The Bronx Real Estate Market – Q3 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.
Let’s look at how the Bronx market fared in the third quarter of 2023 and how it compares historically.
The Bronx real estate market continues its steady upward trajectory, with increasing average prices 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 through the third quarter.
In Q3 2023, the average sale price in the Bronx reached $546,680, marking a steady increase from Q2 2023. While the growth isn’t as pronounced as in the previous quarter, it still indicates a healthy market. Single-family homes and multi-family properties continued to show strength. The average price for single-family homes rose to $657,344, and multi-family properties averaged $770,652. This demonstrates a consistent trend of growth for these property types.
The median sale price remained stable at $545,000. This steadiness is a reassuring sign, as it suggests a market that is holding its value.
In terms of market activity, the average price per square foot rose to $335, signifying continued appreciation in market value. What’s interesting is the average discount off the asking price, which showed a negative value of -2.51% in Q3 2023. This suggests that, on average, properties are selling slightly above their asking prices. This is an intriguing shift in the market dynamics, indicating increased competition among buyers.
Regarding days on market, both the median and average figures increased slightly. The median days on market decreased to 55 days, while the average days on market rose to 85 days. This suggests a market that, while still relatively active, is taking a bit more time for properties to change hands.
The absorption rate remained stable at 27%, indicating that properties are still moving at a healthy pace within the market.
Comparing Q3 2023 to Q2 2023, we observe several key trends. The average sale price increased, with single-family and multi-family homes continuing to lead the growth. The median sale price remained constant, signifying a market with unwavering stability.
In conclusion, the Bronx real estate market in Q3 2023 retains its strength and resilience. With a steady rise in sale prices and an interesting shift in negotiation dynamics, it remains a market to watch.
