Harlem Home Sales Rise Amid Manhattan's Record Surge, Study Shows

HARLEM, NY — Temperatures are cooling down, but the real estate market in Harlem is only getting hotter, according to a new study.

In Harlem, the number of apartment sales nearly tripled during the third quarter of 2021 compared to last year, according to a new market report by real estate firm Douglas Elliman. A total of 55 condominiums were sold in Harlem last quarter — up from just 35 last quarter, and 22 during the same period last year.

Co-op homes also saw an increase, with 22 sales closing last quarter compared to just seven during the third quarter of 2020, when the pandemic was still raging.

The trend is part of a borough-wide resurgence: across Manhattan, more apartments were sold during the third quarter — 4,523 in total than any quarter in the 32 years that the firm has tracked sales.

Across Northern Manhattan, meanwhile, the average home sale price set a new record in the third quarter, along with the total number of listings. Sale prices in Harlem were more mixed: co-op prices rose by 5 percent last quarter to an average of $451,466, while condos dipped by 8 percent to $863,580.

"All the suburbs were booming while Manhattan was seeing sales at half the normal rate last year," the report's author, Jonathan J. Miller, told the New York Times. "Now we’re seeing this massive surge."

Here is the Q3 market report breakdown for Harlem (the report separates Central and West from East Harlem):

Harlem:

• Average condo sales price: $863,580 (down 5.4 percent from last year)
• Average price per square foot (condos): $985 (up 11.3 percent)
• Number of condo sales: 55 (up 150 percent)
• Average co-op sales price: $451,466 (up 7.2 percent)
• Average price per square foot (co-ops): $544 (up 14.3 percent)
• Number of co-op sales: 22 (up 214.3 percent)

East Harlem:

• Average condo sales price: $866,328 (down 33.1 percent from last year)
• Average price per square foot (condos): $972 (down 5.5 percent)
• Number of condo sales: 19 (up 138 percent)
• Average co-op sales price: $584,308 (up 39.1 percent)
• Average price per square foot (co-ops): $781 (up 86 percent)
• Number of co-op sales: 13 (up 550 percent)

Washington Heights and Inwood appear to have led Northern Manhattan's price increases, seeing spikes of 32 and 18 percent, respectively.

Townhouses, too, were a popular buy in Northern Manhattan: 28 townhomes wee sold in the area last quarter, compared to just nine last year.

Read the full Northern Manhattan market report here, and the Manhattan-wide report here.