Bronx Real Estate Market Update: June 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 June 2023. 

Bronx Real Estate Prices

In the Bronx, the median sales price is currently $620,000 which is up from $589,000 and up from our low of $575,000 in January. Positive news here that we are seeing two consecutive months of increases after month over month decreases in the second half of last year. It’ll be interesting to see if this continues so please SUBSCRIBE to my YouTube channel so you don’t miss next month’s report.

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 94% down from 95.5% last month. This is a negative change for the market. 

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 51 days which is down from 63 days last month. Good news here. Less than 120 days is considered a sellers market. 

Number of Homes For Sale in Bronx

Let’s look at how many homes are for sale now and how it’s trending. There are currently 238 active homes for sale in the Bronx 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, 15 sellers reduced their asking price over the past 7 days vs 9 a month ago.  Moving in the wrong direction but still below the recent average of 18 so we’re in good shape relative to recent history. Price decreases are considered a leading indicator.

Bronx Real Estate Market Summary

Overall June was a neutral month for real estate in the Bronx.  On the positive side, prices are up and the number of days on market and active homes for sale are down. On the negative side, the sales price to list price ratio is down and the number of price reductions is up. 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.