The Harlem brownstone market has seen a significant downturn in the last three years. In the first three quarters of 2023, sales volume dropped 53.42% from the same period of 2022 and 38.43% from 2019, while average prices in 2023 fell 15.79%, with price per square foot dropping 14.51%. Transactions plummeted 44.68% year-over-year and 24.64% compared to pre-pandemic numbers; although there is demand for new inventory sellers must take into account increased interest rates as buyers’ carrying costs have gone up substantially.
Despite this discouraging outlook, savvy buyers can still find great opportunities when they recognize current trends and adjust for higher interest rates on their carrying costs. Even though the market is expected to remain soft until consumer sentiment or lower interest rates come into play, keeping track of new developments will allow both buyers and sellers to capitalize in an ever-changing environment. Therefore, stay informed and be patient – with persistence and follow through, it is possible to make a successful purchase or sale today!
If you’re interested in selling or buying a brownstone in Harlem, simply click the button below to schedule a call or email me at [email protected].
