The price of housing in townhouses of Harlem are growing three times faster than in the rest of Manhattan.
This is evidenced by the recent analysis of sales of houses and flats from PropertyShark.
According to experts, if growth continues, in the next ten years, the real estate in Harlem compare to the price of real estate in Downtown and Midtown.
«The average annual growth in housing prices in Harlem is 15%, while in the rest of Manhattan prices for the year increase by 5%» — analyst PropertyShark andra Races. «At this rate, by 2028 Harlem will close the price gap».
According to analysts, by 2028 , the average price per square foot in Harlem will amount to $3,102, and the rest of Manhattan it would have an average of $2,132.
From 2009 to 2017 year average prices for houses and apartments in Harlem increased by 171%.
However, while (only while) the average price per square foot in the area – 642 dollar. And this is much lower than the average for Manhattan (1838 dollars).
«Yes, now Harlem is cheaper, but prices are rising so fast that we wonder how long this will last,» says andra Races.
