are down almost 8% from the previous month? Before you panic, things aren’t as bad as they seem. Over the past 5 years, prices are about 6% lower in January vs. December so the majority of this is likely seasonal.

Bronx Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. It’s currently at 96.9% which is basically the same as this time last year and up from 95.6% last month and also above the 10 year average this time of year, which is 94.3%. So despite the lower sales price we just saw, the list price to sales price is improving. 

Bronx Days on Market

Currently, we’re at 56 days up from 34 days. This is a big jump and over the past 5 years we do see a jump on average of 6 days from December to January but this is a significantly larger jump of 22 days. Again, just a blip or part of a trend, we really need to look at next month, but not good here especially when compared with the sales price change we just saw. But on a brighter note, the 5 year average is 52 days and back in 2012 it got as high as 168 days. As a rule of thumb less than 120 days is considered a sellers market and we are well within that. So, when we zoom out a little and put things in perspective, we are still in a sellers market as defined by days on market. 

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 compared to 259 this time last year and 267 last month. For some context, inventory rose all of last year and peaked in October and has been dropping the last few months. This is good news for sellers and one good sign at least for prices going forward. By the way, the 10 year average this time of year is 250 so inventory is also lower than average. 

Number of Price Reductions in Bronx

Let’s explore how often sellers are reducing their prices in the Bronx. On average 14 sellers reduced their asking prices each week last month vs 11 each week the prior month so a little higher, but nothing significant. 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

There you have it. That’s the latest on the Bronx real estate market. Overall, prices are down, the sales price to list price ratio is improving, the number of days on market increased, the number of active homes for sale is up and price reductions increased. 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