A new report by PropertyClub shows that Parkchester in The Bronx is New York City’s most affordable neighborhood for home buyers with a median sales price of $195,000.
Data also indicates that overall, The Bronx is the most affordable borough with a median sales price of $519,000 which is significantly less than the $700,000 median sales price for the entire city.
The report looked for the 50 most affordable neighborhoods in New York City by analyzing recorded closed sales for residential properties in 2020 and only neighborhoods that recorded 10 sales or more were included in the report.
Of the 50 neighborhoods that made the list, 12 of them were in The Bronx and are as follows:
Perhaps the most surprising on the list is Fieldston, given the estates and mansions in that area, however since those properties rarely sell, only the co-ops were considered for the report which drastically skews the data a bit.
This isn’t the first time the city within the city known as Parkchester is on the list. Back in 2019 when we wrote about that year’s report which looked at prices in 2018, the median sales price in the neighborhood was $180,000.
Of note, Parkchester is also the only neighborhood on the list that’s under $200,000.
In second place is Bedford Park with a median sales price of $225,000 and much like Parkchester, is a very diverse neighborhood that’s quite reflective of the overall population of our borough.
At the bottom of the list at the 50th spot is Allerton with a median sales price of $509,500, another diverse Bronx neighborhood.
PropertyClub also released a report on the 50 most expensive neighborhoods in New York City and not one Bronx neighborhood made the list so maybe, just maybe, we’re still “safe”.
|Borough||Median Sales Price|
To see the full report check it out over here.