It’s November in New York and that means three things: Q3 Market Updates are out, holiday shopping begins, and it’s time for a feast of food. New York City is a special place to be during the holiday season, and it’s an even more special place to own a home. The market has shifted considerably over the last few years – with a mad rush to buy turning into flat and then declining numbers in the last ~2 years. The market is strong for buyers, a great shift for those who are looking to buy or upgrade, and important information for sellers to keep in mind. Here are the numbers:
There are currently 12,886 listings on the market in Manhattan with a total dollar volume of nearly $42B. The median price is $1,595,000 and the median price per square foot is $1,567.
Approximately 8% of listings are priced below $500K
27% of listings are between $500K – $1M
38% of listings are between $1M – $3M
12% of listings are between $3M – $5M
10% of listings are between $5M – $10M
6% of listings are $10M and above
Listing sizes with median prices
Approximately 11% of listings are studios with a median price of $589K
32% are 1 bedrooms with a median price of $899K
29% are 2 bedrooms with a median price of $1.9M
16% are 3 bedrooms with a median price of $3.75M
12% are 4+ bedrooms with a median price of $7.95M
Category of available listings
Approximately 49% of current listings are condos
43% 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
West Village prices are highest in the city at $2,471 per square foot, while Chinatown has the lowest downtown ppsf at $1313.
NoMad prices are highest among midtown neighborhoods with ppsf currently at $2,173, while Murray Hill trails behind at $1,294 per square foot.
Uptown prices are led by the Upper West Side at $1,625 per square foot and trailed by Inwood at $532 per square foot.
Northwest Brooklyn price per square foot ranges from a high of $1,409 in the Navy Yard to a $831 in Greenwood Heights.
Williamsburg price per square foot is currently at $1,208 while Greenpoint is at $1,067.
East Brooklyn prices range from a high ppsf of $662 in Bedford-Stuyvesant to a low of $334 in Brownsville.
South Brooklyn median price per square foot is led by Prospect Lefferts Garden at $771 and trailed by Flatbush at $465.
Sunset Park leads the median ppsf in Southwest Brooklyn, with prices at $705. Sea Gate has the lowest ppsf at $426.
Manhattan Beach is the Southeast Brooklyn ppsf leader at $736, while Canarsie offers the lowest ppsf at $354.
Long Island City continues showing tremendous signs of growth with current ppsf at $1,230 while Astoria is at $816.
Please let me know if you would like market data about any of the cities in which Compass has an office.