Median sales price for a Bronx homes surges year-over-year: report

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The Bronx experienced a noticeable increase in the median sales price of a home from July 2023 to July 2024, according to a recent report released by the Hudson Gateway Association of Realtors.

The median sales price for a single-family home jumped 5.5% year over year, from $632,500 in July 2023 to $667,500 in July 2024.

Meanwhile, the median price paid for a condo skyrocketed, going up 26.8%, from $255,000 last year to $323,250 this year. Co-ops also saw a big increase in median sales price from July 2023 to July 2024, rising 24.5%, from $184,000 to $229,000.

The higher cost for a home in the Bronx, according to the report, is attributed in part to a drop in inventory, leading to demand outstripping supply.

Year-over-year, the number of single-family homes experienced a 33.7% decline in inventory over this span, from 264 in July 2023 to 175 in July 2024. This was the deepest decline among Bronx homes.

Condos saw inventory fall 23.8%, from 101 in July 2023 to 77 in July 2024. Inventory of co-ops fell 12.7%, from 520 to 454.

Source: Hudson Gateway Association of Realtors