Manhattan & Brooklyn Real Estate Hot Spots

manhattan-brooklyn2.png

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.

manhattan-brooklyn.png

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

sales-data.png

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”.

Matthew Callahan