As the South Bronx community of Mott Haven is being transformed by exciting development projects, prosperity for its surrounding communities is inevitable as property values are destined to rise. With its wide mix of housing types and styles, single family homeowners and those seeking to buy a home in this hot housing market should turn to local Bronx real estate agents, Team Fuentes to find the perfect single family home.
In Mott Haven, home prices surged a whopping 124% in 5 years to $448,916, way above the Bronx’s $292,250 median. Mott Haven has swiftly become a prime destination for homebuyers that cannot afford to live in Manhattan and are also priced out of Brooklyn and Queens’ rapidly gentrifying neighborhoods. They are discovering what the Bronx has to offer—namely diversity, decent commutes, ample green space, and better parking—in addition to lower prices and rents. With five bridges connecting it with Manhattan and Queens, this southeastern neighborhood is convenient if you have a car but not so much for public transportation (other than local buses). Its boundaries are East 149th Street to the north, the Bruckner Expressway (and Port Morris) to the east, the Bronx Kill waterway to the south, and the Harlem River to the west.
The median home sale price in Bronx’s “Williamsburg” has seen a remarkable growth in the past 5 years. From 2014 to 2018, prices have more than doubled, going from $200,000 to $448,916—a 124% increase. The neighborhood’s median home sale price is way above the Bronx’s 2018 median of $292,250.
Most of the residential sales in 2014 and 2015 were co-ops and condos, and starting from 2016, and a large number of single-family homes changed hands during this period. This also contributed to the neighborhood’s median home price spike.
As of February 2019, the most expensive home for sale in Mott Haven was a $459,000 1-bedroom, 1-bathroom condo.
Turn to the experts at Team Fuentes in the Bronx, to find the perfect starter home or single-family residence fit for your budget and lifestyle, call them today to search for your new home.