The Bronx Luxury Market Is Picking Up, Median Home Price Sees Very Modest Increase in 2015

Posted on January 27, 2016, 11:27 am
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Residential Market Highlights

The Bronx Luxury Market Is Picking Up, Median Home Price Sees Very Modest Increase in 2015

The Bronx Luxury Market Is Picking Up, Median Home Price Sees Very Modest Increase in 2015

The Bronx Luxury Market Is Picking Up, Median Home Price Sees Very Modest Increase in 2015

The Bronx Luxury Market Is Picking Up, Median Home Price Sees Very Modest Increase in 2015

The Bronx Luxury Market Is Picking Up, Median Home Price Sees Very Modest Increase in 2015

The Bronx Luxury Market Is Picking Up, Median Home Price Sees Very Modest Increase in 2015

The Bronx Luxury Market Is Picking Up, Median Home Price Sees Very Modest Increase in 2015

 

Median Sale Price in the Bronx Fluctuates

For the past 10 years, our data shows that the median sale price in the borough has been fluctuating from its high point in 2010 of $280,000 to the low points in 2005 and 2008 of $240,000.

While before 2008 the number of total transactions exceeded 3,000 per year, it dropped to under 2,000 after 2009. This drop in sales volume was immediately followed by a rise in the median sale price.

The Bronx Luxury Market Is Picking Up, Median Home Price Sees Very Modest Increase in 2015

 

Neighborhoods in the Bronx

The most expensive neighborhood by median sale price was Morris Park, ($464,500 in 2015, +15% Y-o-Y). At this level, the neighborhood may be compared to Washington Heights in Manhattan ($455,000) or Georgetown in Brooklyn ($450,000).

Here are the top 10 neighborhoods that saw the highest median sale price in 2015:

The Bronx Luxury Market Is Picking Up, Median Home Price Sees Very Modest Increase in 2015

 

Luxury Market Is Picking Up

With 37 sales over $1M, the luxury segment in the Bronx reached an all-time high (up 42% Y-o-Y). Riverdale, in particular, leads the luxury market as new condo developments are selling units for high prices.

The Bronx Luxury Market Is Picking Up, Median Home Price Sees Very Modest Increase in 2015

 

Most Expensive Properties

In terms of single-family sales, 6 properties sold for $2M and up in 2015, located in Fieldston, Riverdale and Bedford Park.

The large suburban residence at 4680 Livingston Avenue sold for $2.9M, making it the most expensive home sale in the Bronx. Sitting on a generous piece of land covering almost 40,000 square feet, it offers the new owners 5,200 square feet of living space.

The Bronx Luxury Market Is Picking Up, Median Home Price Sees Very Modest Increase in 2015

The expensive end of the market in the Bronx comprises several sales in the Solaria Riverdale condominium. The most expensive unit sold in all of Bronx was unit 16C in this building and 4 other units also made the top 10.

In fact, all but one of the most expensive units are located in Riverdale and apartments on Douglas Avenue also occupy 3 of the top 10 spots!

The Bronx Luxury Market Is Picking Up, Median Home Price Sees Very Modest Increase in 2015

 

Here are the top 10 most expensive apartments sold in 2015:

Top 10 Most Expensive Apartment Sales in the Bronx

Here are the top 10 most expensive single-family homes sold in 2015:

Top 10 Most Expensive Single-Family Home Sales in the Bronx

Methodology:

For more information, please visit PropertyShark.com.

 

Jonas Bronck is the pseudonym under which we publish and manage the content and operations of The Bronx Daily.™ / Bronx.com - the largest daily news publication in the borough of "the" Bronx with over 1.5 million annual readers. Publishing under the alias Jonas Bronck is our humble way of paying tribute to the person, whose name lives on in the name of our beloved borough.