Single-Family Home Prices Jumped in the Final Quarter of the Year – Q4 2022 Market Report
As higher interest rates battered the market, single-family home values continued to increase in the Bronx, while days on market trended upwards to 90 days for the first time in years. Let’s look at how the Bronx market fared in the final quarter of 2022 and how it compares historically.
As higher interest rates battered the market, single-family home values continued to increase in the Bronx, while days on market trended upwards to 90 days for the first time in years.
Let’s look at how the Bronx market fared in the final quarter of 2022 and how it compares historically.
Rising interest rates caught up to the borough in the final quarter of 2022, but that didn’t stop prices of single-family and multi-family homes from rising as well.
The Bronx real estate market in Q4 2022 painted a picture of a resilient and thriving market, despite fluctuations in prices for different types of properties. The overall trend is an upward movement in average sales prices, with an increase of 5% compared to Q4 2021, and 4% compared to Q3 2022, reaching a high of $609,750. The median sale price is also on the rise, at $599,000.
In Q4 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 was on the rise from Q3 2022- increasing by a full two weeks to 90 days. The median days on market rose to 61 days from 49 days in the previous quarter on market, indicating that the more homes were taking longer to sell.
One of the most notable highlights of the market is the increase of properties going into contract under asking price, with an average discount of 6%, indicating that sellers are more willing to make deals happen in a shifting market post-pandemic.
Single-family properties have seen the largest increase in price, with an average price of $969,966 in Q4 2022, a 46% increase compared to Q4 2021 and a 42% increase compared to Q3 2022. Multi-family properties have also seen an upward trend, with an average price of $727,776 in Q4 2022, an 8% increase compared to Q4 2021, and an 11% increase compared to Q3 2022. The average price per square foot, however, has stayed steady at $331 indicating that larger properties were sold in Q4 2022.
On the other hand, the average prices for condos have seen a very slight decrease, while co-ops, at an average price of $194,863 in Q4 2022, saw a 29% decrease compared to Q4 2021 and a 34% decrease compared to Q3 2022.
Despite these fluctuations, the overall state of the market in the Bronx is one of resilience and growth, with buyers still eager to invest in the area. The market is expected to continue its upward trend in the coming months, making it a prime opportunity for both buyers and sellers.
As always, if you have any questions or want to work with us on your real estate search, drop us a line anytime.
