Manhattan vs Brooklyn Q2 2017 – The Prices
Curious as to how the numbers stack up in Manhattan and Brooklyn? Here’s an infographic to give you a basic overview, based on Corcoran’s most recent quarterly reports for both boroughs. (Click here to view the full Manhattan Report and click here to view the full Brooklyn Report.) The infographic highlights the median price by apartment type for each kind of building covered by the report, and it also gives the lowdown for which areas are likely to be your best bets for affordability. Additionally, especially for sellers, there’s a focus on the median price per square foot for each area.
Note – I prefer to use the median rather than the average because the median represents the middle point – so half of all the listings noted in a given area are above that price and half are below.
Manhattan prices hit another record, with the median price at $1.193 million, 8% higher than Q2 2016. However, high flying prices don’t really tell the full story of the market. The pace of sales inched up slightly – 2% more sales closed in Q2 2017 versus Q2 2016. But overall contracts signed were down 8% versus Q2 2016.
Brooklyn’s prices continued to go gangbusters in Q2 2017 with the median sale price at $760,000 – an impressive 27% year over year increase, driven largely by interest in new development. The Brooklyn sales market remained very healthy – 17% more sales closed and 14% more contracts were signed in Q2 2017 versus Q2 2016.
Inventory was stable in Manhattan, with the number of available homes staying virtually the same versus a year ago in the borough (6,421 listings in Q2 2017 versus 6,409 listings in Q2 2016). Meanwhile, in Brooklyn, inventory decreased significantly with 23% fewer listings versus Q2 2016.
Despite record high prices in Manhattan and Brooklyn, the market does actually seem to be stabilizing. As discussed in this article on DNAInfo, multiple real estate brokerage reports have noted that sellers have shown more of a willingness to adjust prices downward, and buyers simply aren’t as eager as they were in the past couple of years. But again – this isn’t exactly a “buyer’s market” either. Well priced units are still moving very quickly, and in Brooklyn, lower inventory coupled with high demand means the scales are still tilted in favor of sellers.
In Manhattan, as usual, Uptown is still the best bet for very affordable prices (relatively speaking). Thanks to a more stable market, buyers can find well priced options on the East Side, Midtown and in the Financial District/Battery Park City area. Brooklyn remains fiercely competitive throughout the borough. While neighborhoods in Brooklyn’s eastern and southern sections are still relatively affordable, that is quickly changing.
If you have more questions about the market or NYC real estate in general (or you know someone else who could use some help), feel free to contact me. I’m always happy to help!
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