While the 2008 housing crisis pushed down Manhattan prices by 3%, Harlem saw prices fall almost 20% from 2007 to 2010.
According to journalist Troy McMullen, Harlem is still in the midst of a real estate renaissance.
"A restored 1891 townhouse in the Striver’s Row section of Harlem recently sold for almost $2.89m, a record sum for that sliver of Harlem. A five-storey brownstone on 126th Street sold in January for $3.6m. Newly built condominiums are fetching between $950 and $1,200 per sq ft, prices that were unheard of just a year ago," he writes.
Although the prices are on the rise, it's still considered a great place to buy if you're interested in living on the island of Manhattan.
It was recently reported that the median price of a condo in Harlem is $640,000, while the average of Manhattan was $910,000.
If you'd like to learn more about living in Harlem, make sure to check out Halstead Property or contact me directly.
