More and more people, it seems, are discovering Harlem’s charms: lush parks, fabulous eateries, live music galore, and residences that offer great value. In fact, of the 120 homes sold in Harlem and East Harlem during the first quarter of 2024, 71% closed for less than $1 million. Another 27% sold for $1 million-$3 million, and none cost more than $8 million.
As of early April, 328 residential properties in the neighborhood were for sale. Again, the majority—this time, 59%—were priced at less than $1 million, and none had an asking price of more than $8 million. Slightly more than a third (34%) were priced at $1 million-$3 million, and the remaining 7% at $3 million-$8 million.
Townhouses had a median asking price of $8.5 million. Townhouses in Harlem/East Harlem had a median asking price of $2.5 million. At $475,000, the median asking price for co-ops was less than a fifth of that. For condos, the median asking price was $948,000.
Of the 321 residential rentals available as of early April, 17% were renting for less than $2,500 a month, while just 3% asked for more than $9,000 a month. In between, nearly half—44%—charged $2,500-$3,500 a month, 26% $3,500-$5,000, and 10% 5,000-$9,000.
Median monthly rents ranged from $2,406 for studios to $5,650 for residences with four or more bedrooms. One-bedroom units had a median rent of $2,950 a month, compared with $3,500 for two-bedroom rentals and $4,000 for three-bedroom units.
Source: Perchwell