Bronx Real Estate Market Update: January 2023

If you’re a homeowner or aspiring homeowner in the Bronx, this post will give you all the information you need regarding the current state of the Bronx housing market. 

Bronx Real Estate Prices

Over the past year, the average sales price in the Bronx has increased by approximately 5%, reaching a median sales price of $624,000 compared to $595,000 last year. However, prices have experienced a decline of about 3% since their peak in August, primarily due to higher interest rates.

Bronx Sales Price to List Price Ratio

Sellers are currently receiving 95.6% of their asking price, while buyers are paying approximately 4.4% less than the listed price. This sales price to list price ratio remains consistent with the recent historic average of 95.3%, indicating a balanced market.

Bronx Days on Market

The average time a property spends on the market before going into contract in the Bronx is approximately 34 days. This figure has decreased from 36 days during the same period last year. Comparatively, the 10-year average for this time of year is significantly higher at 71 days. As a rule of thumb less than 120 days is considered a sellers market and we are well within that. 

Number of Homes For Sale in Bronx

Currently, there are 254 homes for sale in the Bronx, slightly lower than the 261 available last year. This decrease in inventory benefits sellers as it reduces competition in the market. The 10-year average for this time of year is slightly lower at 247 homes.

Number of Price Reductions in Bronx 

Sellers have reduced their prices an average of 17 times per week. This figure is slightly lower than the recent average of 19 reductions, indicating a relatively stable market. Monitoring price reductions is crucial as they serve as leading indicators of market trends, suggesting a favorable outlook for the Bronx real estate market in 2023.

Bronx Real Estate Market Summary

In conclusion, prices are up year over year while down from their peak mid last year, The sales price to list price ratio is stable, days on market are down, inventory is slightly down and price reductions are stable. If you’re interested in buying or selling real estate in the Bronx, we can help you maximize the sales price of your home. Call me directly at 917-626-2372 or email me at justin@braithrealty.com