SoHo is seeing record-setting prices in a neighborhood that’s seen its wealth decline over the past two decades.
The median price of a home in the neighborhood increased by an average of 22 percent last year to a median of $3.8 million, according to Zillow.
The average price of an individual home in SoMo increased by 11 percent last month to $1.7 million.
The neighborhood has been in foreclosure limbo for more than a decade.
But the area’s median home value has fallen to $350,000, down from more than $800,000 in 2005.
That’s about 10 percent of the median income in the area, according the city.
The median value of an average SoHo home is about $2 million, Zillows figures show.
The area’s wealth, meanwhile, has declined by more than 50 percent over the last two decades, according for Zillowitz.
The percentage of the area with income below $25,000 dropped from about 23 percent to just 8 percent.
In a report released this month, Zilleroes economist Richard Hsieh called SoHo the “most desirable real estate market in America,” and it’s likely to continue to grow.
SoHo has an overall median home price of $2.844 million, while the median sales price of homes in the city is $1,818,000.
The region also has a median home sales price over $1 million, which is about 10.5 percent higher than the national average.
The city has about 1,600 vacant homes and over 30,000 empty lots, according Zillols figures.
In the past year, more than 20,000 units of single-family homes have been demolished.
The number of vacant homes in New York City is up by almost a third, Zills figures show, from about 9,000 to about 17,000 vacant homes.
And the city’s average annual vacancy rate is up from about 4.2 percent in 2005 to about 4 percent last week.