However, while it was one of the highest weekly median sale prices in 2020, it still came in 2% below year-ago levels. As a result, the borough’s YTD median of $750,000 also represented a 1% increase over the same period last year. New York City real estate firm Douglas Elliman this morning released its "Manhattan Decade" report--a ten-year record of sales prices, neighborhood by … That push also contributed to July’s 26% Y-o-Y drop, even as the median stabilized at $1.15 million. Sales count, resales Furthermore, the past two months’ pricing trends also depressed any pricing gains from H1, bringing Brooklyn’s year-to-date median to $748,414 for a .21% downtick compared to same period last year. The tipping point is widening in areas like Manhattan, where both renting and buying are getting cheaper, said Nancy Wu, an economist at StreetEasy. Yet, the uptick was still not significant enough to affect the overall median sale price for Q1, which remained steady at $670,000, an increase of 4% over Q1 2019. The second week of June 2020, however, posted a median sale price of $679,000, for a week-over-week drop of 9% – the sharpest week-over-week decrease since the start of the crisis. As a result, May’s median sale price stabilized at $705,000, for a 4% year-over-year price gain. Tracking the fluctuations of real estate in New York, including how luxury real estate has changed over time. Rather, at $680,000, July 2020 featured the lowest median sale price since March, bringing down the YTD median for the four boroughs. In fact, by June, sales activity here was only 33% lower than in June 2019 – the strongest return of transactional activity across the four boroughs. However, it must be noted that June 2020 figures were skewed beyond just the pandemic’s effects – sales activity and the median sale price surged artificially in June 2019 as buyers and sellers rushed to close deals before the new mansion tax went into effect in July 2019. All figures were calculated at city level, regardless of borough. Specifically, the first half of 2019 totaled 5,487 residential sales for a median sale price of $1.2 million, while H1 2020 recorded 3,775 sales for a $1.05 million median. However, July brought an end to the borough’s positive price trends, registering a 9% Y-o-Y drop, followed by August with an equal 9% Y-o-Y contraction. According to a new StreetEasy report, luxury home prices, which constitute 20 percent of Manhattan real estate, dropped to their lowest levels since … monitor registered sales for as long as that remains possible. This came after the second week of May 2020 showed a 49% year-over-year contraction — the lowest drop in transactional activity in seven weeks. Additionally, this also made May the second-most expensive month in NYC this year, surpassed only by April’s $712,000 median. A total of 476 sales were registered between June 15 and June 21, representing a 36% year-over year drop – the same as the last week of March. Metrics with fewer than 10 examples in a neighborhood aren’t reported because more data are needed for an accurate representation. Further north, Bronx sales activity also remained in negative growth territory, coming in -38% Y-o-Y compared to August 2019 for the sharpest rate of contraction in three months. By comparison, between June 1 and June 7 of the current year, 409 deals were recorded, representing a 50% year-over-year drop, but also a 48% week-over-week upsurge in sales activity. Since the beginning of the crisis, transactional activity has consistently trended negative year-over-year. But even with home prices relatively high overall, NYC buyers can find a number of more affordable places to stretch out. All figures were calculated at city level, regardless of borough. Rather, up to that point, July’s $680,000 median sale price was the lowest median since March. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. For NYC — one of the early epicenters of the pandemic — a key industry on watch is real estate. All figures were calculated at city level, regardless of borough. It also brought June’s median sale price to $705,000, at a tie with May 2020 and 5% lower than the first two weeks of June 2019. As the health crisis stabilizes in the city and surrounding areas begin reopening, the industry is watching May with hopes of returning activity and buyer interest. We excluded all sales below $10,000, as well as all package deals. As the COVID-19 pandemic continues to unfold across the U.S., every day reveals new information and ramifications. Sales activity here contracted at the least sharpest rate in H1, coming in 21% below the first half of 2019. June brought even more activity to the NYC housing market, with the month’s 1,670 sales coming in just 41% below June 2019 levels. Transactional activity, of course, has trended negative since the start of the crisis. In particular, July sales were down 28% Y-o-Y, resulting in the lowest rate of contraction in four months. In contrast, during this period housing prices remained quite flat in the ten largest metro areas, declining only 4%.6In 1996, the City entered the decade-long boom that only just ended. Here, sales activity was down 31% Y-o-Y and the median sale price dropped 13%. Meanwhile, pricing trends were firmly positive throughout the crisis, and the median sale price in NYC remained steadily above the same period last year. Moreover, compared to June, sales activity experienced