The Bronx Real Estate Market – Q2 2024 Market Report

As we delve into the data for the second quarter of 2024, let’s uncover the trends and changes that have shaped the real estate landscape in the Bronx.


In the second quarter, the U.S. housing market experienced lower activity than anticipated, largely due to ongoing affordability challenges. With average 30-year mortgage rates holding steady at around 7% and housing prices reaching record highs across the country, existing-home sales saw a decline. However, a positive development is the recent surge in new property listings, significantly boosting inventory compared to the previous year.

Key market trends include:

• Single-Family Closed Sales decreased by 13.9% to 118.
• Condos Closed Sales increased by 7.1% to 45.
• Co-ops Closed Sales remained unchanged at 145.
• Single-Family Median Sales Price rose by 4.1% to $630,000.
• Condos Median Sales Price rose by 7.4% to $289,000.
• Co-ops Median Sales Price surged by 19.5% to $230,000.

Experts anticipate a continued increase in inventory in the coming months, providing prospective buyers with more options. However, despite this surge in supply, some individuals may remain hesitant to enter the market due to higher borrowing costs and elevated home prices.

Affordability is a primary concern for consumers, and analysts predict that unless there is a substantial reduction in rates or home prices, market activity is likely to remain subdued for the foreseeable future.