HARLEM, NY – Temperatures are getting colder, but the real estate market in Harlem is only getting warmer, according to a new study.
In Harlem, the number of apartment sales nearly tripled in the third quarter of 2021 compared to last year, according to a new market report from real estate firm Douglas Elliman. A total of 55 condominiums were sold in Harlem last quarter, compared to just 35 last quarter and 22 during the same period last year.
Housing co-ops also saw an increase, with 22 sales closed in the last quarter, down from just seven in the third quarter of 2020, as the pandemic still raged.
The trend is part of a borough-wide resurgence: Across Manhattan, more apartments were sold in the third quarter – 4,523 in total than any quarter in the 32 years that the company followed the sales.
In upper Manhattan, the average selling price of homes set a new record in the third quarter, along with the total number of listings. Selling prices in Harlem were more mixed: Co-op prices rose 5% in the last quarter to an average of $ 451,466, while condos fell 8% to $ 863,580.
“All of the suburbs were booming as Manhattan saw sales at half the normal rate last year,” report author Jonathan J. Miller told The New York Times. “Now we are seeing this massive increase.”
Here is the breakdown of the third quarter market report for Harlem (the report separates central and western East Harlem):
- Average condo sale price: $ 866,328 (down 33.1% compared to last year)
- Average price per square foot (condos): $ 972 (down 5.5%)
- Number of condo sales: 19 (up 138%)
- Average co-op selling price: $ 584,308 (up 39.1%)
- Average price per square foot (co-ops): $ 781 (up 86%)
- Number of cooperative sales: 13 (up 550%)
Washington Heights and Inwood appear to have led the price increases in upper Manhattan, with peaks of 32 and 18 percent, respectively.
Row homes were also a popular buy in upper Manhattan: 28 row homes were sold in the area in the last quarter, up from just nine last year.
Read the full North Manhattan market report here and the Manhattan-wide report here.