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.
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.