Bronx Real Estate Market Update: November 2023

After falling last month real estate prices are back up this month in the Bronx. In this update, I’ll be sharing how the local market is performing and where it’s headed. We’ll take a look at the latest data on prices, the sales price to list price ratio, the number of days on market and the number of homes for sale. So let’s get started. 

Bronx Real Estate Prices

Let’s start with prices. Positive news here. In the Bronx, the median sales price is up to $645,000 from $595,000 last month. Prices peaked last October and fell until January and with this increase, we’re back up to last October’s peak. 

Bronx Sales Price to List Price Ratio

Next, how much are sellers discounting asking prices? A bit of negative news here. The sales price to list price ratio is worse this month at 96.2% from 98.3% last month. We’re under last year’s average of 97.4%.

Bronx Days on Market

Next, if you list a property, how long does it take to go into contract? The answer is 47 days, which is also worse than 40 days last month. Does that make it a sellers or buyers market? Drum roll…47 days is still a sellers market. 

Number of Homes For Sale in Bronx

Finally, how many properties are for sale in the Bronx? 245 homes are currently on the market up from 221. So Inventory is increasing which can be a negative sign for prices in the months ahead. One important note – there’s still about 13% less homes for sale as typical over the past 5 years which is supporting prices despite increasing interest rates. 

Bronx Real Estate Market Summary

Overall November was a negative month for real estate in the Bronx. On the positive side, the median sales price is up. On the negative side, the sales price to list price ratio is down, the number of days on market and the number of active homes for sale are up. So it’s great that prices are up, the market does appear to be weakening likely due to mortgage rates increasing a half a point over the past 30 days. It will be interesting to see what happens next month. 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.