The Rising Costs of Real Estate in Manhattan
The average price per square foot for condos and co-ops in Manhattan has gone up 41.9% in the past 10 years, despite the Great Recession.
We’ve taken a brief look at the changes to NYC real estate prices over time using data on condominiums and co-ops.
Here are some key findings:
Studios and 4-plus-bedroom condos and co-ops are actually less expensive than they were 10 years ago.
Studio condos have stayed the most consistent in price, and 2-bedroom properties have gone up the most. Hopefully, this means more families and more upper-middle-class buyers in the city.
The most up-and-coming neighborhood is Central Park West, which has gone up in value by 60.6% in the past year.
The largest decrease was in Midtown East and Turtle Bay (-27.2%), Overall, southeastern neighborhoods like Greenwich Village, Chelsea, and SoHo have seen their prices shoot up in the past 10 years.
While there was a dip during the Recession, the average price per square foot for condos and co-ops in Manhattan has increased by $689 in the past five years.
The trickle-down effect leads to higher monthly rates for renters, who now pay on average between $2,900 and $3,500 per month for a medium-sized apartment in Manhattan.