AgentMarkets & Economy

NYC rent and sale prices hit peaks at close of 2015

Median resale price in Manhattan surpassed $1 million for first in history
  • Looking at individual neighborhoods within the borough, the highest growth was in Upper Manhattan, where the median resale price grew 14.6 percent to reach $641,882.
  • In Brooklyn, resale price exhibited higher growth than Manhattan with an 8.3 percent increase, reaching $537,193.
  • At the close of 2015, the number of homes for sale in Manhattan fell 3.5 percent, to 10,122, which is the lowest ever in StreetEasy history.
  • Similar to the outlook for Manhattan, the Brooklyn for-sale market is expected to cool in 2016, but not as significantly.

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For the first time in history, the median resale price in Manhattan surpassed $1 million, according to website StreetEasy. In its recent Quarterly Market Report, StreetEasy highlights Manhattan hitting $1,002,008, marking 7.1 percent growth from the year prior. Looking at individual neighborhoods within the borough, the highest growth was in Upper Manhattan, where the median resale price grew 14.6 percent to reach $641,882. The second-highest emerging neighborhood in Q4 was the Upper East Side with 9.1 percent growth, followed by Upper West Side with 8.1 percent growth, Downtown with 6.1 percent growth and Midtown with 4.5 percent growth. Upper Manhattan has outshined the other neighborhoods for 14 straight months. In Brooklyn, resale price exhibited higher growth than Manhattan with an 8.3 percent increase, reaching $537,193. East Brooklyn lead the borough with 18.1 percent growth to bring the median resale price in Q4 to $464,285. South Brooklyn grew 8.8 percent, follow...