Bronx home prices reach new record

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Bronx home prices reach new record

For all the talk of a Bronx real estate boom in recent years, here’s an interesting fact: home prices still remained below their 2006 peak, until now; the Wall Street Journal reports.

The borough’s average home price rose to $515,000 in the fourth quarter, according to the Real Estate Board of New York, 2 percent above the previous record. In Kingsbridge Heights, prices rose by a staggering 15 percent between the end of 2016 and 2017, to $470,000.

For-sale homes account for a small fraction of the Bronx’ residential market, but the rental market is just as hot, with rents rising faster than anywhere else in the city.