Real estate in the Bronx might not be on every home buyer’s tour these days as closed sales in 2012 hit a 5-year low. 2,339 homes in this borough found a new owner last year, a 4% drop compared to both 2011 and 2009 and a larger drop compared to 2008 and 2010.
The median sale price was $288,990, inching up by only 1% year-over-year, but still down compared to 2009 ($296,976) and 2010 ($320,000).
The numbers from the last quarter in 2012 look a bit more encouraging year-over-year. In Q4 2012 the Bronx saw 6% more sales than in Q4 2011, 607 vs. 570, but quarter-by-quarter the number of sales was down by 3%. “We haven’t gone anywhere,” stated PropertyShark Industry Principal Andrew McElhone.
The Biggest Sale of the Year Closed for $4,650,000
While the numbers might not wow real estate folks, the borough saw some waves being stirred in August when the home at 4600 Palisade Avenue in the upscale neighborhood of Riverdale changed hands for $4,650,000. This is the second most expensive home sold in the Bronx since 2008, built in 1920 and spreading over 8,604 sqft.
However, the price is still almost half a million less that of the most expensive house sold in Queens in 2012.
The largest residential transactions of the year in the Bronx were, with one exception (one condo unit at 3220 Arlington Avenue, Riverdale), single family homes in Riverdale and its Fieldston neighborhood. Price tags ranged between $1,355,000 and $4,650.
The Most Expensive Zip Codes in the Bronx by Median Sale Price
Nevertheless, Riverdale is not part of 2012′s most expensive Bronx zip code by median sale price. According to our data, the annual list was topped by 10461, comprising Morris Park, Middletown, Westchester Village, and Schuylerville and having a median sale price of $380,000.
Here are the Bronx zip codes with the highest median sale prices in 2012: