INWOOD — Although Washington Heights topped the list for most affordable places for first-time buyers earlier this year, its neighbor to the north isn’t far behind on the list, according to a real estate analysis company.
Inwood, known for its parks, booming restaurant scene and noise complaints, is one of the most affordable neighborhoods in Manhattan, with an average listing price of $550,000, or $536 per square foot, according to Constantine Valhouli, co-founder of the real-estate analytics team Neighborhood X.
A 1-bedroom, 675-square-foot apartment on 675 Academy St., went on the market earlier this month for $279,000 — or $413 per square foot — the cheapest price per square foot in the area, the team found.
The most expensive listing, a 2-bedroom, 960-square-foot unit at 100 Park Terrace West, is currently going for $595,000 or $619 per square foot.
“Everything north of Upper West Side starts to get less and less,” Valhouli said, adding that people are drawn to these areas because of the comparative bargain, or what they’re paying for per square foot.
This means home-buyers are being savvy about how much more they can really get for their buck, a trend that Inwood realtor Cole Thompson said he’s noticed in his business practice as well.
Thompson, who has been working as a realtor in the community for eight years, said his open houses this past year consisted of “a subset of Brooklynites jumping off the L-line,” who often think “there’s a mistake in the price.” Several stations along the L-train, between Brooklyn and Manhattan, are slated to shut down for repairs within the next two years.
Overall, Valhouli said in an email to DNAinfo New York, the prices in Inwood and Upper Manhattan have lagged when compared to increases seen in Brooklyn and Queens neighborhoods.
“They walk into their first Inwood apartment, and they have this wide-eyed look,” Thompson said. “They can’t believe how big [the apartments] are. It’s creating a dynamic I’ve never seen in my real estate career in Inwood.”