There’s a trend that’s been growing in popularity here in New York City in recent months. It involves Manhattan residents relocating to the Bronx.
The reasons why an increasing number of Manhattanites are relocating here to the Bronx are varied. Many of the reasons center around a Manhattan 2-bedroom apartment just proving to be too cramped for all they need to do within it, including homeschooling the kids or keeping them entertained and working from home. New home prices are a big issue as well.
How do home prices compare in Manhattan versus the Bronx?
One Manhattan resident interviewed for the news story highlighted their experience in trying to find affordable homes in the area. They found that a three-bedroom apartment was going for anywhere from $800,000 to $1 million. Research from July shows that the average home sells for $1.2 million in Manhattan. This sharply contrasts with the $386,000 sales price that the average home in the Bronx was going for just a few months back.
Many prospective homebuyers just find the Manhattan real estate market too expensive for them to buy into anymore. They note that they’re flocking out since the Bronx market hasn’t yet caught up.
The influx of Manhattanites into the Bronx has some long-term residents worried. They worry about how the increase in demand on properties in the borough may increase the prices they have to pay to buy a home themselves. They worry that price hikes could push them out of the rental market, too.
If you’ve been looking to sell your Bronx home, then there’s likely no better time for you to do so than right now, when the prices are likely at the highest they’ve ever been. Likewise, there’s no better time to get into the Bronx market than right now, before demand increases and prices surge. No matter your role in the estate market, it’s critical to ensure that all of your bases are covered when closing on your piece of New York real estate.