Home Sales Rise for the First Time in Three Years: What This Means for Buyers and Sellers in The Bronx
For the first time in over three years, existing home sales have increased year over year, reaching a seasonally adjusted annual rate of 3.96 million in October. This rise signals a potential market recovery, even as 2024 is expected to have the fewest home sales on record.
Although 2024 may still experience fewer overall sales, the increase in home sales this October could be an early sign of recovery in the market. According to the National Association of Realtors (NAR), three key trends are shaping the housing market that both buyers and sellers in The Bronx should pay attention to:
Home Sales Break a 3-Year Downtrend—Here’s What it Means for The Bronx Housing Market
1. More Homes Are Selling, and Prices Are Still Rising
Homeowners in The Bronx are likely seeing the value of their homes increase. Nationwide, the median existing-home price rose to $407,200 in October—a 4% increase compared to last year, marking the 16th straight month of year-over-year price growth.
Here in The Bronx, the median home price was $535,000 in October, a 6% increase year over year. This shows that homeowners in our area are experiencing consistent equity growth, making now an excellent time to consider selling.
Lawrence Yun, Chief Economist for the NAR, predicts home prices will continue rising, forecasting a 9% year-over-year increase in 2025 and a 13% increase in 2026.
2. There’s More Inventory to Choose From
For the past few years, buyers have faced limited options in the housing market. But that’s starting to change. The inventory of unsold homes rose 19% nationwide compared to last year, giving buyers more options than they’ve had in a while.
Locally, The Bronx saw a 12% increase in housing inventory in October.
This growing inventory means two things:
- For sellers: More competition. Preparing your home to stand out—through staging, pricing it competitively, and marketing—will be key.
- For buyers: A bit more choice and less pressure to bid on the first home you see.
If you’ve been waiting for the market to offer more balance, this could be the sign you’ve been waiting for.
3. Buyers Are Starting to Come Back
NAR’s report shows that home sales are up year over year—the first time we’ve seen this since July 2021. Even with elevated mortgage rates, buyers are finding ways to re-enter the market, driven by job stability and growing economic confidence.
While mortgage rates are still hovering around 6.78% for a 30-year fixed-rate loan, they’ve stabilized. And Yun predicts they could dip into the lower 6% range in 2025.
This demand is creating a sweet spot for motivated sellers: buyers are ready, inventory is growing, and prices are holding steady.
Final Thoughts for Buyers and Sellers in The Bronx
If you’ve been considering selling, now may be a great time to act. With prices still rising and demand picking up, listing your home soon could help you attract serious buyers and secure a strong return. Just keep in mind that more inventory means your home needs to shine. Staging, high-quality photos, and competitive pricing are more important than ever.
For buyers, the good news is that you have more choices. The rising inventory is making it easier to find homes that fit your needs and budget. While mortgage rates are still higher than a few years ago, they’re stabilizing. If you’re ready to buy, the best strategy is to get pre-approved, understand your budget, and stay patient while exploring your options.
For those looking for more personalized insights, I’m happy to help. Connect with me here for a discovery call, and we can start exploring your options.