Manhattan vs. Brooklyn – The Prices (Q2 2014)
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.)
As you can see, things have cooled off just a bit in both boroughs in terms of total transactions – closed sales were down 10% in Manhattan versus Q2 2013 and down 16% in Brooklyn for the same period. But the market is still quite strong, as prices continue to increase – the median in Manhattan is $920,000 compared to $865,000 last year this time; in Brooklyn the median price is $525,000 compared to $515,000 last year.
Although overall numbers can be helpful, it’s important to dive a little deeper to get the full story. Let’s see how median sales prices for co-ops and condos stack up in various areas in Manhattan and Brooklyn.
|FiDi/Battery Park City||***||$935,000|
|Brooklyn Heights/Cobble Hill/Dumbo/Downtown||$579,000||$1,200,000|
|Fort Greene/Clinton Hill/Prospect Heights||$515,000||$787,000|
|Carroll Gardens/Boerum Hill/Red Hook||$800,000||$1,195,000|
**One thing to note – although Williamsburg has co-ops, the low number makes them statistically insignificant versus condos.
Downtown Manhattan still leads the pack when it comes to highest condo prices, but surprisingly, it’s not the leader in median co-op prices – the East Side takes that crown followed by the West Side. You’ll also notice that some areas of Brooklyn are now getting very close to Manhattan in median condo prices.
On the whole, median prices are still quite a bit lower in Brooklyn than they are in Manhattan, but increasingly, if you’re trying to decide between the boroughs, it’s more about where in Brooklyn you want to be verus where you’d want to be in Manhattan.
Do you have more questions about the market? Feel free to contact me. I’m always happy to help!
Nikki R. Thomas
Licensed Associate Real Estate Broker
The Corcoran Group – Village Office