In a clearer sign (as if we needed it) that homeowners and realtors are more confident in The Bronx housing market, a new report by real estate portal Point2 Homes indicates that asking prices in our borough have increased by a whopping 54% in the past 5 years.
In an email sent to Welcome2TheBronx from the company points out that:
“Dubbed by some “one of the last bastions of affordable housing”, it seems that the Bronx is slowly transforming into the next gentrification target. With a 54% jump in the last 5 years, the Bronx recorded the biggest price jump of all the boroughs.”
For the past few years we have seen an onslaught of real estate articles constantly reporting that The Bronx is “the last frontier” in real estate investment and developers for those looking to get a bigger bang for their buck in returns on investment as prices hovered much lower than NYC average especially when compared to Brooklyn and Manhattan.
Although The Bronx experienced the highest percent increase in NYC and the 13th in the nation, the net increase was actually only $138,500 making it the lowest in NYC.
It’s important to note that these aren’t actual closed prices and only represent asking which can go either up or down depending on the market.
In the South Bronx, especially along the Grand Concourse, it’s no longer uncommon to see co-ops selling at above asking price as bidding wars are breaking out over the spacious units the area has to offer.
It will be interesting to how long this continues as half of business economists surveyed recently see the country heading towards a recession by 2021 and the outer boroughs are usually the hardest hit during these times.