Bronx Real Estate Market Update: October 2023

If you’re interested in knowing the latest about the Bronx real estate market, keep reading. 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, the number of homes for sale and the percentage of price reductions. So let’s get started. 

Bronx Real Estate Prices

In the Bronx, the median sales price is currently $595,000 down from $637,000 last month. Our recent peak was $642,000 in October of 2022 and our recent low was $575,000 in January. 

Bronx Sales Price to List Price Ratio

Next, the sales price to list price ratio. The higher this percentage, the higher the sales price is compared to the asking price. Currently we’re at 98.5% down from 99.3% last month. Last July we reached 100% and we were as low as 93.8% earlier this year in February. 

Bronx Days on Market

Next up is the number of days on market. which tells us how long on average it takes to go from listing to contract.  We’re currently at 40 days which is up from 36 days last month. Our recent high was 65 days in January and we reached as low as 23 days last July. Less than 120 days is considered a sellers market so 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. There are 221 homes for sale down from 224 last month. The number of homes for sale peaked at 372 last year and has been declining showing that demand has been exceeding supply.

Number of Price Reductions in Bronx

Now, let’s explore how often sellers are reducing their prices in the Bronx. 10 sellers reduced their asking price over the past 7 days vs. 13 last month. This decrease is positive for the market and puts us below the year to date average of 12.

Bronx Real Estate Market Summary

Overall October was a neutral month for real estate in the Bronx. On the positive side, the number of active homes for sale and the number of price decreases are both down. On the negative side, the median sales price and the sales price to list price ratio are both down and the number of days on market is up. Based on inventory continuing to decrease and price reductions decreasing, we should see price increases in the coming months. Hope you enjoyed this update and found it informative. 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.