Far From Manhattan, New York City Home Prices Are Rising Fast
by Oshrat Carmiel April 23, 2021
The farther you go from Manhattan, the higher home prices are climbing.
In the Jamaica neighborhood of Queens, median resale prices jumped 56% in the first quarter from a year earlier to $560,000, data compiled by StreetEasy show. Prices rose 24% in the Rockaways to $492,500. In Bay Ridge, Brooklyn, the median was $583,500, up 67%.
New Yorkers who may still be working from home a year into the pandemic are fanning out across the boroughs in search of more-spacious and cheaper housing. The increased demand is pushing prices higher in areas far from office districts, traditionally among the most affordable in the city.
In Manhattan, resale prices on the Upper West Side fell 16% to $955,000. They were down 7.3% in Tribeca to a median of $2.97 million.
“It’s very similar to what’s happening nationally, where there’s a shortage of inventory that’s affordable, and an increased demand for affordable properties,” said Nancy Wu, an economist at StreetEasy.
Manhattan, Brooklyn and Queens real estate at a glance for the quarter ended March 31, 2021:
Click or tap on any neighborhood in the map to add it to the comparison charts below. Click or tap on any neighborhood name above to remove it.
Median sale price, resales
0 $500k $1.0M 2007 2021
Sales count, all homes
0 200 400 600 800 2007 2021
Price change, resale
-40% -20% 0% +20% +40% +60% 2007 2021
Definition of Terms and Methodology
The sales data are based on condo, co-op, townhouse and single-family home transactions during the quarter, 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.
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 on StreetEasy was reduced during the quarter.
Share of rentals discounted The share of all active rental listings on StreetEasy that had a reduction in asking rent during the quarter.
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”.