Bronx Real Estate Market Update: September 2023

If you’re interested in the Bronx real estate market, here are the 5 most important metrics you need to know about that will tell you about the current state of the market. 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. We’ll review the trends and I’ll tell you where I think prices will go in the future based on the latest data. Let’s get into it. 

Bronx Real Estate Prices

In the Bronx, the median sales price is currently $637,000 up from $620,000 last month. We are almost at last year’s peak of $642,000 last September and made up almost all the ground since our low of $575,000 in January. Great to see us rebounding. 

Bronx Sales Price to List Price Ratio

Now, let’s look at 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 99.3% up from 97.7% last month. This is our highest figure since last July when we reached 100%

Bronx Days on Market

Next up is the number of days on market. Currently we are at 36 days which is down from 39 days last month and significantly lower than our high of 65 days in January. The number of days on market tells how long on average it takes to go from listing to contract.  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. The number of active homes for sale is 224, which is down from 256 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

Let’s explore how often sellers are reducing their prices in the Bronx. On average, 13 sellers reduced their asking price over the past 7 days vs. 16 last month. This decrease is positive for the market and puts us roughly in line with the year to date average of 12. 

Bronx Real Estate Market Summary

Overall September was a positive month for real estate in the Bronx. On the positive side, the median sales price is up, the sales price to list price ratio is almost at 100%, the number of days on market is down, the number of active homes for sale is down and the number of price decreases is down. Based on all of this, I believe we’re headed for more price increases in the coming months. 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.