New York Real Estate Housing Market Trends & Prices 2023
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 investing in real estate in New York by examining current market trends and median prices.
Accessing PropertyNest's data on sales and rental prices by borough and property size for the past few months to two years is crucial for making informed decisions when it comes to renting, buying, and selling.
Is New York a Buyer’s or Seller’s Market?
The New York City real estate market is a buyer's market based on the current price trend.
Below is a table that shows the current average prices in the entire city, categorized by the number of bedrooms, for each of the five boroughs and for this month.
Average Sales Price History by Borough
Average Sales Prices in New York City | |
|---|---|
| Studio | $285,000 |
| 1 Bed | $435,000 |
| 2 Beds | $618,000 |
| 3 Beds | $775,000 |
| 4 Beds | $1,068,000 |
The five boroughs saw prices rise last month for one-bedroom sales, with just marginal increases in the Bronx and Manhattan.
More Resources:
New York Renters Market Trends
The general asking price for one-bedroom apartments overall citywide rose from the previous month.
Average Rent Price History by Borough
Average Rental Prices in New York City | |
|---|---|
| Studio | $2,660 |
| 1 Bed | $2,990 |
| 2 Beds | $3,350 |
| 3 Beds | $3,600 |
| 4 Beds | $4,700 |
More Resources:
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 | $539,000 |
| 1 Bed | $775,000 |
| 2 Beds | $1,435,000 |
| 3 Beds | $3,150,000 |
| 4 Beds | $3,700,000 |
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.
Manhattan one-bedrooms have made a large gain since May 2023.
This shows us that the rental market is fairly strong in Manhattan, with heightened competition.
Average Rent Price History by Borough
Average Rental Prices in Manhattan | |
|---|---|
| Studio | $3,200 |
| 1 Bed | $4,200 |
| 2 Beds | $6,500 |
| 3 Beds | $12,900 |
| 4 Beds | $3,250 |
More Resources:
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. Sales prices generally saw an increase this past month.
Average Sales Price History by Borough
Average Sales Prices in Brooklyn | |
|---|---|
| Studio | $697,000 |
| 1 Bed | $399,999 |
| 2 Beds | $594,900 |
| 3 Beds | $769,000 |
| 4 Beds | $980,000 |
Rental prices for one-bedroom apartments have stayed the same since last month, while two-bedrooms have gone down and three-bedroom have made a modest increase.
More Resources:
Average Rent Price History by Borough
Average Rental Prices in Brooklyn | |
|---|---|
| Studio | $1,875 |
| 1 Bed | $2,400 |
| 2 Beds | $2,800 |
| 3 Beds | $3,175 |
| 4 Beds | $3,995 |
More Resources:
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 | $525,000 |
| 1 Bed | $179,950 |
| 2 Beds | $269,888 |
| 3 Beds | $589,900 |
| 4 Beds | $759,999 |
Unlike the sales market, the Bronx's rental market made an overall increase.
You can 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 | $2,550 |
| 3 Beds | $3,214 |
| 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.
General economic conditions strongly influence median sales and rental prices in Queens. One-bedroom rental properties in Queens have risen a little, while one-bedroom sales prices are now on the rise.
Average Sales Price History by Borough
Average Sales Prices in Queens | |
|---|---|
| Studio | $235,000 |
| 1 Bed | $429,999 |
| 2 Beds | $598,000 |
| 3 Beds | $799,000 |
| 4 Beds | $1,098,000 |
Now is a great time to find a good rental deal in Queens.
Average Rental Prices in Queens | |
|---|---|
| Studio | $2,100 |
| 1 Bed | $2,250 |
| 2 Beds | $2,800 |
| 3 Beds | $3,350 |
| 4 Beds | $4,500 |
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 Prices in Staten Island | |
|---|---|
| Studio | $649,000 |
| 1 Bed | $359,000 |
| 2 Beds | $449,000 |
| 3 Beds | $619,900 |
| 4 Beds | $998,000 |
Average Rental Prices in Staten Island | |
|---|---|
| 1 Bed | $2,650 |
| 2 Beds | $2,775 |
| 3 Beds | $2,500 |
