Bronx homes recently selling for $17K less than in 2009: study

The Bronx skyline.
(File/The Bronxer)

A new study has spelled out bad news for Bronx homeowners.

According to a nationwide report from PropertyShark, in 2019 Bronx homes sold at an inflation adjusted $17,000 or seven-percent less than they did a decade earlier in 2009 – a polar opposite trend than the rest of New York City.

“That decline in home prices was fueled by price contractions in low to mid-range properties. More precisely, homes priced $250,000 to $500,000 changed owners for 4-percent less in 2019 than they did in 2009, while those priced $100,000 to $250,000 fetched 9-percent less,” the study stated.

It was also reported that the Bronx’s median sale price dropped from $262,909 to $245,500.

A two-family home in Throggs Neck.Alex Mitchell

On that list of largely populated areas to experience losses, Virginia Beach, VA was the only region to have fared worse than the Bronx with a nine-percent loss.

Chicago, IL and Milwaukee, WI just trailed the Bronx with four and five-percent decreases.

Meanwhile, the other four boroughs each yielded positive gains in the ten-year span: Staten Island and Manhattan each at 16-percent, Queens at 32-percent, and Brooklyn with the highest at 39-percent.

As a whole, the city’s median sale price leaped 24-percent in that decade with one to $two million listings seeing the highest rise at 31-percent, followed by the ranges of $750,000 to $1 million and $500,000 to $750,000 valued properties each seeing a 25-percent increase.

There was also some good news for those selling more high end properties in the Bronx, though.

“By comparison, Bronx owners who sold between $500,000 to $750,000 in 2019 did so for 10 percent more than what they paid in 2009, netting $54,000 after adjusting for inflation,” the study indicated.

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