Is Bay Ridge, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Bay Ridge has remained a Buyer's Market.
Key Takeaway
Bay Ridge is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Bay Ridge, NY
How much do homes in Bay Ridge, NY cost?
Median Sold Price
$1,035,000
$562/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Bay Ridge have sold for 5.1% more than they did a year ago.
Summary: The median home sold price in Bay Ridge was $1,035,000 in March 2024, up 5.1% from last year, and the median price per square foot was $562.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $332K | $329.5K | -0.8% |
| 2 Bedrooms | $535K | $459.5K | -14.1% |
| 3 Bedrooms | $1.0M | $1.1M | +7.4% |
| 4 Bedrooms | $1.3M | $1.4M | +7.0% |
| 5+ Bedrooms | $1.4M | $1.4M | +4.2% |
Summary: Bay Ridge housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.8%, 2 bedroom homes decreased by 14.1%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 7%, and 5+ bedroom homes increased by 4.2%.
Median Sold Price Compared To Nearby Neighborhoods
| Bay Ridge | $985K | $1.0M | +5.1% |
| Fort Hamilton | $539K | $515K | -4.5% |
| New Utrecht | $1.0M | $999K | -4.9% |
| Dyker Heights | $1.2M | $1.2M | -7.5% |
Housing Supply in Bay Ridge, NY
How many homes are available in Bay Ridge, NY?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 139 | 158 | +13.7% |
Summary: The Bay Ridge real estate market had 158 homes for sale in March 2024, a 13.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 49 | 56 | +14.3% |
| 2 Bedrooms | 27 | 27 | 0.0% |
| 3 Bedrooms | 22 | 27 | +22.7% |
| 4 Bedrooms | 17 | 18 | +5.9% |
| 5+ Bedrooms | 24 | 30 | +25.0% |
Summary: The Bay Ridge housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.3%, 2 bedroom homes remained the same, 3 bedroom homes increased by 22.7%, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 12 | 9 | -25.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Bay Ridge, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Bay Ridge in March 2024, down by 25.0% month-over-month. Of the 9 sold homes, 44% were sold under asking, 44% were sold at asking, and 11% were sold over asking.
Days on Market for Bay Ridge, NY
How long does it take to sell a home in Bay Ridge, NY?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 58 Days | 103 Days | +77.6% |
Summary: Homes in Bay Ridge had an average of 103 days on market in Mar 2024, up by 77.6% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Bay Ridge are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 9 homes were sold in Bay Ridge; 11% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
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