The Riverdale, Bronx Real Estate Market – Q1 2024 Market Report
As we delve into the data for the first quarter of 2024, let’s uncover the trends and changes that have shaped the real estate landscape in Riverdale, Bronx.
As we delve into the data for the first quarter of 2024, let’s uncover the trends and changes that have shaped the real estate landscape in Riverdale, Bronx.
In Q1 2024, we observed notable shifts in average sales prices across different property types. For instance, the average sales price for condos saw a significant increase of 19% compared to Q4 2023, indicating a positive trend in the condo market. On the other hand, the average sales price for single-family homes experienced a 2% decrease from Q4 2023, highlighting a slight dip in this segment- likely due to smaller homes being sold during this period.
When we compare Q1 2024 to Q1 2023, we notice intriguing patterns in the market dynamics. The average sales price for co-ops showed a 7% decrease from Q1 2023 to Q1 2024, a much needed adjustment in pricing given the current interest rates. Additionally, the average sales price for multi-family properties witnessed a 3% increase year-over-year- no surprise here.
Apart from changes in average sales prices, other metrics provide valuable insights into the property market in Riverdale, Bronx. The absorption rate, which reflects the pace at which listings are sold, saw a 25% increase in Q1 2024 compared to Q4 2023, indicating a higher demand for properties during this period. Moreover, the percentage of properties taking more than 180 days to enter a contract decreased by 10% from Q4 2023 to Q1 2024, signaling a more active market environment.
The Three Highest Sales in Q1 2024:
- 5249 Sycamore Ave – $1,990,000
- 5022 Arlington Ave – $2,700,000
- 3598 Greystone Ave – $1,500,000
The first quarter of 2024 has brought about intriguing developments in the property market of Riverdale, Bronx. By comparing the data to previous quarters, we can discern evolving trends and opportunities for both buyers and sellers. As we navigate through the rest of the year, it will be fascinating to see how these trends unfold and shape the real estate landscape in this dynamic neighborhood amid the 2024 elections.
