Harlem Real Estate Market Update

For HarlemCondoLife by Deondra Carter

The Harlem real estate market is off to a strong start. Prices were up by 9.7 percent and an astounding 145 percent in East Harlem compared to last year according to Trulia.com. The huge jump in East Harlem was based on 18 sales within the past year and can be attributed to the increase in townhouses and new condo units that were on the market. As seen throughout Manhattan, low inventory and strong demand continue to push prices north.

Sales in the Harlem market included a diverse mix of condos, co-ops, and townhouses. Within Harlem (including East Harlem and Hamilton Heights) there were 82 condo sales with a median price per square foot of $693 and an average sale price of $540,000. Standout sales numbers were reached at new condo developments such as Saint Anne’s Court at 48 West 138^th street and 234 West 148^th Street with 20 and 13 sales in the first quarter respectively. Expect to see even higher numbers next quarter when the units at The Adeline at 23 West 116 start to close. There were 44 co-op sales with an average sales price of $227,500. As for townhouses, there were 16 recorded 1-4 family sales with an average sales price of $1,314,433.

Congratulation to all the happy homebuyers and sellers!

For questions or information about this update, contact Deondra Carter, Licensed Real Estate Salesperson at Douglas Elliman Real Estate by email at Deondra.carter@elliman.com

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