The Bronx housing market saw a significant increase in median sales prices from July 2023 to July 2024, driven by a drop in inventory and increasing demand.
The report noted a 5.5% rise in single-family home prices, a staggering 26.8% increase for condos, and a 24.5% jump in co-op pricing, reflecting strong market trends.
A severe inventory shortage contributed to the rising prices, with single-family homes down 33.7%, condos down 23.8%, and co-ops down 12.7% compared to last year.
The shortage of available homes in the Bronx is worsening, with demand outpacing supply, thereby pushing prices significantly higher for all types of properties in the market.
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