Manhattan vs. Brooklyn – Q2 2015
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 type of building covered by the report, and also gives the lowdown for which areas are likely to be your best bets for affordability.
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.
Not surprisingly, the spring sales season saw a lot of activity – the median in Manhattan was $960,000 compared to $925,000 last year this time, and contracts signed were up 7% year over year.
Meanwhile Brooklyn continued to be a hot ticket – the median price was $575,000 compared to $482,000 last year, a 19% year over year increase, and contracts signed were up 2% year over year.
Both boroughs saw decent increases in inventory, thanks in part to more new developments coming online, with inventory increasing by 12% in Manhattan and whopping 35% in Brooklyn.
Despite increasing prices and increasing numbers, the takeaway for this quarter is pretty much the same as last quarter – if you’re looking for affordability in Manhattan, then you should consider the East Side, Midtown, Financial District/BPC and Upper Manhattan, since all of these areas have prices below the median in multiple categories of apartments. Prices in Brooklyn overall are still more affordable relative to Manhattan, especially deeper into the borough, but the competition for properties is likely to be incredibly fierce no matter where you look. Don’t be surprised if you frequently find yourself in multiple bid situations.
But, as I’ve kept saying for almost the past year, in this kind of market, no matter where you’re planning to look, you should definitely consider both condos and co-ops. Given the historically low inventory and stiff competition in both boroughs, 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.
And of course, if you have more questions about the market, a specific neighborhood or NYC real estate in general, feel free to contact me. I’m always happy to help!