Bronx real estate price drops seem to be the theme over the past year. According to a recent report published by RealtyHop, three Bronx neighborhoods have noted a drop in real estate prices between August 2019 and August 2020. Here’s a brief rundown on these price plummets:
Mott Haven-Port Morris
In the Mott Haven-Port Morris neighborhood, August 2020 real estate prices had dropped 9.8% compared to August 2019. In monetary terms, that equals a $65,100 decrease over the year.
The original neighborhoods comprising “South Bronx,” Mott Haven and Port Morris have a long-standing reputation for urban grit. Gentrification is beginning to take hold in the area, and some Bronx real estate professionals believe that this is an ideal time to buy in a potentially up-and-coming community.
Next in line is the Bronx’s Soundview-Bruckner neighborhood. RealtyHop’s report indicated an 8.5% decrease in Bronx real estate prices between August 2019 and August 2020, equaling a $36,000 drop.
If you are not familiar with Soundview-Bruckner, let us shed some light on this community. You’ll see plenty of residential streets lined with a mix of affordable and conventional housing. You’ll also find your essentials close at hand, with a mix of big-box stores, grocers, restaurants and other businesses. All in all, it’s a pretty run-of-the-mill Bronx neighborhood.
Our last real estate price drop was seen in Highbridge. RealtyHop reported a decrease of 8.3%, or $34,500, in this residential community. Bronx real estate agents are eyeing Highbridge carefully to analyze trends.
What’s special about Highbridge? It’s another neighborhood with a rough-and-tumble reputation, but it features some unique qualities that pique buyers’ interest. For starters, Highbridge is the home of the New York Yankees. There are also some architectural rarities, such as “stair streets” (you’ll need to see those for yourself!).
Consider the Bronx
If you are planning to buy in one of New York City’s outer boroughs, the Bronx is definitely worth a look. Kenny and Annecy Fuentes are a dynamic Bronx real estate team that can help you navigate the ever-fluctuating trends seen here. Connect today to tap into their expertise!