Bronx Real Estate Market Update: A Look at 2024 Trends:
As we step into 2025, the Bronx continues to be a dynamic market with both renters and buyers actively seeking opportunities in this thriving borough. Whether you're considering a move, an investment, or simply staying informed, our latest market insights provide a valuable look at the trends shaping real estate in the Bronx.
Rental Market Overview
The Bronx rental market remained steady throughout 2024, showing moderate price growth and consistent demand. Here are the key takeaways:
- Inventory: 149 active rental listings, a 48% increase year-over-year, indicating more options for renters.
- Average Listed Rent: $2,682, reflecting a 1.34% annual increase.
- Median Listed Rent: $2,525, up 4.95% year-over-year.
- Doorman vs. Non-Doorman Service: Average rents for doorman buildings came in at $3,001, while non-doorman buildings averaged $2,479.
With demand growing and rental concessions decreasing, now is an excellent time for landlords to price competitively and for renters to lock in a lease before further increases.
Sales Market OverviewThe Bronx’s sales market remained resilient, balancing affordability with steady appreciation:
- Active Listings: 675 properties, up 62% year-over-year.
- Average Listed Price: $382K, a 2.07% increase from 2023.
- Median Listed Price: $300K, slightly up by 0.33%.
- Average Price Per Square Foot (APPSF): $375, marking a 2.93% increase.
- Days on Market: 116, an increase of 5 days, reflecting a more balanced market.
This suggests a strong but stabilizing market, giving buyers opportunities to negotiate while sellers still see appreciation in value.
Closed Sales Trends
- Total Closed Transactions: 960, up by 3% year-over-year.
- Average Sold Price: $329K, a 10.71% annual increase.
- Median Sold Price: $250K, up by 8%.
- Days on Market for Sold Homes: 217, up 8 days from 2023.
The Bronx continues to attract buyers looking for affordability, space, and investment potential compared to other boroughs.
What This Means for You
- Buyers: The market still offers value, but with prices rising, acting sooner rather than later can help secure a home at a competitive price.
- Sellers: With median prices increasing, properly pricing your home can attract serious buyers in this evolving market.
- Renters: More inventory means better options, but rents are trending upward, making it smart to lock in a lease now.
Explore More Insights
For a deeper dive into the Bronx real estate market, download our full market report:HERE
Want an even closer look at the Bronx market? Watch our latest video breakdown where we discuss neighborhood trends, investment insights, and expert predictions for 2025.
If you’re looking to buy, sell, or rent in the Bronx, let’s connect. Our expertise in both the New York and New Jersey markets ensures you get the best guidance possible.
📩 Contact me today to explore your options!
