Quarterly market reports have been released for Manhattan, Brooklyn, and Queens and I’ve reviewed the most trusted reports in New York City real estate to bring you the below market summary for the three boroughs. Thank you to Town Residential, Streeteasy, Douglas Elliman, MNS, Halstead, and Curbed for the up-to-date data.
From the fourth quarter of 2014 to the fourth quarter of 2015, the average sales price in Manhattan rose 5.2% to $1,976,660 according to Town Residential’s market report, The Aggregate™. This figure is skewed by the price of new developments such as those discussed in my Billionaire’s Row blog post. The average sales price for a new development is $2,059,011 while the average resale price in Manhattan is $960,000. The median sales price in Manhattan is $1,150,000. Growth in 2016 is expected to slow as global investor demand has largely been met. You can find more articles about the Manhattan market on my blog here.
The average price for a Brooklyn home rose 10% from 2014 to $687,701 in Q4 of 2015. The median price for homes in Brooklyn grew 8.3 percent from last year to $537,193. Although the highest growth was in East Brooklyn (including neighborhoods such as Crown Heights, Bedford Stuyvesant, Ocean Hill, East New York) where the median sales price is up 18.1% from 2014 to $464,285, the top ten priciest neighborhoods in Brooklyn have prices between 80-200% higher than East Brooklyn. You can find more articles about the Brooklyn market on my blog here.
The average rental price in Brooklyn saw an increase of 1.7% to $2,711.87 from Q4 2014 to Q4 2015.
The average price for a Queens home rose 6.1% over the last year to $522,372, while the median sales price rose 9.2% to $470,000. Higher demand in Queens is due in part to the Brooklyn’s increased pricing which has driven buyers to Queens in search of more value for their budget. You can find more articles about the Queens market on my blog here.
For rentals, the average price decreased 12.3% to $2,644 while the median rental decreased 10.1% to $2551.
Miller Samuel released their Bronx & Staten Island report last year detailing pricing trends for both boroughs. A current report is scheduled to be released in the coming weeks. Once it has been released, I will share it as well. Please let me know if you would like any further information about the NYC market as a whole, or about any of the submarkets.