The Bronx Real Estate Market – Q2 2023 Market Report

The Bronx real estate market continues its steady upward trajectory, despite a slowing market indicated by rising days on market. Dealing with market-wide challenges of higher interest rates, the Bronx market showcases its ability to sustain steady growth.

In Q2 2023, the average sale price in the Bronx reached $539,697, reflecting a notable increase from Q1 2023. This demonstrates the market’s strength and
its capacity to sustain growth, with a rise of $11,735 or approximately 2.2%.

The Bronx experienced positive price trends across different property types.
Single-family homes witnessed an upward movement, with average prices increasing to $628,211. Similarly, multi-family properties also displayed growth,
reaching an average price of $766,494.

The average price per square foot rose to $333 in Q2 2023, demonstrating an
appreciation in market value. Additionally, buyers were able to negotiate an
average discount of 6% off the asking price, reflecting sellers’ increasing
negotiability.

However, properties exceeding 180 days on the market accounted for 11%,
holding steady from last quarter.

Q2 2023 witnessed a moderate increase in both median and average
days on the market. The median days on market rose to 69 days, while the
average days on market reached 95 days- adding a full month. Although
these figures indicate a slightly longer timeframe, the market maintained an
active pace throughout the quarter.

The market experienced growth in average sale prices, particularly in
single-family and multi-family properties. Although the days on
market saw a large increase, the market remained active and promising
for buyers and sellers. As we move forward, the Bronx real estate market is
expected to sustain its positive momentum, offering exciting
opportunities for investors and residents alike.