While over half of the top ten neighborhoods where prices are falling the fastest were in Manhattan, The Bronx had the most neighborhoods with prices rising the fastest.
In fact, the top two neighborhoods in NYC were in The Bronx with historic Fieldston leading the pack with a 122.7% increase in median sales price to $612,500 from 2017 to 2018 and the Kingsbridge/University Heights area coming in second with a 41.2% increase to $275,000.
The list was compiled by Realtor.com along with real estate appraiser, Jonathan Miller, who co-founded Miller Samuel, who took a look at the median sales prices of homes in all of NYC’s neighborhoods in 2017 and 2018 but only looking at areas that had at minimum, 25 sales during both those years.
“High price tags are pushing many New Yorkers farther out into cheaper communities such as the Bronx, which doesn’t have the hipster cred or water views of Brooklyn. But dollars can stretch way further there. “Cash In While You Can! NYC Neighborhoods Where Prices Are Rising—or Falling—Fastest
Two other Bronx neighborhoods made the list:
- Crotona Park came in at 7th place with an increase of 31.3% during the same time period to $490,000.
- Closing out the list was the Melrose and Concourse area at 10th place with a 26% increase to $380,000.
At the other end of the spectrum, only one Bronx neighborhood saw a big drop in median sales price and that was Woodlawn dropping down -18.8% to $325,000.
We already know that as Manhattan and Brooklyn as well as parts of Queens becomes prohibitive to both developers and the average home buyer, the focus would turn to The Bronx and this is further evidence as activity continues to heat up.