a month-over-month (M-o-M) surge of 40%. Similarly, July marked only one week with fewer than 400 sales. A persistent lack of housing and new apartment construction is causing higher prices for homes and rentals.Last month, home sales grew 1.7% YoY, to 7,563 from 7,437 units. While pricing trends remained firmly positive in the other three boroughs throughout the crisis, for Manhattan that was the exception rather than the rule. Furthermore, virtual tours via video chat are surging, signaling continued consumer interest and perhaps giving the industry a peek at a rapidly approaching future way of doing business. The number of properties listed for rent on StreetEasy during the quarter. will appear with a delayed effect in official figures. You Can Find Space on a Budget in Manhattan, If You Go North. Pricing trends, however, were positive, with the year-to-date median sale price across the four boroughs coming in at $685,000, for a 2% gain over the same period last year. Following the uncertainty and upheaval of March, April was marked by historical lows in sales activity and the strongest pricing trends of the year. What’s more, each week of March also posted a median sale price higher than the same period in 2019 — a trend that remained steady throughout April. We defined NYC as the four boroughs of Manhattan, Brooklyn, the Bronx and Queens. Visit our London real estate graphic →. All in all, year-to-date NYC saw a total of 12,546 sales register, 22% fewer than during the same period last year. Click or tap on any neighborhood name above to remove it. This comes after the uncertainty and upheaval of March, an April marked by historical lows in sales activity and the strongest pricing trends of 2020, and the tentative return of transactional activity seen in May. On the other end of the spectrum, June’s median underwent a Y-o-Y price contraction of 37%, due, in part, to the rush to close high-end deals prior to the mansion tax during the year prior. Meanwhile, as the curve flattened, the state’s gradual reopening brought a tentative return of transactional activity in May, followed by a June characterized by strengthening sales trends and the first significant year-over-year (Y-o-Y) price drop, despite recording the highest median sale price this year at $717,733. For example, the 5th percentile tracks the 61st-lowest county-level house price change in each month. In particular, 736 residential deals were registered, representing a modest 2% uptick over the same period in 2019. Unfortunately, August prices trended even lower, declining 2% M-o-M and 1% Y-o-Y. Then, sales activity bottomed out in April — its 1,549 deals equated to a 61% Y-o-Y drop. June kicked off with the strongest pricing trends so far this year, posting a median sale price of $743,000, surpassing May figures. Moreover, each week in March also posted a median sale price higher than the same period in 2019 — a trend that remained steady throughout April. As a result, 813 deals were registered in the first week of June 2019, making it one of the most active weeks in term of sales activity in the first half of the year. For this snapshot of the COVID-19 pandemic’s influence on the NYC residential market, we considered all sales of condo, co-op, single- and two-family homes registered between January 1, 2019, and May 31, 2019, as well as January 1, 2020, and May 8, 2020. This comes after the uncertainty and upheaval of March, an April marked by historical lows in sales activity and the strongest pricing trends of 2020, and the tentative return of transactional activity seen in May. Those first 409 deals were followed by 428 deals in the second week of June for a 5% week-over-week increase in sales activity, followed by an 11% gain in the third week of June. After a tumultuous first half of the year, all of the state of New York is now in Phase Four of reopening, which means the performance of the residential market performance is of heightened interest. From a pricing perspective, Brooklyn performed somewhat weaker in the first six months of the year. Before joining PropertyShark, Eliza was an associate editor at Multi-Housing News and Commercial Property Executive. July sales activity, however, did not experience the same influential increase in Brooklyn as the other three boroughs. All in all, 1,670 residential sales were recorded between June 1 and June 28, 2020. “It depends on people’s decisions and how long they want to stay in the city,” Wu said. The first week of the month was also the second consecutive week for gains in sales activity — inching up 13% after the last week of April, which had shown modest signs of increased activity. However, with the addition of last week’s sales data – which marked the slowest week of residential sales registered in 2020 so far – that growth has been effectively halved, with Q1 2020 coming in at only 3.45% over Q1 2019. The first week of the month was also the second consecutive week for sales activity gains, inching up 13% after the last week of April had shown modest signs of increased activity. In fact, the third week of May 2020 registered only 324 sales, marking the slowest week for transactional activity in a month. Specifically, its 8% Y-o-Y gain took its H1 median sale price from $420,000 in 2019 to $455,000 in 2020. The first week of April had an even sharper plunge in sales activity with only 298 deals registered,  a 62% year-over-year drop. Although