This research examines the impact of neighborhood ethnoracial composition on the likelihood that neighborhoods that could gentrify do gentrify over time. Drawing on findings from the gentrification and residential preference literatures, we hypothesize that the percentage of Black and Latino residents in neighborhoods in 1980 is associated with the probability of gentrification, conditional on the racial composition of neighborhoods in 2010. We test these hypotheses with analyses of census data for tracts in the central cities of Chicago and New York in 1980 to 2010. We find that the percentage of Black residents in 1980 was negatively associated with gentrified White and positively associated with gentrified Black neighborhoods, and that percent Latino in 1980 was positively associated with gentrified Latino neighborhoods. Finally, we found strong evidence that gentrification in these cities was much more likely to occur in neighborhoods close to the central business district.