Manhattan vs Brooklyn – Q3 2014 – The Numbers
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 market still appears to be relatively strong, as prices continue to increase – the median in Manhattan was $900,000 compared to $875,000 last year this time; and in Brooklyn the median price was $549,000 compared to $545,000 last year. But there’s some good news out there for buyers in Manhattan – inventory was actually up 10% versus last year.
As you can see, things have continued to cool off just a bit in both boroughs in terms of total transactions – closed sales were down 10% in Manhattan versus Q3 2013 and down 16% in Brooklyn for the same period. But it’s important to remember that the mark for comparison was an unusual one – Q3 2013 was one of the best quarters for sales in NYC since the downturn. So this aside, transactions for both boroughs were actually up versus the previous quarter (Q2 2014).
Although overall numbers can be helpful, it’s important to dive in 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. Note – I prefer to use the median rather than the average price 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.
|FiDi/Battery Park City||***||$1,070,000|
|Brooklyn Heights/Cobble Hill/Dumbo/Downtown||$550,000||$915,000|
|Fort Greene/Clinton Hill/Prospect Heights||$465,000||$732,000|
|Carroll Gardens/Boerum Hill/Red Hook||$699,000||$1,083,000|
**Insufficient sales occurred for co-ops to be included in the Corcoran Report.
If you’re looking to get the most for your money in Manhattan, it appears that Uptown and Midtown are probably the best places to start your search, since both feature the lowest median prices for co-ops and condos. Harlem in particular is an area to watch – price appreciation has actually outpaced the rest of Manhattan and a spate of new projects are on the horizon. Read more about it here and here.
Continuing the trend noted last quarter, some areas of Brooklyn are getting a lot closer to Manhattan in median condo prices. However, it’s important to note that much of this is being fueled by an increase in higher end sales, especially over $2 million. Purchasing a co-op is trickier than purchasing in a condo, but if you want to be in Brooklyn, it’s definitely a route worth considering. There are still some great co-op deals to be had even in some of the most popular neighborhoods (and some co-ops do actually exist in Williamsburg and Greenpoint too!). Not sure if a co-op is right for you? Then check out my recent post about co-op financial requirements to help you decide.
Have more questions about the market or NYC real estate in general? Feel free to contact me. I’m always happy to help!
Nikki R. Thomas
Licensed Associate Real Estate Broker
The Corcoran Group – Village Office