Harlem continues to attract wealthy New York homebuyers
Real estate in New York, NY, has long been coveted by many homebuyers. Through the draining economic recession, many of New York City's boroughs took significant hits in value and stability. However, housing trends seem to be looking up, and New York City may be among the first metro areas to regain its foothold.
U.S. housing starts grew 2.6 percent in April 2012 compared to the previous month, which reaches a seasonally adjusted annual rate of 717,000 units, according to the Census Bureau and the Department of Housing and Urban Development. The data also indicates a 29.9 percent increase from a year ago.
In the Big Apple, the neighborhood of Harlem seems to be a target for many prospective homebuyers. Apartment prices are on the rise in the community, as top-notch attractions like the Museum for African Art and dining options attract a variety of homebuyers, the NY Daily News reports. Currently, the average sales price for a home in Central Harlem is $707,026, while many sellers are asking for an average of $886,549, ZipDataMaps reports
When looking to relocate to New York City, consider the neighborhood of Harlem for its cultural influence, relevance and proximity to downtown. Homebuyers may be able to find their ideal home in this up-and-coming community.