After a decade of shifting market preferences and an ongoing urban renaissance, how do downtown home prices compare in cities around the country?
Eliza Theiss shares analysis by real estate website Property Shark that examines the difference in home prices in downtown areas compared to the rest of the largest cities in the United States.
The analysis attempts to capture the market realities of downtowns after a period of revitalization and reinvestment in the urban cores of cities in the United States since the Great Recession.
"Analyzing a decades’ worth of home prices in 34 of the largest cities in the country plus Manhattan and Brooklyn, we compared their median sale prices to that of their downtowns, as well as the evolution of these indicators from 2008 to 2018 to see if it really is that much more expensive to live downtown," according to Theiss.
The findings of the analysis reveal different stories in different parts of the country. In Charlotte, Manhattan, and San Francisco, homes in downtown have been steadily growing more expensive relative to the rest of the city. In cities like Minneapolis and Denver, however, "the price difference between homes in the downtown and the rest of the city has been steadily decreasing."
There are more variations and more specific examples to discuss in the source article.
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