I’m looking forward to seeing how this year in real estate plays out. So far, we’re off to a strong start, particularly compared with how flat growth was last year in part because of hesitation prior to the election. An uptick in activity almost immediately following the election was a positive sign for 2017. Here’s a look at the numbers surrounding New York city real estate today.
The highest current median price per square foot citywide is in NoLIta, where buyers are currently looking at ppsf above $2,200, followed by TribeCa which is just under $2,100. The lowest median ppsf downtown is in Civic Center, the often overlooked area between TriBeCa, Chinatown, and FiDi.
Chelsea leads what we’ll call the midtown area of NYC with a current median ppsf just above $1,700 while Sutton Place comes in last at under $950 psf.
The Lincoln Square section of the Upper West Side comes out on top with current median ppsf close to $1,600 while Manhattan Valley doesn’t reach $1,200.
Uptown prices range from a high of $919 median ppsf in Morninside Heights to a low of $525 in Inwood.
Carnegie Hill boasts the highest median PPSF on the Upper East Side at just over $1,400, with Yorkville coming in lowest at $1,095.
Just under 100 days is the average number of days that homes are spending on the market, with the exception of Midtown where the number is closer to 110. Compared to this time last year, this is an increase for Uptown, Midtown, and the Upper West Side, it is a decrease for the Upper East Side, and the number of days a property is spending on the market remains the same as it was this time last year for Downtown.
The median price by borough varies greatly with Manhattan coming in at nearly $1.2M again and Bronx just under $400K.
When it comes to buyers getting the price they’ve asked for their properties, the below figures represent the shift we are seeing towards a buyer’s market. This is great for buyers and a lesson for sellers about the importance of strategic pricing to attract a wide range of interest.