Welcome back to my series “How Much Does It Cost to Own”!
Each month, we’ll be looking at different sized apartments to get a sense of what the “median” apartment in either Manhattan or Brooklyn would cost. Over time, as we loop through each property type, we’ll start to be able to see if prices are trending upwards or downwards. But most importantly, this series should give you an idea of whether or not you’re in the “ballpark” for the kind of apartment you might want!
Keep in mind that these figures represent the median for all building types. So coops, condos, walkups, elevators, doorman and non-doorman, amenities, low amenities, new development – they’re all looped in together.
So let’s turn our attention this month to 2 bedrooms!
Two bedrooms are essentially the “bread and butter” of the sales market in NYC and are the most in demand properties. But they also have some of the widest variations in pricing due to differences in bathroom counts and square footage.
So for that reason, this edition has four rather than two infographics. But keep in mind that 2 bed/2 bath stats can be heavily skewed by luxury new developments. So don’t be too discouraged by the pricing for those! You can always contact me for more details on specific areas and property types.
Now that we have three quarters’ worth of data under our belt, let’s get a visual on how median price and total monthly costs have shifted over time.
Thanks to lower interest rates and prices, it’s quite a bit more affordable to buy across the board. In fact, in many instances, monthly costs are looking pretty similar to how they did back in July 2022. Market conditions were just beginning to soften at that point, and interest rates were hovering around 5.5%. So this also illustrates that prices are finally starting to get low enough to offset the increase in interest rates.
Buy signals are flashing quite strongly for 2 bedroom buyers at the moment. Not so much for would be 2 bed/2 bath buyers in Manhattan, unfortunately. But certainly for those in the other categories. Median rents for 2 bedroom apartments in February were $6,366 in Manhattan and $4,459 in Brooklyn. So if your monthly rent for a similar apartment is close to either of these, then you should definitely consider buying this spring.
Remember that when it comes to these numbers, we’re looking for trends. When you start to see that prices are trending downward, especially for various property types, that’s your signal that an opportunity is out there for broad negotiability.
And also remember that these numbers aren’t the “end all, be all” for how much any apartment would cost. They’re just intended to give you a ballpark idea of the kind of budget you might need to have the most options throughout a borough. It’s always key to understand that there are wide variations between neighborhoods and property types.
Speaking of which…
If you want to see some specific listings in each area or get specific market stats, get in touch! You can contact me here.
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