Welcome to summer! July 4th is here, Q2 is behind us, and the market is still in the midst of a correction. After median Manhattan sales prices increased 40% from 2011 to 2017, submarkets in NYC have been correcting themselves for between 12-24 months. Since this time last year, median prices are down 4%, sales have dipped 11%, and there are 30% more homes on the market than there were in Q2 of 2017. This market correction is good news for motivated buyers, and as is always the case in NYC, current conditions can work in a seller’s favor with the right price and marketing strategy.
There are currently 11,842 listings on the market in Manhattan with a total dollar volume of nearly $42B. The median price is $1,725,000 and the median price per square foot remains around $1,630.
Approximately 7% of listings are priced below $500K
25% of listings are between $500K – $1M
38% of listings are between $1M – $3M
13% of listings are between $3M – $5M
11% of listings are between $5M – $10M
7% of listings are $10M and above
Listing sizes with median prices
Approximately 11% of listings are studios with a median price of $599K
30% are 1 bedrooms with a median price of $930K
30% are 2 bedrooms with a median price of $1.9M
16% are 3 bedrooms with a median price of $3.9M
13% are 4+ bedrooms with a median price of $8M
Category of available listings
Approximately 50% of current listings are condos
42% of current listings are co-ops
3% of current listings are condo-ops
3% of current listings are multi-family properties
2% of current listings are townhouses
NoHo currently has the highest price downtown at $2,741 per square foot while the Financial District is the lowest current median ppsf at $1,404.
Current prices in NoMad surpass all other midtown pricing at $2,178 psf and Murray Hill is the least expensive at $1,357 psf.
Uptown pricing is currently highest in the UWS where the median ppsf is $1,675 and lowest in Inwood at $530 psf.
DUMBO has the highest NW Brooklyn pricing at the moment, with a median ppsf of $1,365, while the lowest ppsf is in Windsor Terrace at $868.
Greenpoint and Williamsburg are $1,200 ppsf and $1,205 ppsf respectively.
Median East Brooklyn pricing is highest in Bushwick at $623 per square foot and lowest in Brownsville at $293.
Prospect Park South takes the leading price in South Brooklyn with a median ppsf of $952 while the lowest South Brooklyn ppsf is in Flatbush at $419.
Sunset Park in Southwest Brooklyn has the highest median current ppsf at $655 and Coney Island has the lowest at $417 psf.
Southeast Brooklyn’s highest price per square foot is in Manhattan Beach at $665 and lowest is in Canarsie at $336.
Long Island City’s median ppsf is currently $1,205 while Astoria’s is $795.