transactional activity might be temporarily halted due to the practical impediments created by COVID-19, the macro picture will most likely be very positive, and transactional hunger will return with a vengeance as soon as this passes or is brought under relative control.”, So, what now? Featuring a median sale price of $734,000, the first week of May reinforced 2020’s strong pricing trends to become the second-most expensive week of the year to date. More importantly, it also represented an 11% year-over-year drop, marking the second time only that 2020 weekly pricing figures were lower than their year-ago correspondents. The time it would take for the accumulated costs of renting a home to equal or exceed the cost of buying and owning a comparable-size home in the same area. At $724,900, the first week of April featured the highest median sale price of 2020 by that point, only to be surpassed by the third week of the April with its $750,000 median. Browse photos, see new properties, get open house info, and research neighborhoods on Trulia. Specifically, there were 1,670 residential sales for the month, coming in just 41% lower Y-o-Y. At $676,500, it underwent an 8% contraction in its week-over-week median sale price — the sharpest rate of decline since the start of the crisis. This followed July’s 22% Y-o-Y contraction, which was the lowest in four months and had given hope for more sustained growth. And, because few industries are as central to the life and character of New York as real estate, PropertyShark is providing regular insights into the pandemic’s influence on the city’s residential market. All figures were calculated at city level, regardless of borough. Then, a $576,500 median in July made it the only month of the year with negative price growth Y-o-Y. More significantly, though, its $676,500 median sale price was 2% below the same period last year, marking the first negative year-over-year price growth in 2020. Moreover, August 2020’s $977,500 median became the third-lowest median sale price of the current year. It was followed by 322 deals in the second week of April – still a 61% year-over-year contraction, but also a surprising 8% week-over-week uptick. Overall, the last week of April has shown modest signs of increased activity. Among the deep filtering functions on Point2, you can use New York City, NY real estate prices, square footage, amenities and many other criteria to help narrow down your search. Click or tap on any neighborhood in the map to add it to the comparison charts below. Transactional activity, of course, has trended negative since the start of the crisis. It must be noted that June 2020 figures are skewed beyond the pandemic’s effects, since sales activity and the median sale price surged artificially in June 2019 as NYC buyers and sellers rushed to close deals before the new mansion tax went into effect in July 2019. • Change Is The Constant In A Century of New York City Real Estate – pdf [Miller Samuel]• My Theory of Negative Milestones []Sidebar/Appendix. Graph and download economic data for Condo Price Index for New York, New York (NYXRCSA) from Jan 1995 to Sep 2020 about New York, HPI, housing, price index, price… While March kicked off with sales activity in its first week 15% higher than the same period last year, by the end of the month, weekly sales had dropped 36% Y-o-Y. We excluded all sales below $10,000, as well as all package deals. On the other hand, Queens seemed to navigate the crisis in the calmest manner, all things considered. That represented a 2% gain over year-ago figures, a notable achievement considering June 2019 featured the strongest pricing trends of H1 2019. Median sale price, all homes We defined NYC as the four boroughs of Manhattan, Brooklyn, the Bronx and Queens. The middle price for homes with sales that closed in the quarter and had a prior recorded sale since 1995. June saw sales trends strengthen further, with its monthly sales activity the highest since the start of the crisis in March, coming in just 41% lower year-over-year. Additionally, this also made May the second-most expensive month in NYC this year. The borough’s YTD median was also lower than the same period last year, although its $1.05 million median represented a more modest contraction of 14%. July’s 260 sales were followed by 182 transactions in August. Most recently, the last week of May clocked in at $730,000, gaining 10% over year-ago figures. Sales activity plummeted from the second week of March until it finally levelled out in April at around 61% below year-ago figures, bringing the first trimester’s sales activity finished 16% below the same period last year. However, May kicked off with noticeably stronger sales trends than April, registering 737 deals in the first half of the month. The fourth week of the month saw only 276 deals registered, making it the slowest week since late April. However, breaking down March figures to a weekly level, there was somewhat more fluctuation. What’s more, the third week of July recorded a 23% Y-o-Y drop — the smallest rate of contraction in sales activity since the third week of March. Sales activity plummeted from the second week of March until it finally levelled out in April at around 61% below year-ago figures. Overall, May kept up with that trend, as well, and closed with a median sale price of $705,000 for a 4% gain over May 2019. Realtor.com In May, Connecticut Gov. Real