Bronx Real Estate Market Update: March 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 March 2023.

Bronx Real Estate Prices

Let’s start with prices. In the Bronx, the median sales price is currently $590,000, which is up from $575,000 last month but still down from $625,000 this time last year. So after decreasing last month ,we bounced back, but we’re still under this time last year.

Bronx Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. Currently we’re at 93.5% down from 94.6% last month. The sales price to list price peaked in June of last year at 100% and has been decreasing. We’re also below the 10 year average this time of year of 95.6%. Hopefully this turns around next month. 

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. Right now, we’re at 66 pretty much the same as 65 last month. We’re a little higher than the 5 year average of 58 days but just to put this in perspective back in 2013 we got as high as 176 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

Let’s look at how many homes are for sale now and how it’s trending. The number of active homes for sale is 227 compared to 260 last month. 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. 

Number of Price Reductions in Bronx

Let’s take a look at how often sellers are reducing their prices in the Bronx. On average 13 sellers reduced their asking prices each week last month vs 15 each week the prior month so also moving in the right direction. And 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

That’s the latest on the Bronx real estate market. Overall, prices are up, the sales price to list price ratio is down, days on market remain stable, The number of active homes for sale and price decreases are both lower. 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