Manhattan vs. Brooklyn – The Prices (Q4 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.)
The market still appears to be relatively strong, as prices continued to increase – the median in Manhattan was $916,000 compared to $875,000 last year this time. Meanwhile, in Brooklyn, the median price was $579,000 compared to $442,000 last year. This is a really big jump, but it should be noted that Q4 2013 had an influx of homes sold under $500,000, driving down price metrics that quarter. When compared to two years ago (Q4 2012), the median price was up by 16%. By contrast, Q4 2014 had an influx of sales over $1,000,000, as the high-end of the market claimed a 21% market share.
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 of 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||***||$1,043,000|
|Brooklyn Heights/Cobble Hill/Dumbo/Downtown||$570,000||$1,063,000|
|Fort Greene/Clinton Hill/Prospect Heights||$495,000||$800,000|
|Carroll Gardens/Boerum Hill/Red Hook||$750,000||$1,210,000|
Again, it seems like if you’re looking to get the most for your money in Manhattan, Uptown and Midtown are probably the best places to start your search, since both feature the lowest median prices for co-ops and condos. But don’t wait for Uptown too long – the median price for co-ops was actually up a whopping 32% versus Q4 2013; and the median price for new development condos was up 26% for the same period.
When it comes to Brooklyn, if you are looking to buy there, then you need to consider both condos and co-ops. As you can see from the numbers above, there are significant price differentials between the two of them, and with record low inventory, prospective buyers would be best served by considering all options available to them. Not sure what the difference is between a condo and a co-op? Or are you uncertain as to whether or not you would qualify to buy in a co-op? Then check out my past blog posts here and here for more information.
Want more information about a particular neighborhood? Feel free to contact me, and I will send you a special custom report. For the latest insights on NYC real estate, be sure to follow me on Twitter and keeping checking out this blog.
And of course, if you 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