Bronx Real Estate Market Update - New for May 2023!

There's a new king in town in the Bronx real estate market, and it's larger houses! Take a look at the latest data and shed light on the shifting dynamics and intriguing new trends in the Bronx property scene.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Bronx Real Estate Market Update | May 2023

Bronx Real Estate Market Report: Demand Spikes for Larger Spaces

The demand for larger spaces in the Bronx is creating a significant stir. This trend is a reflection of consumers shifting from big city living to outer borough living. Additionally, a surge in investor demand for rental properties is also contributing to the increased interest in more spacious accommodations.

The Latest Statistics

The data reveals a 6.3% increase in listings, with 2,236 homes in the Bronx currently up for sale. The median list price stands at $579,600, and homes are spending an average of 97 days on the market.

A Buyer's Market in the Bronx

Like its Manhattan counterpart, the Bronx is currently a buyer's market, with 70% of homes selling below the asking price. If you're considering buying a home here, it's time to hone those negotiation skills!

The property market has seen some fluctuations, with one and two-bedroom homes experiencing price drops of 2.6% and 1.5%, respectively, while three-bedroom homes rose by 3.4%. Interestingly, five-bedroom homes climbed 3% in price.

In terms of inventory, one-bedroom homes saw a rise of 2.8%, while three, four, and five-bedroom homes experienced a significant 7.6% increase.

The Shift in Trends

What does this data tell us? Larger spaces are in huge demand in the Bronx. Coupled with the trend of downsizing and moving on to the "next chapter," this is resulting in increased listing inventory, which is being quickly scooped up by eager buyers and investors.

The Bronx is witnessing the emergence of a very healthy and stable trend. This evolving dynamic makes it an exciting time to be part of the local real estate market.

If you're thinking of buying or selling a home or you simply want to stay on top of the local real estate market, the Bizzarro Real Estate Agency is always ready to be at your service!

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.