New York Real Estate Housing Market Trends & Prices
If you're thinking of buying or selling a home in New York, understanding the housing market trends and prices can give you invaluable insights into how to make an informed decision. This post will provide a numbers-driven guide for those looking to invest in real estate in New York by examining current market trends and median prices.
You'll be able to view PropertyNest's data from the past couple of months to two years on sales and rental prices by borough and by property size to help you see where the market is currently heading--an invaluable resource in when making renting, buying, and selling decisions.
Is New York a Buyer’s or Seller’s Market?
As of February 2023, the New York City real estate market is a buyer's market, based on today's price trend, which is lower than last year's.
The current average asking sales price for a one-bedroom apartment in New York City is $380,000, according to PropertyNest listings data.
Here are the current average prices in the city overall. This table is broken down by the number of bedrooms in the five boroughs from this month.
Average Sales Price History by Borough
Average Sales Prices in New York City | |
|---|---|
| Studio | $339,000 |
| 1 Bed | $348,888 |
| 2 Beds | $488,000 |
| 3 Beds | $749,000 |
| 4 Beds | $935,000 |
One-bedroom apartments were on average $2,895 in New York City in January 2022, whereas in January of 2023, the average stood at $2,600, indicating a slight downturn.
The five boroughs fared differently from each other as shown below, with the market showing higher demand in Manhattan.
More Resources:
New York Renters Market Trends
Average Rent Price History by Borough
Average Rental Prices in New York City | |
|---|---|
| Studio | $2,200 |
| 1 Bed | $2,450 |
| 2 Beds | $2,695 |
| 3 Beds | $3,250 |
| 4 Beds | $4,500 |
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Manhattan
Manhattan is what New Yorkers refer to as "the city." You'll find the pricing trends and history from the past few months to the past two years.
Manhattan generally has much higher sales averages than any other borough and usually shows more resiliency in the market than other boroughs.
This is true for the past year when most markets took a steep downturn. While the Manhattan real estate market hasn't been completely unaffected by sales and price decreases, prices have not fallen nearly as dramatically.
Average Sales Price History by Borough
Average Sales Prices in Manhattan | |
|---|---|
| Studio | $439,000 |
| 1 Bed | $875,000 |
| 2 Beds | $2,149,000 |
| 3 Beds | $2,995,000 |
| 4 Beds | $5,250,000 |
Our rental price data is compiled data from our site and updated regularly, so you can be sure you're getting the most accurate information possible. Like its sales price trends, Manhattan has had a long history of consistently high rental prices, with a few exceptions.
While most of the city has seen a downward trend in rental prices, Manhattan has only seen modest reductions. One-bedroom and two-bedroom apartments asking prices are higher than they were in January 2022.
This shows us that the rental market is fairly strong in Manhattan, with heightened demand.
Average Rent Price History by Borough
Average Rental Prices in Manhattan | |
|---|---|
| Studio | $3,500 |
| 1 Bed | $3,995 |
| 2 Beds | $8,775 |
| 3 Beds | $3,599 |
| 4 Beds | $3,250 |
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Brooklyn
Brooklyn is the most populated city borough. It has a fairly robust real estate market, albeit not as much as Manhattan. However, it is seen as a very desirable borough for many, especially those looking for an alternative to Manhattan.
Brooklyn's real estate sales market has remained relatively stable in the past 12 months.
Average Sales Price History by Borough
Average Sales Prices in Brooklyn | |
|---|---|
| Studio | $399,000 |
| 1 Bed | $545,000 |
| 2 Beds | $699,999 |
| 3 Beds | $974,999 |
| 4 Beds | $999,000 |
More Resources:
Average Rent Price History by Borough
Average Rental Prices in Brooklyn | |
|---|---|
| Studio | $1,875 |
| 1 Bed | $2,400 |
| 2 Beds | $2,450 |
| 3 Beds | $2,650 |
| 4 Beds | $3,995 |
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Bronx
The Bronx is a great option for people who want better values when buying or renting. This borough is generally much more affordable than Manhattan and parts of Brooklyn.
Sales prices tend to stay fairly consistent despite any economic factors.
Average Sales Prices in Bronx | |
|---|---|
| Studio | $239,000 |
| 1 Bed | $171,000 |
| 2 Beds | $350,000 |
| 3 Beds | $555,000 |
| 4 Beds | $689,000 |
You find the Bronx's rental data history below and learn if now is a good time to get a good deal in the borough.
Average Rent Price History by Borough
Average Rental Prices in Bronx | |
|---|---|
| Studio | $1,850 |
| 1 Bed | $2,025 |
| 2 Beds | $2,400 |
| 3 Beds | $3,000 |
| 4 Beds | $2,750 |
Queens
Queens is the second most-populated borough in New York City. The market is reasonably active like Brooklyn's but not as robust as Manhattan's. Many neighborhoods in Queens prove to be good affordable options.
Median sales and rental prices are strongly influenced by general economic conditions in Queens.
Average Sales Price History by Borough
Average Sales Prices in Queens | |
|---|---|
| Studio | $235,000 |
| 1 Bed | $308,000 |
| 2 Beds | $419,000 |
| 3 Beds | $768,000 |
| 4 Beds | $924,999 |
Now is a great time to find a good rental deal in Queens.
Average Rental Prices in Queens | |
|---|---|
| Studio | $1,761 |
| 1 Bed | $2,000 |
| 2 Beds | $2,600 |
| 3 Beds | $3,150 |
| 4 Beds | $3,400 |
Staten Island
Staten Island is yet another option for affordability in the city if you don't mind longer commute times. Long-term, real estate prices remain fairly stable in this borough for both sales and rentals.
Average Sales Price History by Borough
Average Rent Price History by Borough
Average Rental Prices in Staten Island | |
|---|---|
| 1 Bed | $2,650 |
| 2 Beds | $2,775 |
| 3 Beds | $2,500 |
