Bronx home prices reach new record

Average sales price finally eclipses 2006 high
February 14, 2018 08:45AM

Kingsbridge Heights

For all the talk of a Bronx real estate boom in recent years, here’s an interesting fact: home prices still remained below their 2006 peak. Until now.

The borough’s average home price rose to $515,000 in the fourth quarter, according to the Real Estate Board of New York, 2 percent above the previous record. In Kingsbridge Heights prices rose by a staggering 15 percent between the end of 2016 and 2017, to $470,000.

“It is it all about transportation and value compared with Brooklyn, Queens and Manhattan,” Douglas Elliman broker Charles Brophy told the Wall Street Journal.

The median Bronx price in the Bronx was $499,000 in the fourth quarter, down 1 percent from its record high in June.

For-sale homes account for a small fraction of the Bronx’ residential market, but the rental market is just as hot, with rents rising faster than anywhere else in the city.  [WSJ]Konrad Putzier