New York City, NY

New York City Homes See Unprecedented Price Surges

Upper East Side(New York City Ca)

New York City has — for a very long time — had the reputation of being expensive. So it should come as no shock that rent prices have been steadily going up for years now. For a little while, things were slowing down due to the Covid-19 pandemic. However, prices went right back up as soon as the opportunity presented itself.

The average rent in New York City is now $5000. That’s just rent. If you want to own property in NYC, it becomes even worse. Here are the priciest neighborhoods in Manhattan specifically.

Hudson Yards retained its number one spot. Although the area has actually seen a 10 percent drop, the median price for a home is still at $5.13 million. Then there is TriBeCa. The upcoming spot has been crowned the second priciest neighborhood in Manhattan for a reason. Looking for a home there will, on average, cost you millions; specifically $3.47 million. Crazy enough, that is part of a price increase trend that TriBeCa has been seeing (although those homes aren’t being sold with the same success). The third on the list is SoHo. The median price tag for a home here is going to find you spending $3.45 million. That is a 32% increase from the previous price point.

Studies also found that areas outside Manhattan were seeing their prices jump within the past couple of years. A great example used in the study is Brooklyn’s Manhattan Beach. In terms of its median price, Manhattan Beach was ranked 29th with a median price of $1,085,000 (which…is still a lot). However, when you consider the fact that just a year ago the average price for a Manhattan Beach property was $439,000, that makes the area the one with the biggest price surge in New York City.

That price increase didn’t just stick to one borough. Jamaica Estates in Queens was ranked number 44 in terms of priciest neighborhoods. However, Jamaica Estates saw a 121 percent price increase. House prices jumped from $418,000 to $923,000, making the area the neighborhood with the second highest price increase.

To read the full study, go here.

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Downstate New York Writer.

Hicksville, NY

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