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Morris Park and Van Nest Home Prices

The data below shows median sales prices for Morris Park and Van Nest Bronx homes, co-ops and condos as determined from New York City property records in December 2010. For the 3 months ending December 2010, the median sales price for all Morris Park and Van Nest homes and apartments was $375,0001. A history of quarterly median sales prices is below. For a less volatile look at pricing, see the 12 month rolling median price data. Affordability based on income and recorded home sales is also calculated.

Quarterly Rolling Home Price History for Morris Park and Van Nest

Compared to the 3 months ending December 2009, the combined median price for the 3 month period ending December 2010 is 12.79% lower.

The quarterly rolling median price for all homes and apartments in bronx reached its most recent peak of $550,000 in September 2006. At $375,000, the current quarterly rolling median price is now 31.82% lower. When the quarterly rolling median price hit its lowest point (to date) of $337,500 in September 2010 it was 38.64% off the most recent peak. It has since climbed 11.11% from that post peak low.

Quarterly Rolling Median Sales Prices: Houses, CO-OPs, Condos, Combined

quarterly median sales prices in Morris Park and Van Nest for houses, co-ops, condos and combined properties

History of Quarterly Rolling Median Sales Prices for the Last Year

Month Houses CO-OPs Condos Combined
December 2010 $400,000 $132,500 § — § $375,000
November 2010 $435,000 $132,500 § — § $395,000
October 2010 $400,000 $132,500 § — § $382,920
September 2010 $337,500 — § — § $337,500
August 2010 $385,500 $138,000 § — § $344,000
July 2010 $387,500 $138,000 § — § $370,000
June 2010 $400,000 $138,000 § — § $381,750
May 2010 $411,640 — § — § $411,640
April 2010 $440,000 $150,000 § — § $408,320
March 2010 $455,000 $133,500 § — § $408,320
February 2010 $435,000 $133,500 § — § $430,000
January 2010 $436,000 $134,750 § — § $434,500
December 2009 $434,500 $152,500 § — § $430,000

12 Month Rolling Home Price History for Morris Park and Van Nest

The 12 month rolling median price for all homes and apartments in bronx reached its most recent peak of $525,000 in May 2007. At $380,000, the current 12 month rolling median price is now 27.62% lower. This is the lowest value for the 12 month rolling median price since the May 2007 peak.

12 Month Rolling Median Sales Prices: Houses, CO-OPs, Condos, Combined

12 month rolling median sales prices in Morris Park and Van Nest for houses, co-ops, condos and combined properties

History of Rolling Median Sales Prices for the Last Year

Month Houses CO-OPs Condos Combined
December 2010 $400,000 $138,000 § — § $380,000
November 2010 — § — § — § — §
October 2010 $430,000 $141,500 § — § $405,600
September 2010 $415,000 $142,500 § — § $405,000
August 2010 $415,000 $142,500 § — § $400,000
July 2010 $427,000 $140,000 § — § $410,000
June 2010 $430,000 $139,000 § — § $410,000
May 2010 $420,000 $140,000 § — § $410,820
April 2010 $420,000 $140,000 § — § $410,000
March 2010 $422,000 $140,000 § — § $410,820
February 2010 $415,000 $140,000 § — § $390,000
January 2010 $415,000 $140,000 § — § $400,000
December 2009 $415,000 $140,000 § — § $405,000

Morris Park and Van Nest Home Affordability

In 2007, the median household income in Bronx was $32,4092. Home affordability guidelines suggest that no more than 30% of household income be spent servicing a home loan. For the median Bronx household, this would have meant that a monthly mortgage payment should not have exceeded $810 using the 2007 average mortgage rate of 6.34%3. Combining this with 2007 property sales records, we can calculate that the median income household could have potentially afforded approximately 18.28% of the homes and apartments sold in Morris Park and Van Nest in all of 2007.

1. All sales metrics are calculated from NYC Rolling and NYC Annual property sales. Metrics derived from rolling data are preliminary as some sales take months to report. ↩

2. Affordability data, including median income by borough, are calculated from metrics in the NYC Datamine Economic and Housing Profile datasets. ↩

3. Average mortgage rates are from Freddie Mac Primary Mortgage Market Survey Archives and do not include points. ↩

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