Harlem New York Real Estate - Harlem New York Homes For Sale | Zillow (2024)

FAQs

Where is the best place to live in Harlem NY? ›

Central Harlem is one of the most popular neighborhoods for people living in Harlem, New York. It is the birthplace of the Harlem Renaissance (you can still visit Langston Hughes' house today), and it has been an artistic and cultural destination since the 1920s.

Enjoy Affordable NYC Living

It's no secret that New York City is an expensive place to call home. But since Harlem's cost of living is 25% lower than the city as a whole, living in Harlem allows you to enjoy a fun, exciting Manhattan lifestyle without a hefty price tag.

The vast majority of city-wide investments, including prior commitments from big tech, are still moving ahead, undeterred. As it stood at the beginning of 2020, even as the year took a decidedly different turn than everyone expected, Harlem real estate remains an excellent investment.

Buying a house in New York can be intimidating, especially when you take a look at the numbers. The prices are soaring. The median sales price of homes in New York currently sits at $622,026, up by 3.4% over the last year. Adding to the woe, sellers typically demand at least a 20% down payment on the purchase price.

Generally, West Harlem is safe. Much of it is residential with beautiful brownstones. It covers the area from Frederick Douglass Boulevard to the Hudson River between West 96th Street to West 155th Street. Unless you have a specific place to go, it's best not to wander around West Harlem at night.

Demographics. In 2022, there were an estimated 138,953 people in Central Harlem, of which 4.5% identified as Asian, 45.8% identified as Black, 28.2% identified as Hispanic, and 14.4% identified as White. In 2022, the household income group with the largest share (23.5%) of households was $100,001 - $250,000.

Housing prices on the open market have soared 247 percent in the past 10 years. Typical prices for an apartment in Harlem now approximate $458 per square foot. And while rent stabilized apartments can range from $500 to $800, an unregulated market-rate apartment can reach up to $4.000 per month.

In 2021, this precinct saw 2,869 crimes, which comes to an average of 139 crimes per 1,000 residents per year. By comparison, the 25th precinct, which covers east Harlem and includes the aforementioned Metro North station, saw a total of 1,226 crimes, an average of only 26 crimes per 1,000 residents per year.

The average rent in Harlem is currently $3,324 per month. A total of 18 cities nearby have an average rent lower than that. Our records show that Bridgeport, CT, with an average rent of $1,997, is the most affordable city nearby. In contrast, the most expensive city near Harlem, New York, NY is Westport, CT.

The current real estate market conditions in New York are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.05%, marking a decline from approximately 8% in the preceding year of 2023.

What is the hottest real estate market in the US? ›

A real estate investment trust (REIT) can be an excellent option if you want exposure to real estate without the hassle of owning and managing physical properties. REITs generally fall into three categories: equity REITs, mortgage REITs (commonly called mREITs), and hybrid REITs.

The standard amount of deposit in NYC when you sign the contract is 10% of the purchase price. For a $1,500,000 property, that would be $150,000. In most cases, you (the buyer) will transfer the deposit into an escrow account held by the seller's attorney.

Recent Trends in NYC's Home Purchase Market

Based on data from StreetEasy, the median sales price for homes that sold in 2023 was $764K, down about 2% from a record high of $782K in 2022 but back up to $785K in early 2024.

Contrary to Harlem's outdated reputation, West Harlem is one of the most picturesque neighborhoods in New York City. This iconic area has experienced many changes due to gentrification in recent years, yet retains its character with quiet, tree lined streets and magnificent turn-of-the-century rowhouses.

Harlem as a neighbourhood has no fixed boundaries; it may generally be said to lie between 155th Street on the north, the East and Harlem rivers on the east, 96th Street (east of Central Park) and 110th Street and Cathedral Parkway (north and west of Central Park) on the south, and Amsterdam Avenue on the west.