View from the Grand Concourse; photo courtesy of Dan DeLuca via Flickr.
According to an analysis by Property Shark, the area surrounding the thoroughfare once known as the “Park Avenue of the Middle Class” has seen an elevated housing demand that has brought median home sales prices along with it, showing an increase in just 5 years that ranges from 56.2 percent in Bedford Park to a whopping 124.5 percent in Mott Haven.
Median home sale price evolution along the Grand Concourse from 2014 to 2018. Map by Property Shark.
The Bronx’s Grand Concourse has been edging its way into the spotlight in recent years for a number of reasons, starting with the Art Deco buildings and contemporary architecture–and the bounty of New York City history, culture and art–that define the district. Home-seekers increasingly priced out of the other boroughs are choosing to move to neighborhoods along the Grand Concourse due, in part, to convenient access to Manhattan.
To see just how much this demand affects home prices, the study focused on neighborhoods adjacent to the “Bronx’s own Champs Élysées” (Mott Haven, Concourse, Concourse Village, Fordham and Bedford Park) to tally the median home sale price in each for the years from 2014 to 2018. You can see the results here and in the map above.
- Mott Haven saw a 124.5% median sale price increase in the last five years, hitting a median of nearly half a million dollars in 2018.
- Concourse Village and Fordham prices saw an increase of almost 80%, with the former’s median amounting to almost $300,000.
- Concourse’s median rose 62.3% in 5 years to a median of over $250,000.
- Bedford Park, the most affordable Bronx neighborhood of the bunch, posted a median of $185,000 in 2018–a 56.2% increase from 2014’s $118,000.
Median home sale price evolution along the Grand Concourse from 2014 to 2018. Chart by Property Shark.
Mount Eden and Mount Hope were not included in the study. A few homes that are currently on the market in 2019 were included. Only condos, co-ops, single- and two-family homes were included.
Some areas along the thoroughfare have already started gentrifying–notably the South Bronx neighborhoods–and that trend could head north soon. According to PropertyShark Founder Matthew Haines, “The hottest neighborhood in Harlem is The Bronx.”
- With most approved residential units in NYC, the Bronx building boom continues
- $165M sale of South Bronx waterfront site is the borough’s priciest development deal ever
- NYC Ferry now connects the South Bronx and Wall Street, cutting travel time in half
- The city is looking to bring Metro-North service to the South Bronx
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