Bronx Real Estate Market Update: July 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 July 2023. 

Bronx Real Estate Prices

Let’s start with prices. In the Bronx, the median sales price is currently $575,000 down from $620,000 last month and back down to our low of $575,000 in January. Disappointing drop after seeing two consecutive months of increases.

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 96.4% up from 94.6% last month. This is our highest percentage this year, but still down from this time last year when we were close to 100%.

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 56 days which is up from 49 days last month. The number of days on market tells how long on average it takes to go from listing to contract.  This is close to our average number year to date and less than 120 days is considered a sellers market so we are well within that.

Number of Homes For Sale in Bronx

The number of active homes for sale is 221 down from 249 last month. The number of homes for sale peaked at 372 last year and has been on a steep decline, which means demand is exceeding supply and a positive sign for prices going forward. 

Number of Price Reductions in the Bronx

Let’s take a look at how often sellers are reducing their prices in the Bronx. 7 sellers reduced their asking price over the past 7 days vs 9 a month ago.  This is a positive sign for prices going forward as the number of price reductions are a leading indicator.

Bronx Real Estate Market Summary

So in summary overall a mixed month for homeowners and sellers in the Bronx. On the positive side, the sales price to list price ratio is up, the number of homes for sale is down, and price reductions are down. On the other hand, the median sales price is down and the number of days on market is up. My crystal ball is telling me we will see some price increases in the coming months. If you’re thinking of selling your home in the Bronx and would like to know the sales price we could expect, call or email me and I’ll provide you with an accurate, personalized and up to date valuation.