Bronx home prices reach new record

Average sales price finally eclipses 2006 high

TRD New York /
Feb.February 14, 2018 08:45 AM

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 


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

448 East 143rd Street in the Bronx (Credit: Google Maps)

Private developer’s NYCHA project in Mott Haven lands $79M in financing

1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)

Maddd Equities, Joy Construction score $64M for massive Bronx project

From left: the Ritz-Carlton, 32 East 1st Street, 560 West 24th Street, 301 East 80th Street and 32 West 85th Street

Five priciest homes new to market include 1897 townhouse

Ed Gilligan and 3 East 94th Street (Credit: Getty Images, Compass)

Don’t leave home without $21M: Amex exec’s widow sells townhouse

Home prices are on the rise, and homeowners are opting to stay in their homes longer (Credit: iStock)

Home prices accelerate nationally as owners stay longer

The Mountain States saw the fastest home-price growth of any region (Credit: iStock)

Millennials head west for housing, and institutional investors follow

Renderings of Brookfield's Bankside in the South Bronx (Credit: ArX Solutions)

This is what Brookfield’s South Bronx megaproject will look like

arrow_forward_ios