The number of Bronx real estate transactions thus far in 2023 is only a third of last year’s. The dramatic slowdown has not been fully reflected in valuations that cling to recent records. The darkest clouds looming over apartment valuations are clearing favorably as demand for other asset classes has been enough to satisfy lower supply. Troubled regional banks and moderating inflation could signal the top of the interest rate cycle which would remove another cloud from The Bronx real estate market. 13 metrics remain unchanged after our benchmark review which resulted in 4 increases and 9 reductions.
Tighter monetary policy and the stagnant economy have dealt severe headwinds to national real estate but The Bronx has fared better than most markets in recent months. The BuyTheBronx.com valuation benchmarks have been updated to reflect the current market of sale and lease transactions in the context of longer trends. The strong have held onto record values, as weaker sectors bear the brunt of macro pressures. The improving benchmarks outnumber those we cut, but even more remain unchanged at this time.
Introducing the BuyTheBronx.com Numbers Page, providing benchmark values for your favorite asset classes in The Bronx real estate market. Most data sources report highly skewed simple averages based on popular search criteria. This gets worse with the great dispersion in size, quality and neighborhoods that affect the values of all the submarkets in The Bronx.