How has the Bronx real estate market developed in the course of the past five years? Our analysts pulled out all sales data on single- & two-family homes, condos, and coops recorded in the 2008 – 2013 timeframe, putting together a quick overview of the Bronx housing market.
Despite a sizable drop in the number of sales, slightly bigger prices have stepped in to compensate for the slower sales pace. A total of 2,071 homes were sold in 2013, compared to 3,059 in 2008. However, the median sale price jumped 3% from 2008’s median of $300,000 to $310,000 in 2013.
In 2013 alone, median sale prices for the Bronx residential sector have seen a 3% increase in volume from the previous year, despite the 15% decrease in the number of sales:
By year end (Q4), the median sale price reached $349,000, a 13% jump from the median registered for Q3, 2013. And while the number of sales was fairly modest compared to some previous years, 2013 sales have not fluctuated heavily from quarter to quarter, but maintained consistency throughout the year. In fact, a quick look at the numbers shows that the Bronx real estate market had not experienced such a consistent sales pace since 2008:
As not to overlook the upper segment of the market, here are last year’s largest home sales, half of which priced over $2 million:
Largest Bronx Homes Sales in 2013
|Property address||Sale price||Sale date||Neighborhood|
|4926 Goodridge Ave, Bronx, NY 10471||$2.9M||16-Jul-13||Fieldston|
|4601 Fieldston Rd, Bronx, NY 10471||$2.2M||04-Nov-13||Fieldston|
|376 W 245 St, Bronx, NY 10471||$2.2M||17-Oct-13||Fieldston|
|4690 Hadley Ave, Bronx, NY 10471||$2M||18-Jan-13||Riverdale|
|3644 Oxford Ave, Bronx, NY 10463||$2M||02-Jul-13||Riverdale|
|3220 Arlington Avenue #11B, Bronx, NY 10463||$1.9M||01-Feb-13||Riverdale|
|3877 Boston Rd, Bronx, NY 10466||$1.7M||07-Oct-13||Edenwald|
|640 West 237 Street #18B, Bronx, NY 10463||$1.5M||05-Mar-13||Riverdale|
|640 West 237 Street #19B, Bronx, NY 10463||$1.5M||22-Oct-13||Riverdale|
|5625 Independence Ave, Bronx, NY 10471||$1.4M||20-Feb-13||North Riverdale|
Methodology: Data refers to sold properties in the Bronx between January 1st, 2008 and December 31st, 2013. The building classes considered are: single-family homes, two-family homes, condo and coop units. Package deals and transactions with a sale price lower than $10,000 were not included. In order to compensate for closed sales in Q4 2013 that had not been recorded by the time the report was compiled, the Q4 2013 numbers are adjusted upwards by 18%. The 18% adjustment is based on an internal analysis of the delay in recording a transaction by the City of New York.