Resale Home Prices up 9% in Upper Manhattan
Home prices and apartment rents grew most quickly in Upper Manhattan neighborhoods like Harlem and Inwood last year — 8.8% year-over-year for resales to an average of $658,332.
Home prices shrank in the neighborhood next door, the Upper East Side — 2.1% year-over-year for resales. Home listings in the Upper East Side submarket also had the most price cuts, exceeding the borough median by 3.5 percent.
“The end of 2016 foreshadowed what we expect to see in 2017 – increased competition in relatively affordable areas like Upper Manhattan, and even more price cuts in the luxury sector as Manhattan’s market finds equilibrium,” said Krishna Rao, economist for StreetEasy. “Now, stagnating price growth is spreading from the top end of the market to the middle, while demand for lower-priced homes increases.”
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