Estate Prices Fall Sharply in New York Since the coronavirus shut the city down, the number of sales in Manhattan dropped 54 percent and the median price fell to … After March closed at a median sale price of $675,000 for a nearly 5% year-over-year gain, April posted the highest median sale price year-to-date at $712,000 – an increase of 5.48% year-over-year. Drilling down to the borough level, significant disparities arise when looking at the first half of 2020. The sales data are based on condo, co-op, townhouse and single-family home transactions during the quarter, according to StreetEasy’s analysis of records from the New York City Department of Finance. In Bushwick, it’s 3.4 years. Rent or Buy? With occupancy, rates, tourism and business travel at an all-time low, hotels that survived months-long lockdowns face even more obstacles. We excluded all sales below $10,000, as well as all package deals. In June, sales trends strengthened even further and, at this point, the monthly sales activity was the highest since the beginning of the crisis in March. Unfortunately, that was not the case. All figures were calculated at city level, regardless of borough. Meanwhile, August 2020’s median sale price came in at $553,400 for a drop of 4% M-o-M, but a gain of 2% Y-o-Y. current situation on the ground, especially due to its rapidly changing nature, In fact, only April saw prices increase Y-o-Y reaching a YTD high of $1.34 million — while both March and June slipped under the $1 million mark, reaching $950,000 and $966,000, respectively. Overall, that brought Queens’ YTD sales activity to 5,992 deals — 23% lower than the same period last year. That also marked the second-strongest week of sales year-to-date, following only the second week of February, in which 892 sales were registered. June’s first week however, brought new hopes of the market returning to normal, with sales activity on the rise and, at $743,000, the highest median sale price of the year so far. July, however, presented a whole new picture. June 2020 will be a curious month to watch for transactional trends, considering that June 2019 saw surging sales activity as NYC buyers and sellers rushed to close deals before the new mansion tax went into effect in July 2019. As New York City faced the worst impacts of the coronavirus pandemic in the second quarter of 2020, the city’s real estate market reeled. However, Brooklyn’s YTD sales activity was down 24% compared to the same period last year, with a total of 4,480 sales recorded in the first seven months of the year. Specifically, both March and April boasted a 5% year-over-year price expansion. Likewise, although July’s median was a more modest $493,500, it was still up 7% Y-o-Y — a notable achievement considering that July was the borough’s priciest month in 2019 up to that point. It is also one of the most affordable cities in New York, with a median property price over four times less than the state median. As a matter of fact, only three weeks were weaker in terms of transactional activity compared to the same period last year – none of which dropped by more than 3%. Then came July, which brought with it the sharpest decrease of the four boroughs’ median sale price, combined with the strongest month of sales since March. After March closed at a median sale price of $675,000 for a nearly 5% year-over-year gain, April posted the highest median sale price year-to-date at $712,000 – an increase of 5.48% year-over-year. “It is nearly impossible to give any accurate short-term diagnosis. July, however, reversed the upward trend in price growth observed in the first half of the year, becoming the first month  in 2020 so far with negative price growth Y-o-Y. While 2020 started off well and promised increased sales activity, projections and expectations were later shattered by the uncertainty and upheaval of March and historically low sales levels in April. That variable can be influenced by our current behavior and conduct. Its sales activity was down 22% Y-o-Y in the first half 2020, but its median sale price actually went up 10% for the highest price increase across the four boroughs YTD. But, similar to its pricing trends, the borough’s sales activity was also reduced in August, closing 536 sales for a 15% contraction M-o-M and a 46% drop Y-o-Y. From a pricing perspective, Brooklyn performed somewhat weaker in the first six months of the year. See pricing and listing details of New York real estate for sale. Listing discount Specifically, at $716,500, April’s first two weeks posted a median sale price 10% higher than year-ago figures. With NYC now in phase two of reopening and surrounding areas preparing for even more restrictions to be lifted, the residential market’s June performance is of heightened interest. Pricing trends, however, were positive, with the year-to-date median sale price across the four boroughs coming in at $638,400, for a 5% gain over the same period last year. Moreover, that 8% hike also made last week the second strongest for price growth in 2020, following only the second week of January, in which the median sale price gained 9%. In fact, August sales were down 40% Y-o-Y, bringing the borough’s sales activity down by another 200 basis points YTD compared to the same period last year. On the contrary, New York City real estate is notorious for its expensive property prices. 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