More and more people are discovering the joys of living in Upper Manhattan, judging by how robust its real estate market is. During the first four months of 2023, 262 residential sales were closed in the borough’s northernmost section, which encompasses Harlem, Fort George, Hamilton Heights, Hudson Heights, Inwood, Manhattanville, Morningside Heights, and Washington Heights. Affordability, as well as the area’s natural beauty, doubtless has much to do with the high level of activity. More than three-quarters of those properties—78%, to be precise—sold for less than $1 million, whereas just 1% sold for more than $8 million.
Plenty more properties were available where those came from. As of late April 2023, 638 residential properties were for sale. None were priced over $8 million, while 62% had an asking price of less than $1 million. Another 29% were priced at $1 million-$3 million, and the remaining 9% at $3 million-$8 million.
For co-op units, the median asking price was $570,000. The median asking price for condos was $1.06 million, while that for townhouses was $2.72 million.
Upper Manhattan has plenty to offer renters as well, with 490 residential listings as of late April 2023. More than a quarter—29%—were available for less than $2,500 a month. Another 38% were asking $2,500-$3,500 a month. The monthly rent for 23% of the units was $3,500-$5,000, and 8% charged $5,000-$9,000 monthly. Just 2% rented for more than $9,000 a month.
The median monthly rent for studio apartments was $2,212. At the other end of the range, the median rent for properties with at least four bedrooms was $4,400 a month. In between, the median monthly rent for one-bedroom units was $2,500, $3,000 for two-bedroom units, and $3,595 for three-bedroom units.
