Manhattan & Brooklyn Real Estate Hot Spots

March 27, 2017
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A few blocks may make all the difference in the price you pay for a home in Manhattan and Brooklyn. Our map, which updates quarterly, shows how values vary by neighborhood, what kinds of deals buyers are negotiating or even whether it makes more sense to rent. On Manhattan’s West Side, the median resale price slipped in almost all areas in the last three months of 2016, but the East Side fared better. Brooklyn buyers didn’t have much bargaining power if they were looking in areas close to Manhattan, while those willing to venture farther out got bigger discounts.

NYC median vs. Chelsea vs. Midtown East vs. Brooklyn Heights

The sales data are based on condo, co-op, townhouse and single-family home transactions during the last three months of 2016, according to StreetEasy’s analysis of records from the New York City Department of Finance. Due to a delay between the closing date and when a sale is recorded by the Department of Finance, the data may not include all closings during the quarter.

Highest sale price


The highest sale price for all closed transactions in the quarter.

Median resale price


The middle price for homes with sales that closed in the quarter and had a prior recorded sale since 1995.

Median sale price, all homes


The middle price for all sales that closed in the quarter, including deals in new developments.

Price change


The percentage change in median price from the identical period in the previous year.

Median days on market


The middle value for the number of days from when a home was originally listed on StreetEasy to when it went under contract.

Sales count, all homes


The number of home sales that closed during the quarter.

Sales count, resales


The number of homes that sold in the quarter with a prior recorded sale since 1995.

Median asking rent


The middle advertised monthly price for rental homes listed on StreetEasy during the quarter.

Rental count


The number of properties listed for rent on StreetEasy during the quarter.

Tipping point


The time it would take for the accumulated costs of renting a home to equal or exceed the cost of buying and owning a comparably size home in the same area. The calculation takes into account such homeownership costs as principal and interest payments on a 30-year fixed-rate mortgage, New York City taxes and the tax implications of selling a home, and such rental costs as renter’s insurance and the broker’s fee.

Listing discount


The median percentage change between the initial asking price listed on StreetEasy and the recorded sale price.

Share of sales listings with price cuts


The percentage of homes for which the list price was reduced while advertised on StreetEasy.

NAs


Metrics with fewer than 10 examples in a neighborhood aren’t reported because more data are needed for an accurate representation. These are indicated as “NA”.

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