Home Sales are Down, but Prices are Up in the Bronx – Q3 2022 Market Report

As the market continued to cool across the country, home values continued to increase in the Bronx, specifically prices of co-op apartments. 

Let’s look at how the Bronx market fared in the third quarter of 2022 and how it compares historically. 

Rising interest rates seem to be having little effect on the market here in The Bronx.

Average prices continue to trend upwards and average days on market are trending down- staying consistent with 2021 numbers. This indicates a resilient market in The Bronx while the rest of the country suffers a more significant slow-down in buyer activity.

In Q3 of 2022: 

– Sales were down 6.3% year-over-year, while average prices are up 3%, indicating that although sales are down, listings are going into contract at higher price points. Sales were only down 2.4% quarter-over-quarter. 

– Despite this growth in value, the Bronx still remains the city’s most affordable borough.

-The average days on market stayed consistent from Q3 2021- remaining rock steady at 76 days. The median days on market fell to 49 days on market, indicating that the market still has some heat to it.

A notable stat is that properties were actually going into contract over asking price during Q3 of this year. In Q2, the average discount was 8%. The average sales price borough-wide is just over $586,000, up about 3% since this time last year.

The increase in sale prices may be attributed to buyers trying to purchase before rates rise even further.

Over the course of the past year, interest rates have gone from 2.8% to a jaw-dropping 6.7%- an increase of almost 120% year-over-year.

Because apartments in the Bronx, as well as the rest of the city, are becoming more expensive to rent in each year, buyers have not been turned-off by rising rates and, instead, see that buying real estate is their best hedge against seemingly rapid inflation.

The average days on market stayed exactly the same year-over-year at 75 days, recovering loses over the past year.

As always, if you have any questions or want to work with us on your real estate search, drop us a line anytime.