BRONX TIMES REPORTER, A BTR PR. 16-22, 2021 19
Bronx homes recently selling for
$17K less than in 2009: study
The Bronx skyline. (File/The Bronxer)
BY ALEX MITCHELL
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 infl ation 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 fi vepercent
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 infl ation,” the study
indicated.
Alex Mitchell